Market Size and Growth
Global Plant-Based Ingredient Market reached US$ 1,157.92 billion in 2024 and is expected to reach US$ 1,840.50 billion by 2028, growing with a CAGR of 10.99%% during the forecast period 2024-2031.
People are turning to plant-based ingredients for their wellbeing because of improved health awareness, more medication for preventive care, and an increased interest in the diet. Utilizing plant-based ingredients in diet are several benefits for health such as improved kidney function and reduce risk of type 2 diabetes. North America had the highest revenue share. Competitive rivalry ADM, Cargill Inc., Bunge Limited and others operating in the market.
Moreover, the growing geriatric population is also anticipated to enhance the demand for the plant-based ingredients market. For instance, as per the Census Bureau of the U.S., the number of geriatric individuals is estimated to touch 77 million in 2034 in the U.S. More than 727 million individuals are aged 65 and over in 2020. the count of an older population globally is estimated to become 1.5 billion by 2050
Plant-based ingredients consist the ingredients isolated from plants and do not comprise animal ingredients. Plant-based food is referred to as a finished product containing ingredients isolated from plants such as vegetables, whole grains, legumes, nuts, fruits, seeds, tubers, and seaweed. The growing incidence of lifestyle-related diseases is estimated to enlarge the global plant-based ingredient market growth during the projected years. Owing to changing lifestyle patterns and hectic schedules, there is a continuous rise in the prevalence of lifestyle diseases including high blood pressure, diabetes, and obesity. Hence, customers are taking precautionary measures to lower down the impact of lifestyle diseases.
Market Summary
| Metrics | Details |
| Market CAGR | 10.99% |
| Segments Covered | By Type, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia pacific |
| Largest Market Share | North America |
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Key Highlights of This Report
➢ Plant-based ingredients consist the ingredients isolated from plants and do not comprise animal ingredients. Plant-based food is referred to as a finished product containing ingredients isolated from plants such as vegetables, whole grains, legumes, nuts, fruits, seeds, tubers, and seaweed
➢ The growing incidence of lifestyle-related diseases is estimated to enlarge the global plant-based ingredient market growth during the projected years. Owing to changing lifestyle patterns and hectic schedules, there is a continuous rise in the prevalence of lifestyle diseases including high blood pressure, diabetes, and obesity. Hence, customers are taking precautionary measures to lower down the impact of lifestyle diseases
➢ The global plant-based ingredient market was valued at USD 816.19 billion in 2020 and is estimated to reach USD 1,840.50 billion by 2028, growing with a CAGR of 10.99% during the forecast period
➢ Asia Pacific contributed to the highest market revenue share of 33% in the year 2020, owing to increasing awareness regarding the health benefits of the plant-based ingredients
➢ Cereals accounted for highest market revenue share of 48% in the year 2020. Based on application, food segment is expected to dominate the global plantbased ingredients market
➢ The global plant-based ingredient market volume was 1,178.65 million tons in 2020 and is estimated to reach 2,111.65 million tons by 2028, growing with a CAGR of 7.80% during the forecast period
Market Dynamics and Trends
Inclination towards plant-based food and health benefits of vegan food
Rising awareness among consumers regarding the health benefits associated with the consumption of plant-based foods is expected to drive the market growth. Plant-based ingredient consists of fundamental minerals such as plant protein, fibers, and minerals, which fulfill the need for protein, minerals, and fiber of the body People are turning to plant-based ingredients for their wellbeing because of improved health awareness, more medication for preventive care, and an increased interest in the diet Utilizing plant-based ingredients in diet are several benefits for health such as improved kidney function and reduce risk of type 2 diabetes Whole plant-based diets comprise low volumes of saturated fats, zero dietary cholesterol, and adequate fiber, which is a very good combination for maintaining the health of the heart Moreover, the use of plant-based ingredients in food production shows few more benefits for human health such as improved athletic performance, lower risk of certain cancers, improved gut health, lower down arthritis pain, and maintaining low levels of ‘bad’ cholesterol Thus, the market is expected to see significant growth during the forecast period due to rapid urbanization, health awareness, lifestyle
change, and rising per capita income
Increasing prevalence of lifestyle-related diseases
The increasing prevalence of lifestyle-related diseases is expected to propel the global plant-based ingredient market growth over the forecast period. Owing to changing lifestyle patterns and hectic schedules, there is a continuous rise in the prevalence of lifestyle diseases including high blood pressure, diabetes, and obesity. Hence, customers are taking precautionary measures to lower down the impact of lifestyle diseases Owing to the inherent disease-preventing properties such as slowing down digestion and absorption of carbohydrates, plant-based ingredients are a healthy alternative to prevent and reduce the effects of lifestyle diseases, this factor is estimated to propel the growth of the plant-based ingredients market worldwide over the projected years As per the journal Diabetes Research and Clinical Practice report, the conclusion of the International Diabetes Federation Diabetes in September 2019, more than 463 million individuals were projected to have diabetes, and the count is estimated to hits 578 million in 2030 and up to 700 million in 2045
Market Segmentation
Cereals segment accounted for the highest share in global plant-based ingredient market
The Cereals Market is projected to rise from USD 553.0 billion in 2024 to USD 885.10 billion by 2028, reflecting strong global growth.
Cereals type segment is further sub-segmented into oat, rice, corn/maize, wheat, rye, barley, sorghum, and millet. Cereal is a small, starchy and edible seed, utilized as food. They are rich in proteins, vitamins, fats, and minerals. Cereal grains are utilized to formulate highly nutritive food products for breakfast, they are useful for maintaining the health of the human body. Customer shift towards healthy eating habits and diet consciousness are fueling the growth of the cereal ingredients. Moreover, changing food habits and a rise in disposable income are the major factors behind the growth of the global plant-based ingredient market.
Cereals grains are cultivated in more than 73% of the world’s total agricultural area and contribute more than 60% of the global food products delivered to minerals, dietary fiber, energy, vitamins, and proteins required for the human body. Oat products are utilized as ingredients in a broad variety of bread and baked products. Oat is an excellent source of dietary fiber. Hence, endorsing its use in several food products based on oats including muesli, porridge, oat flour, oatmeal, granola bars, oat bread, oat milk, oat rim, biscuits, and cookie ingredients probiotic drink, flakes and infant food, and oat-based breakfast cereals.
Market Regional Analysis
North America is the dominating region during the forecast period
North America plant-based ingredients market is estimated to grow at a CAGR of 11.16% during the forecast period (2021-2028) to reach a market vale of USD 535.91 billion by 2028.
Rising demand for plant-based proteins and vegan trends will further drive the growth of the plant-based protein market in North America. Growing awareness for health, which has increased the demand for health clubs and fitness centers, is likely to boost sports nutrition demand in the region.
Companies are producing organic whole plant protein shakes and meals that contain no sugar and provide the same taste, leading to an increase in vegan trends and meat substitute products, further enhancing product demand. Moreover, according to a recent Nielsen Homescan survey, 39% of Americans are now trying to eat more plant-based foods. Plant-based proteins, in particular, are sizzling hot and are expected to make up 33% of the overall protein market by 2054. This is driving phenomenal growth well above the 2% increase for foods and beverages overall in many plant-based food categories, with overall sales reaching $3.1 billion in revenue for 2017, according to Nielsen Data for the Plant-Based Foods Association.
Major Market Players
Global plant-based ingredient market is competitive in nature, with the leading players capturing a whopping share in revenues. Ingredion Inc., Cargill Incorporated, Dohler Group, and DSM among others, are focused on technology advances for new launches at affordable prices. The major players are utilizing strategies including acquisitions & mergers, regional expansion, and partnerships to stand out as strong competitors in the market. Increased focus on R&D and new product launches are additional ways the key players improve their market presence.
Innovation by various leading players in the market is expected to offer lucrative growth opportunities for players in the global plant-based ingredient market. For instance, the plant-based invention is current to boom with McDonald’s came in the market with Meatless and Beyond Meat Farm partnering with pea protein provider Equinom. Efficient distribution networks, product differentiation, and supply competency play a major role in determining the market position of these players
COVID-19 Impact On Market
Positive impact on the global Plant-Based Ingredient market
The COVID-19 pandemic has positively impacted the global plant-based ingredient market. As a result of the COVID-19 pandemic, it encouraged most consumers to make shifting from animal-based ingredients to plant-based ingredients due to various health and environmental concerns.
During this pandemic, the plant-based food sectors continued to grow better than before, as there are more consumers paying attention to health and well-being, strongly associated with rebalancing their diets toward more plant-based food. Categories perceived as healthy will continue to benefit from this trend, including plant-based alternatives. Self Inc. polled 1,340 consumers, asking how their eating habits had changed as a result of the pandemic. Almost a quarter (23% of respondents) said they had been eating more plant-based food during the quarantine.
According to a UN survey conducted in June 2021, 30 per cent of the world supported a plant-based diet as a climate policy. The Innova Consumer Survey 2020 indicated that the top four reasons for considering plant-based alternatives were health, diet variety, sustainability and taste. The plant-based food market grew almost twice as fast as the total U.S. retail food market, which increased 15% in 2020 as Covid-19 shuttered restaurants and consumers stocked up on food amid lockdowns. As of April 2021, fifty-seven percent of households purchased plant-based foods with plant-based ingredients, up from 53% in 2019.
The global plant-based ingredient market report would provide an access to approximately 53 market data tables, 50 figures and 200 pages
