Plant-based Food Ingredients Market to Increase at 15.3% CAGR, Reaching $12,341.4 Million by 2030
Growth in flexitarian and vegan population, rise in efforts against animal slaughtering, and concerns about their welfare are majorly attributable to increase the demand for plant-based food products, which in turn boosts growth of the plant-based food ingredients market.
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Plant-based ingredients are made up of vegetables, fruits, seeds, plant roots, and other parts of plants. They are added in food for specific technical and/or functional purposes during processing, storage, or packaging. Food ingredients are majorly used in food coloring, preservation, emulsion, stabilizing, and other purposes.
Growth in flexitarian and vegan population, rise in efforts against animal slaughtering, and concerns about their welfare are majorly attributable propels demand for Plant-based food products, which boosts growth of the Plant-based food ingredients market. Furthermore, lactose intolerance and dairy allergic people are increasingly inclining toward Plant-based foods. As Plant-based food products provide proteins, vitamins, and carbohydrates like dairy product.
The food service industry has been significantly contributing toward growth of the Plant-based food ingredients market as hotels, restaurants, and fast food outlets are labeling their products with Plant-based ingredients or vegan and are serving food with vegan sauces as appetizers. Furthermore, growth in urbanized and millennial population, which are potential and targeted consumers majorly influence the product growth. Young population is concerned regarding heath and are getting aware of benefits of Plant-based dairy and meat products including cheese and butter milk.
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Rise in demand for processed food products including bakery products, owing to rise in disposable income and changing food habits and increase in applications of emulsifiers in Plant-based food products are expected to propel the plant-based food ingredients market growth during the forecast period. Furthermore, people are heavily consuming nutritional and functional food products with clean label and less chemical added products. In such product manufacturing, emulsifiers play various roles such as emulsification, dispersion, foaming, wetting, prevention of sticking, and prevention of gelatinization.
Thus, rise in demand for Plant-based food products including bakery, beverages, confectionary, nutrition, and supplements are expected to drive growth of the product market through the emulsifiers segment during the forecast period.
Players operating in the global plant-based food ingredients industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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.
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