Plant Based Food Ingredients Market Share

Global Plant-Based Food Ingredients Market Overview 

plant-based food ingredients market Size is estimated to reach a valuation of USD 213 billion by 2032 at a CAGR of 9.88% during the forecast period that ends in the year 2032. Plant-based ingredients are ingredients that are sourced through plants and are used as a primary raw material in food and beverages that are marketed as plant-based. These ingredients include soy, rice, almond, cashew, coconut, and oats. These ingredients are either used in their raw form or further processed into forms such as flour, oil, and milk for their application in various food industries.

The proteins extracted from these plant sources are also used as primary ingredients in the plant-based food. The adoption of these ingredients is increasing tremendously in the food industry, owing to the rising demand for plant-based food and beverages among consumers across the globe. The various industries wherein plant-based ingredients are applicable include plant-based milk & derivatives which include retail products such as plant-based milk, plant-based cheese, plant-based ice cream, plant-based yoghurt, and plant-based butter, bakery & confectionery, sweet & savoury snacks, meat substitutes, fats & oils, and RTE & RTC meals.

Plant-Based Food Ingredients Market Trends Insights

The growing trend of consumption of plant protein in regular diet is helping the market grow.

Plant-based proteins and organic plant-based foods are highly gaining interest among people globally owing to their health benefits. As the awareness and proof regarding the benefits of vegan protein sources and gluten-free plant-based foods are rising rapidly, the plant-based food ingredients market is boosting revenues.  Soy proteins dominate the plant protein market due to their widespread acceptance as an ingredient in many meals and their expanded production, resulting in global availability. Significant investments in research, swift technological breakthroughs, and sophisticated innovation processes are key elements driving the utilization of enhanced protein components, such as soy proteins.

As consumer acceptance and consumption of plant-based proteins and meat alternatives have rapidly evolved, manufacturers are compelled to develop novel plant-based food products that incorporate these constituents. In addition to wheat, rice, and soybeans, other widely ingested grains in Japan include corn and peasants. Food manufacturers are anticipated to continue to benefit from the increase in plant-based protein in the future years.

The global plant-based food ingredients market is primarily segmented based on source, category and application. 

Based on the Source, the said market is further segmented into Soy, Pea, Rice, Almond Milk, Cashew and oats. The Soy segment accounts for the major market share of 19.56% in the year 2022, whereas the pea segment is estimated to record a CAGR of 10.43% during the said forecast period. Soy is a vital component in the global food supply chain as it is considered to be one of the basic ingredients to be included in food. With the ongoing trend of a vegan diet, the soy segment is growing faster during the said forecast period. Apart from this, soy milk is also included as a dairy-free alternative to beverage products which is one of the reasons why the soy segment dominates the market share.

Based on Category, the global plant-based food ingredients market is further divided into conventional and organic sub-segments, where the conventional segment owns the major market share compared to the organic segment and is estimated to achieve a growth rate of 9.73% during the forecast period. 

Based on application, the global plant-based food ingredients market is further classified into Plant-based milk and derivatives, bakery and confectionary, sweet and savoury snacks, meat substitutes, RTE & RTC meals, and others. Among these many sub-segments based on application, the plant-based milk and derivatives segment dominates the global market share accounting for almost 45% in the year 2020 and is estimated to continue its dominance, while the meat substitutes segment is projected to have the highest growth rate of 10.27% by the end of the forecast period.

The global plant-based food ingredients market is primarily studied across four major regions, namely, North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the European region dominates the global market share. 

Europe accounted for the largest market share of 35.37% of the plant-based food ingredients market in the year 2020. The plant-based food ingredients market in the European region is expected to register a CAGR of 9.97% during the forecast period. The demand for plant-based food ingredients in Europe is growing at an exponential rate, owing to the increasing consumer preference towards organic and genetically modified (GM) free supply chains combined with an increasing number of flexitarians, vegetarian and vegan diets are anticipated to boost the demand for the plant-based food ingredients market in Europe. Additionally, there is a shift in consumer behaviour towards plant-based food products owing to the growing popularity of international cuisines. Plant-based food products are becoming so mainstream in Europe that retailers are promoting plant-based food products on the same shelves, along with traditional dairy and other conventional food products.

Followed by Europe, North America accounts for a market share of about 31.66% of the global plant-based food ingredients market. The said market in the North American region is expected to register a CAGR of 9.67% during the forecast period. The increasing demand for plant-based food ingredients products in the region is attributed mainly to the rise in demand for nutritional foods and healthy diets. The concept of veganism and plant-based diet interest and enthusiasm is growing across North America. According to MRFR analysis, more than 9.5 million individuals in the US currently consume plant-based food products. According to data published by the Good Food Institute and Plant-Based Foods Association, the consumption of plant-based food products in the US, such as meat alternatives, plant-based eggs, and dairy alternatives, has outpaced conventional animal products and is growing at a six-times faster rate compared to animal products consumption.

The global plant-based food ingredients market comprises tier-1 players along with some local players with diverse product portfolios. Companies such as Ingredion Inc. (US), Archer-Daniels-Midland Company (US), DuPont de Nemours, Inc. (US), Cargill Inc. (US) and Puris Proteins, LLC (US), dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence. 

• Ingredion Inc. (US)


• Archer-Daniels-Midland Company (US)


• DuPont de Nemours, Inc. (US)


• Cargill Inc. (US)


• Puris Proteins, LLC (US)


• BI Nutraceuticals, Inc. (US)


• Olam International (Singapore)


• SunOpta Inc. (Canada)


• Döhler GmbH (Germany)


• The Scoular Company (US)

Recent Developments 

January 2020 - 

In January 2020, Ingredion Inc. launched Vitessence Pulse 1803, the company’s first pea protein isolate in the pulse protein line. The ingredient contains 80% protein and can be used in dairy and meat alternatives, nutrition and sports bars, powdered and ready-to-drink beverages, and snacks & baked goods.

April 2020 - 

In April 2020, Oaktree Capital Management, L.P. and Engaged Capital, LLC, leading investment management firms, invested USD 60 million in SunOpta Inc. The investment will help SunOpta Inc. in expanding its plant-based food production capabilities.

May 2022 - 

In May 2022, BENEO, signed an acquisition deal with Meatless BV, a leading producer of functional ingredients, to expand its product offerings and texturize its solutions for meat and fish alternatives. 

Plant-Based Food Ingredients Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • South America