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Plant Based Ingredients 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, 2023 – 2032

  • Report ID: GMI3137
  • Published Date: Nov 2023
  • Report Format: PDF

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

To understand key trends  

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.

 

  • The rapidly expanding number of health-conscious consumers is steering the preference for healthy, nutrition rich and whole grain diets. As per a recent study by American Journal of Clinical Nutrition (AJCN) published in November 2022, the whole grain intake in the U.S. increased 39.5% to 61.5%.
     
  • The surging growing interest in high fibre biscuits and whole wheat bread driven by the rising health concerns will also contribute to the product demand.
     

With respect to application, the wheat-based ingredients market from the dietary supplements segment is expected to register over 5% CAGR till 2032.
 

  • The surging risks associated with strokes, heart diseases, cancer and obesity is driving the consumption of wheat-based products as they ensure the maintenance and growth of body tissues. As per the WHO, over 1 billion people worldwide are obese, accounting for 340 million adolescents, 650 million adults, and 39 million children.
     
  • Wheat and wheat-based ingredients, including wheat germ, bran, and whole wheat, are rich sources of essential nutrients and provide vitamins, minerals, fiber, and protein.
     
  • The growing burden of celiac disease and gluten sensitivity will also push the adoption of wheat-based ingredients in dietary supplements.
     

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:

  • DuPont
  • Roquette
  • Dohler Group
  • Health Warrior
  • Naturex
     

Plant Based Ingredients Industry News

  • In January 2023, Cargill developed an assortment of plant-based power ingredients, including rice syrup powder, sunflower kernel powder, and organic rice syrup powder to render outstanding sensory appeal in vegan chocolate.
     
  • In June 2022, Roquette, extended its NUTRALYS® plant protein range with the launch of two rice proteins to better address the consumer demand for healthier food.
     

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

  • Soy
    • By application
      • Food & Beverage
      • Dietary Supplements
      • Infant Foods
      • Bakery & Confectionary
      • Meat Substitutes
      • Animal Feed
  • Rice
    • By application
      • Food & Beverages
      • Sports & Energy nutrition
      • Dairy Alternatives
      • Bakery & Confectionary
      • Meat Substitutes
      • Animal Feed
      • Cosmetics
  • Pea
    • By application
      • Food & Beverages
      • Dietary Supplements
      • Sports Nutrition
      • Meat Substitute
      • Animal Feed
  • Wheat
    • By application
      • Food & Beverages
      • Dietary Supplements
      • Bakery & Snacks
      • Animal Feed
      • Meat Substitutes
  • Canola
    • By application
      • Food & Beverages
      • Dietary Supplements
      • Bakery & Confectionary
      • Animal feed
  • Corn
    • By application
      • Food & beverages
      • Dietary Supplements
      • Animal Feed
      • Snacks
  • Potato
    • By application
      • Food & Beverages
      • Sports Nutrition
      • Snacks & bar
      • Animal Feed

The above information has been provided for the following regional and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Malaysia
    • Thailand
    • Indonesia
  • LATAM
    • Brazil
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The market size of plant based ingredients is expected to grow at 7.4% CAGR from 2023 to 2032, led by the growing consumer importance regarding weight management, cardiovascular health, and overall well-being.
The wheat product segment may expand at over 6.5% CAGR during 2023 to 2032, due to the rapidly expanding number of health-conscious consumers worldwide.
Europe market size is set to witness 6.5% CAGR during the forecast period, attributed to the higher preference for low-fat, multigrain and organic baked products in the region.
Some of the prominent plant based ingredient producers are Cargill, DuPont, Roquette, Dohler Group, Health Warrior, and Naturex.

Plant Based Ingredients Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 624
  • Countries covered: 21
  • Pages: 380
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