Plant-Based Ingredient Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Plant-Based Ingredient Market is segmented By Type (Cereals, Pseudo Cereals, Legumes/Pulses/Oil Seeds, Nuts, Tubers, Seeds, New Sources, Others), By Application (Food, Beverages, Nutraceuticals, Pharmaceuticals, Personal Care, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2024-2031

Plant-Based Ingredient Market Overview

180 pages report analyses the Plant-Based Ingredient Market Share, Growth and Analysis. The Global Plant-Based Ingredient Market is expected to grow at a CAGR 0f 10.99% during the forecast period (2024-2031).

People are turning to plant-based ingredients for their wellbeing because of improved health awareness, more medication for preventive care, and an increased interest in the diet. Utilizing plant-based ingredients in diet are several benefits for health such as improved kidney function and reduce risk of type 2 diabetes. North America had the highest revenue share. Competitive rivalry ADM, Cargill Inc., Bunge Limited and others operating in the market.

Plant-based ingredients consist the ingredients isolated from plants and do not comprise animal ingredients. Plant-based food is referred to as a finished product containing ingredients isolated from plants such as vegetables, whole grains, legumes, nuts, fruits, seeds, tubers, and seaweed. The growing incidence of lifestyle-related diseases is estimated to enlarge the global plant-based ingredient market growth during the projected years. Owing to changing lifestyle patterns and hectic schedules, there is a continuous rise in the prevalence of lifestyle diseases including high blood pressure, diabetes, and obesity. Hence, customers are taking precautionary measures to lower down the impact of lifestyle diseases.

Plant-Based Ingredient Market Scope

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Plant-Based Ingredient Market Dynamics

Inclination towards plant-based food and health benefits of vegan food

Rising awareness among consumers regarding the health benefits associated with the consumption of plant-based foods is expected to drive the market growth. Plant-based ingredient consists of fundamental minerals such as plant protein, fibers, and minerals, which fulfill the need for protein, minerals, and fiber of the body. People are turning to plant-based ingredients for their wellbeing because of improved health awareness, more medication for preventive care, and an increased interest in the diet. Utilizing plant-based ingredients in diet are several benefits for health such as improved kidney function and reduce risk of type 2 diabetes.

Whole plant-based diets comprise low volumes of saturated fats, zero dietary cholesterol, and adequate fiber, which is a very good combination for maintaining the health of the heart. Moreover, the use of plant-based ingredients in food production shows few more benefits for human health such as improved athletic performance, lower risk of certain cancers, improved gut health, lower down arthritis pain, and maintaining low levels of ‘bad’ cholesterol. Thus, the market is expected to see significant growth during the forecast period due to rapid urbanization, health awareness, lifestyle change, and rising per capita income.

Plant-Based Ingredient Market Segmentation Analysis

Cereals segment accounted for the highest share in global plant-based ingredient market

Cereals type segment is further sub-segmented into oat, rice, corn/maize, wheat, rye, barley, sorghum, and millet. Cereal is a small, starchy and edible seed, utilized as food. They are rich in proteins, vitamins, fats, and minerals. Cereal grains are utilized to formulate highly nutritive food products for breakfast, they are useful for maintaining the health of the human body. Customer shift towards healthy eating habits and diet consciousness are fueling the growth of the cereal ingredients. Moreover, changing food habits and a rise in disposable income are the major factors behind the growth of the global plant-based ingredient market.

Cereals grains are cultivated in more than 73% of the world’s total agricultural area and contribute more than 60% of the global food products delivered to minerals, dietary fiber, energy, vitamins, and proteins required for the human body. Oat products are utilized as ingredients in a broad variety of bread and baked products. Oat is an excellent source of dietary fiber. Hence, endorsing its use in several food products based on oats including muesli, porridge, oat flour, oatmeal, granola bars, oat bread, oat milk, oat rim, biscuits, and cookie ingredients probiotic drink, flakes and infant food, and oat-based breakfast cereals.

Plant-Based Ingredient Market Geographical Share

North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost XX percent. Rising awareness among the consumers for health and nutrition, healthy eating, weight management, and environmental protection are driving the growth of the North America plant-based ingredient market in recent years. Rising demand for plant-based proteins and vegan trends will further drive the growth of the plant-based protein market in North America. Growing awareness for health, which has increased the demand for health clubs and fitness centers, is likely to boost sports nutrition demand in the region.

Companies are producing organic whole plant protein shakes and meals that contain no sugar and provide the same taste, leading to an increase in vegan trends and meat substitute products, further enhancing product demand. Moreover, according to a recent Nielsen Homescan survey, 39% of Americans are now trying to eat more plant-based foods. Plant-based proteins, in particular, are sizzling hot and are expected to make up 33% of the overall protein market by 2054. This is driving phenomenal growth—well above the 2% increase for foods and beverages overall—in many plant-based food categories, with overall sales reaching $3.1 billion in revenue for 2017, according to Nielsen Data for the Plant-Based Foods Association.

Plant-Based Ingredient Market Companies and Competitive Landscape

Global plant-based ingredient market is competitive in nature, with the leading players capturing a whopping share in revenues. Ingredion Inc., Cargill Incorporated, Dohler Group, and DSM among others, are focused on technology advances for new launches at affordable prices. The major players are utilizing strategies including acquisitions & mergers, regional expansion, and partnerships to stand out as strong competitors in the market. Increased focus on R&D and new product launches are additional ways the key players improve their market presence.

Innovation by various leading players in the market is expected to offer lucrative growth opportunities for players in the global plant-based ingredient market. For instance, the plant-based invention is current to boom with McDonald’s came in the market with Meatless and Beyond Meat Farm partnering with pea protein provider Equinom. Efficient distribution networks, product differentiation, and supply competency play a major role in determining the market position of these players

COVID-19 Impact On Plant-Based Ingredient Market

Positive impact on the global Plant-Based Ingredient market

The COVID-19 pandemic has positively impacted the global plant-based ingredient market. As a result of the COVID-19 pandemic, it encouraged most consumers to make shifting from animal-based ingredients to plant-based ingredients due to various health and environmental concerns.

During this pandemic, the plant-based food sectors continued to grow better than before, as there are more consumers paying attention to health and well-being, strongly associated with rebalancing their diets toward more plant-based food. Categories perceived as healthy will continue to benefit from this trend, including plant-based alternatives. Self Inc. polled 1,340 consumers, asking how their eating habits had changed as a result of the pandemic. Almost a quarter (23% of respondents) said they had been eating more plant-based food during the quarantine.

According to a UN survey conducted in June 2021, 30 per cent of the world supported a plant-based diet as a climate policy. The Innova Consumer Survey 2020 indicated that the top four reasons for considering plant-based alternatives were health, diet variety, sustainability and taste. The plant-based food market grew almost twice as fast as the total U.S. retail food market, which increased 15% in 2020 as Covid-19 shuttered restaurants and consumers stocked up on food amid lockdowns. As of April 2021, fifty-seven percent of households purchased plant-based foods with plant-based ingredients, up from 53% in 2019.

The global plant-based ingredient market report would provide an access to approximately 53 market data tables, 50 figures and 200 pages