Plant Based Ingredients Market Size & Share 2023 to 2032
Market Size by Product (Soy, Rice, Pea, Canola, Wheat, Potato, Corn), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Industry Share & Global Forecast.
Report ID: GMI3137
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Published Date: November 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Plant Based Ingredients Market Size
Plant Based Ingredients Market size is estimated to record more than 7.4% CAGR from 2023 to 2032, driven by the growing consumer importance regarding weight management, cardiovascular health, and overall well-being. The rising limitations of traditional animal-based proteins is escalating the popularity of plant-based proteins, derived from soy, peas, lentils, and hemp. In recent years, several companies are also exploring wide range of plant sources for ingredients, including seaweed, algae, and mushrooms for providing unique flavors, textures, and nutritional profiles. To illustrate, in September 2023, Korean food-tech award-winning start-up, HN Novatech introduced the first-ever proprietary heme-based seaweed ingredient, ACOMS for plant-based meat applications.
Plant Based Ingredients Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
With the growing shift towards minimally processed and natural ingredients, clean label products without artificial additives and preservatives are also gaining preference. Increasing innovations in processing techniques to render improved texture and taste of plant-based protein products will also contribute to the plant-based ingredients market size.
The surging awareness regarding the environmental impacts of animal agriculture is driving multiple consumers to opt for plant-based options as more sustainable and eco-friendly choices. The University of Colorado Boulder suggests that raising livestock for human consumption generates nearly 15% of the total global greenhouse gas emissions. However, the influx of several government regulations for GMO crops and the higher production costs of the ingredients may limit the plant-based ingredients market growth to some degree.
COVID-19 Impact
The COVID-19 pandemic had positive impact on the industry expansion. The heightened consumer awareness of health and wellness led to the higher interest in healthier options, driving the preference for plant-based diets. The emerging consumer behavior changes during the pandemic, including increased cooking at home, also influenced the demand for plant-based ingredients as a large number of people sought healthier and more sustainable food options.
Plant Based Ingredients Market Trends
The increasing number of investments and acquisitions of plant-based startups by major food companies will prove favorable for the market demand. To cite an instance, in October 2023, leading vegan fried chicken firm VFC Foods purchased Clive’s Purely Plants, a U.K. plant-based pie, quiches, rolls, and nut roasts manufacturer to cater to consumers increasingly seeking varied plant-based options. The ongoing R&D efforts focused on creating innovative plant-based ingredients to mimic the taste and texture of traditional animal-based products will also add to the product uptake.
Plant Based Ingredients Market Analysis
The wheat product segment is poised to grow at 6.5% CAGR through 2032.
With respect to application, the wheat-based ingredients market from the dietary supplements segment is expected to register over 5% CAGR till 2032.
Europe plant based ingredients market, comprising Germany, the U.K., France, Italy and Spain, is set to observe over 6.5% CAGR during the forecast period. The rising consumer awareness regarding health, environmental sustainability, and animal welfare is driving the preference for low-fat, multigrain and organic baked products, adding to the adoption of plant based items. With the growing number of flexitarian and vegan consumers, many restaurants and fast-food chains are incorporating plant-based options into their menus. As per the Agriculture and Horticulture Development Board (AHDB), nearly 16% of Britishers are flexitarians. The strong presence of regulatory frameworks for accommodating the increasing plant-based demand will also prove favorable for the regional product uptake.
Plant Based Ingredients Market Share
Leading plant based ingredients industry players are placing targeted efforts on various growth-targeted strategies, such as partnerships, acquisitions, new product developments and capacity building to garner significant revenue sales. To cite an instance, world-known sustainable agricultural frontrunner Cargill is attempting to emerge as an inclusive protein provider by innovating in plant-based meats category with portfolio expansions and recent partnerships.
Some of the other prominent plant based ingredient providers include:
Plant Based Ingredients Industry News
The plant based ingredients market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons and revenue in USD from 2018 to 2032, for the following segments:
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Market, By Product
The above information has been provided for the following regional and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →