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Ingredients Market for Plant Based Food & Beverages to surpass $8Bn by 2032

  • Published Date: December 12, 2022

Ingredients Market for Plant Based Food & Beverages size is anticipated to reach USD 8 billion by 2032, as per a recent research report Global Market Insights Inc.

Growing consumer preference for fortified confectionery and bakery products will complement the industry outlook. Vegan food trends and high consumer inclination to plant-based foods are accelerating the consumption of bakery products that contain probiotics. Due to hectic lifestyles and the growing prevalence of health conditions such as diabetes, obesity, and heart disorders, consumers are seeking high-value products for holistic health and wellness. Furthermore, pandemic-driven conscious consumerism is resulting in dramatic changes in consumer behavior showcasing high demand for plant-based nutrition choices.

Rising preference for vitamin-rich vegan food and beverages to propel industry expansion

Ingredients market for plant based food & beverages size from the vitamin product segment is anticipated to record over 17% CAGR between 2023-2032. Vitamins are not only consumed as supplements but are also used as an ingredient to fortify plant-based food and beverages. Due to their easy availability and accessibility, and promising nutritional benefits, vitamins are increasingly being added to processed foods for value addition. Rising incidences of vitamin deficiency across the globe will further proliferate the demand for vitamins as a key ingredient in plant-based products. According to the Centers for Disease Control & Prevention (CDC), and the U.S. Department of Agriculture, 8 out of 10 Americans are deficient in vitamin E, whereas 50% of the population suffers from vitamin A, C, and magnesium deficiencies. It has also been reported that approximately 70% of the geriatric population in the U.S., is vitamin deficient.

Growing consumption of snacks over meals to accelerate demand for vegan ingredients

In terms of revenue size, sweet and savory snacks segment is estimated to reach USD 1 billion by 2032. High adoption of unhealthy lifestyles and hectic schedules is fostering the demand for sweet and savory snacks. A dynamic shift in dietary habits towards plant-based food products is propelling the consumption of vegan snacks. With a growing number of the working population, the need for pre-made and easy-to-consume snacks has high consumer preference.

Browse key industry insights spread across 240 pages with 443 market data tables and 38 figures & charts from the report “Ingredients Market for Plant Based Food & Beverages Size By Product (Probiotics, Proteins & Amino Acids, Phytochemicals & plant extracts, Prebiotics, Specialty carbohydrates, Fatty acids, Vitamin, Minerals, Enzymes, Fibers, Food texturants), By Application (Plant-based Milk & Derivatives, Bakery & Confectionery, Sweet & Savory Snacks, Plant-based juices, RTD Tea & Coffee, RTE & RTC Meals), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Landscape & Forecast, 2023 – 2032”, in detail along with the table of contents:

Rising investments in functional food sector to drive market growth in Europe

Europe ingredients market for plant based food & beverages is projected to record a 16% CAGR from 2023-2032. A solid footprint of functional food and beverage manufacturers across France, Germany, and the U.K., along with the presence of a vast specialty carbohydrates sector will complement the industry expansion. Furthermore, rising investments in biotechnology and innovation of functional foods will pave the way for industry demand.

New business deals to boost ingredients market for plant based food & beverages

Cargill Incorporated, BASF SE, DSM NV, Archer Daniels Midland Company, DuPont Nutrition & Biosciences, Beneo GmbH, Kerry Group, Roquette Freres, Sensus B.V., Prinova Group LLC., Chr. Hansen, Golden Grain Group Limited, Foodchem International Corporation, Nutra Food Ingredients, A&B Ingredients, Ingredion, Tate & Lyle, Sugarlogix, Stratum Nutrition, Ajinomoto are some of the leading companies in the global ingredients market for plant-based food & beverages.

Authors: Kunal Ahuja, Hiralkumar Patel