DUBLIN, The “Plant-based Food Ingredients Market by Type, Application: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The Plant-based food ingredients market size was valued at $2,895.6 million in 2020, and is estimated to reach $12,341.4 million by 2030, registering a CAGR of 15.3% from 2021 to 2030.
Plant-based food ingredients are strictly extracted from plant sources including fruits, vegetables, plant roots and other parts of the plant. Food ingredients are food additives, which are added into food to achieve a desired effect. Rise in cases of intolerance for animal-based food products, growing vegan population, increasing vegan population, and significant venture investments in Plant-based product manufacturers are some of the key factors that drive growth of the Plant-based food ingredients market. Vegan food products, dairy and meat alternative products manufacturing companies are focused on research & development and launching products with clean label and Plant-based food labels, which further contributes toward growth of the market during the forecast period.
Food industries are promoting their food product by labelling vegan, owing to growing veganism and rise in trend of flexitarian diet. Growth in the food industry and dynamic changes in consumption pattern is generating the demand for Plant-based food products, which, in turn, spur growth of the Plant-based ingredients market during the forecast period. Growth in urbanization and awareness regarding harmful effects of chemical added artificial ingredients based food products creates massive demand for Plant-based ready-t-eat and functional drink products, packaged food products, and frozen food products, as it indirectly adds to the growth of the global Plant-based food ingredients market.
The outbreak of COVID-19 has largely and positively impacted the Plant-based food ingredients market. This is attributed to dynamic shift food preference from conventional food to the organic and Plant-based food products for overall health and immunity.
However, lack of awareness regarding health benefits of the Plant-based food consumption and considerably low supply of Plant-based food ingredients and high cost of Plant-based food products majorly impacts growth of the global Plant-based the food ingredients market during the forecast period.
The market is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into emulsifiers, texturants, binding agents & stabilizers, cultures & probiotic ingredients, preservatives, enzymes, fibers, sweeteners, and others. On the basis of application, the market is segmented into, bakery, confectionery, beverages, snack products, ready meals, nutrition & supplements, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA)
The major players operating in the market are Archer-Daniels-Midland Company, Cargill Incorporated, DuPont de Nemours, Inc., Ingredion Incorporated, International Flavors & Fragrances, Inc., Kemin Industries, Kerry Group, Novozymes, Palsgaard A/S, and Tate & Lyle.
Key Benefits
The study provides an in-depth analysis of the global plant based food ingredients market with current trends and future estimations to elucidate the imminent investment pockets in the market. The report provides information regarding drivers, restraints, and opportunities with impact analysis. A quantitative analysis from 2020 to 2030 is provided to showcase the financial competency of the market. Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market. Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain. Competitive intelligence highlights business practices followed by leading market players across various regions.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire
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