Plant-Based Food Ingredients Market: Information By Source (Soy, Pea, Rice, Almond, Cashew, Oats, Coconut and Others), Category (Organic, Conventional), Application (Plant-Based Milk & Derivatives, {Plant-Based Milk, Plant-Based Cheese, Plant-Based Ice Cream, Plant-Based Yogurt, Plant-Based Butter, Others} Bakery & Confectionery, Sweet & Savory Snacks, Meat Substitutes, RTE & RTC Meals, Others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030

Market Overview:

Plant-Based Food items are made up of plants and indigestible compounds like cellulose, yeast, and starch which can reproduce themselves and survive under all the climatic conditions. Plant-Based Food items are all sorts of vegetables, grains, fruits, seeds, legumes, and meat which can be further used as processed items like jams, bread, cereals, pasta, juices, oils, spices, jaggery, sugar, etc. The best advantage of Plant-Based Food items is that they can be eaten raw without much processing. Plant-Based Food is generally rich in calcium making an important contribution as ingredients used to boost calcium intake for humans.

Since plant-based food is easily digestible and does not cause bloating in humans, more doctors recommend it making room for these items in the global food market. With a greater number of people shifting to vegan or vegetarian diet plants or dairy-free diets to maintain a healthy and meat-free diet, Plant-Based Food items have seen a growth in the market. Global Plant-Based Food Ingredients Market is projected to register a CAGR of 15.5% and reach USD 12341.6 Million by 2030.

COVID-19 Analysis:

COVID-19 has shaped the world economically, politically, and geographically since the first case of the COVID-19 virus was registered from Wuhan, China. Since the registered case rise because of meat consumption Plant-Based Food Ingredients Market has been seen a high. Meat processed through plant-based ingredients has taken the meat world a total turn and has witnessed a growth of about 7.3 billion US dollars in the year 2020 itself. The world going into lockdown and the availability of limited stock of items made people do panic buying of the groceries. This was an evident reason for suppliers to increase the price of these Plant-Based Food Ingredients making a profit out of the global pandemic. With an increase in plant-based food demand, more companies have invested in the Plant-Based Food Ingredients manufactures and retail market.

Market Dynamics:

Drivers:

Technology around the world has seen great advancements in the last twenty years than it was ever. Earlier people used to work mainly during day hours and sleep during nighttime and maintain a healthy lifestyle by eating right and sleeping for a minimum of 7 hours. But as the technology grew the barrier of working night shifts came to an end. People have started living to work and ignoring their health which has caused issues like obesity, heart diseases, early aging, mental illness, and many more. People gradually grew accustomed to adopting a healthier lifestyle by eating right and working out. Most doctors recommend a dairy-free, meat-free, and balanced diet world is slowly shifting to a Plant-Based Food diet. This way it is also become easier to preserve the ecological balance of the environment and maintain animal welfare by PETA. 

Challenges:

With the advantages of shifting to Plant-Based Food Items come the difficulties to adjust to this diet. Sometimes people could not develop taste for organic food and fell sick. This could happen due to allergic reaction to certain ingredients present in plant-based items or poor sensory adaption to such products making it impossible for certain people to add Plant-Based Food to their diet. Soy, rice, nut, peas, butter are certain processed food items of plant-based food that people are not familiar to taste and cause a social turn-off for people and make them adamant to not use such products.

Technology Analysis:

The global animal meat market has seen a decreased selling value as more people are shifting to vegan or vegetarian diets. People are more likely to use unprocessed food to maintain a healthy lifestyle. Preserved and packed food are now being treated as undesired products in the food market. Plant-based food items are more manufactured and sold in supermarkets and local markets due to increased demand. Healthy eating is contributing factor to the rise of the Plant-Based Food Ingredients Market estimating its growth at about 20,000 million US dollars per year. Plant-based items are rich in protein and calcium accounting for good blood circulation and bone density in humans. Maintaining an ecological balance, protecting animal welfare, changing food preferences with time, and switching to healthier lifestyles have led to growth in the plant-based food market.

Segment Overview:

By Type:

Plant-Based Food Ingredients Market by type is segmented as the source of protein and calcium. Rice, Soy, nut, butter, chia can be processed further as wheat protein, almond protein, rice protein, and soy protein. Soy-based meat has taken the global Plant-Based Food Ingredients Market to greater acceptance by consumers. Tofu has accounted as a meat substitute by many countries as it also helps develop a better taste for plant-based meat as compared to soy.

By Service:

Plant-Based Food Ingredients Market is segmented as the type of manufacture and retailer business. If manufacture is selling directly to consumers it is called business to consumer segmentation and if a retailer is involved at the middle level to break the deal and provide profit to both manufactures and consumers it is called business to business segmentation.

Regional Analysis:

The plant-Based Food Ingredients Market has bloomed in recent areas accounting from the highest global investors in startups to bigger companies. European countries like Germany, France, Italy, etc. holds the largest global market share of about 35% in the Plant-Based Food Ingredients Market. Europe has seen this elevated growth in the plant-based food market is due to people shifting to protein-rich and dairy-free, meat-free diets. With an increasing rate of obesity in the American population, the government has taken the initiative to enlighten the youth to switch to a dairy and meat-free diet. America is also on the verge of seeing a global rise in the Plant-Based Food Ingredients Market due to an exponential rise in healthy lifestyle adaption. Asia-Pacific regions like India, China, and Japan are also slowly moving toward a more organic approach to adapt to the healthy and vegan lifestyle and preserve the environment as plant-based ingredients have to viability to regrow and nourish themselves.

Competitive Landscape:

The expansion of the Plant-Based Food Ingredients Market is slowly dependent on the research and development departments of many countries which can decipher the need and demand of plant-based products. Many investors around the world have put their money into the Plant-Based Food manufacturers as to noticing the increased demand for a vegan and healthy lifestyle. Few of the major key players in the global Plant-Based Food Ingredients Market who have been focusing on developing new plant-based products are Tofurky, Morning Star Farms, Amy’s Kitchen, Maple Leaf food, Impossible Foods, Archers Daniel’s Midland, Quorn food Inc., Claudron Foods, Beyond Burgers, VBlte Food Ltd., Follow your heart, Garden Protein International, Axiom Foods, Earth’s Own Food Company, Marlow Food, Nutrisoy Pvt. Ltd., Sanitarium Health and Wellbeing Company, Daiya Foods, Taifun Tofu Gmbh, The Hain Celestial Group, Atlantic Natural Foods. These companies have seen a growth in customers who opt for plant-based products allowing these companies to grow and expand in the global market.

Recent Developments:

Impossible Foods (US) got funding of 500 million US dollars in 2020 to produce and use plant-based meats and use them in their burger recipes have seen increased sales in the US market. In the latter half of 2020 Beyond Meat (US) has seen a growth in the Plant-Based Food Ingredients Market by 49% by partnering with Starbucks globally to sell their products by the initiative called “Feed a Million+” whose aim is to sell millions of plant-based meat burgers. Larger organizations like McDonald’s and KFC have also introduced plant-based burgers into their menu thus, adding value to the plant-based market. Omni Pork (Hong Kong) and Swedish Oatly have campaigned with the Chinese retail market of Plant-Based Food Ingredient manufacturers to increase the said of plant-based food.

Report Overview:

With more people adapting to the healthier lifestyle people have shifted to plant-based product diets as recommended by doctors. Plant-based dairy products like milk, butter, cheese, yogurt, etc. have proven very effective for people who are lactose intolerant and still prefer milk products. Tofu and soy have contributed most as being meat substitutes for people to adapt to its taste and gradually leave the meat for good. Online retail stores and on-premise physical stores are now storing and stocking plant-based ingredients due to increased demands. Plant-Based Food Ingredients Market is estimated to generate a revenue of more than 39 billion US dollars by the year 2026. Global Plant-Based Food Ingredients Market forecasts a CAGR of 8.94% by the year 2026.