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Plant-Based Ingredients Market Size, Share Global Analysis Report, 2024 – 2032

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Plant-Based Ingredients Market Size, Share, Growth Analysis Report By Sales Channels (Online Retail, Small Groceries, Modern Trade, Direct Sales, Specialty Stores, Convenience Stores, And Others), By End-User Applications (Animal Feed, Preservatives, Sports & Energy Nutrition, Cosmetics, Snacks, Confectionery Bakery, Infant Foods, Meat Substitutes, And Others), By Product Types (Potato Rice, Canola, Corn, Pea, Wheat, And Soy), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032

Industry Insights

[213+ Pages Report] According to Facts & Factors, the global plant-based ingredients market size was valued at USD 9.48 billion in 2023 and is predicted to surpass USD 24.64 billion by the end of 2032. The plant-based ingredients industry is expected to grow by a CAGR of 11.20% between 2024 and 2032.

Global Plant-Based Ingredients Market Size

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logoMarket Overview

Plant-based ingredients are substances extracted from plants or their parts and are used in the preparation of food & beverages, cosmetics, supplements, and many others. These are largely used as healthier alternatives to plant-based ingredients because of ethical, sustainability, and health reasons.

Some of the commonly used plant-based ingredients include plant-based protein oils & fats, fibers, sweeteners, and many others. These are largely used by consumers these days because they are rich in essential nutrients, amino acids, vitamins, and many others, which lower the risk of chronic diseases and lead to better digestion and improved heart health. Plant-based ingredients release fewer greenhouse gasses and help protect the environment. Also, it lowers the reliance on animal agriculture and helps with animal welfare practices. These products are more versatile and can be used in diverse applications.

logoKey Insights

  • As per the analysis shared by our research analyst, the global plant-based ingredients market size is estimated to grow annually at a CAGR of around 11.20% over the forecast period (2024-2032).
  • In terms of revenue, the global plant-based ingredients market size was valued at around USD 9.48 billion in 2023 and is projected to reach USD 24.64 billion by 2032.
  • Rising health and wellness trends are driving the growth of the global plant-based ingredients market
  • Based on the sales channels, the online retail segment is growing at a high rate and is projected to dominate the global market.
  • Based on the end-user applications, the food preservative segment is projected to swipe the largest market share.
  • Based on product types, the soy-based segment is expected to dominate the global market.
  • Based on region, North America is expected to dominate the global market during the forecast period.

Global Plant-Based Ingredients Market Size

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logo Growth Drivers

  • Rising health and wellness trends are driving the growth of the global market.

People are becoming more aware of their health and wellness, which in turn is driving the growth of the global plant-based ingredients market. Also, the growing education in society regarding the health benefits of plant-based items like lower risk of chronic diseases, hypertension, diabetes, heart disease, and cancer are further attracting people. A number of people are shifting towards vegetarianism, thereby looking forward to products with minimum synthetic ingredients and more plant-based ingredients.

Moreover, the nutritional benefits of plant-based ingredients like minerals, vitamins, essential amino acids, and antioxidant fibers further attract people. Also, the fast expansion of the retail and food service sector is further making the plant-based diet easier for people, which is likely to expand the scope of the industry further. For instance, Roquette unveiled its strategy to expand its NUTRALYS products to address consumer demand for healthier food in 2022. The brand launched rice proteins in the entire plant protein range.

logo Restraints

  • High cost is expected to hamper the growth of the global market.

Plant-based ingredients are quite expensive than their animal counterparts, which is expected to restrict the growth of the plant-based ingredients industry. The high cost of raw materials and small-scale production is creating more complex processing, which is further likely to negatively impact the development of the industry.

logo Opportunities

  • Technological advancements are expected to foster growth opportunities in the global market.

Advancements in food technology like precision fermentation, cellular agriculture, and many others are likely to foster growth opportunities in the global plant-based ingredients market. These innovations guarantee improvement in taste, quality, and texture along with the nutritional profile, which further attracts consumers in the market. Manufacturers are coming up with new products every day to meet people's requirements. New products can be used as dairy alternatives, meat substitutes, and functional food, which in turn is also likely to impact the growth of the industry positively.

However, the rising disposable income of the people is also positively impacting the industry's growth. People are willing to spend more on premium and health-oriented products, which is likely to increase the sales revenue in the market further. For instance, Cargill came up with an assortment of plant-based ingredients like sunflower kernel powder, rice syrup powder, and organic rice syrup in 2023. It offers excellent sensory appeal in vegan chocolate.

logo Challenges

  • Nutritional concern is a big challenge in the global market.

Plant-based ingredients offer many health benefits, but there is still a dilemma in people's minds regarding the nutritional content of plant-based ingredients, which is a big challenge in the plant-based ingredients industry. Moreover, plant-based ingredients require fortification, which creates complexity in the process and costs. Therefore, such a landscape is likely to slow down the growth of the industry in the coming years.

logoSegmentation Analysis

The global plant-based ingredients market can be segmented into sales channels, end-user applications, product types, and regions.

On the basis of sales channels, the market can be segmented into online retail, small groceries, modern trade, direct sales, specialty stores, convenience stores, and others. Online retail segment accounts for the largest share of the plant-based ingredients industry. Online platforms are becoming more popular shopping platforms because of their convenience, affordability, and accessibility.

Also, e-commerce platforms have diverse products and brands that consumers can browse to purchase according to their own dietary preferences. Online retailers have a global reach that helps people access any product or brand from anywhere across the globe.

Also, promotional campaigns and additional marketing activities to attract consumers are expected to foster opportunities in the segment. Subscription-based services offered by online retailers also appeal to consumers who regularly shop on online platforms. Therefore, all these factors are likely to strengthen the growth of the segment in the coming years.

On the basis of end-user applications, the market can be segmented into animal feed, preservatives, sports & energy nutrition, cosmetics, snacks, confectionery bakery, infant foods, meat substitutes, and others. The food preservative segment is likely to dominate the global plant-based ingredients market during the forecast period. Rising demand for processed food is one of the primary reasons for the high growth rate of the segment. Growing urbanization is boosting the demand for convenience and processed foods.

However, processed foods need effective preservation solutions to ensure longer shelf life and food safety, which is expected to positively impact the market's growth. Nowadays, people are inclined more towards natural preservatives and clean-label ingredients because of growing health consciousness and sustainability concerns.

Moreover, the ongoing research and development in food science is also likely to positively impact the growth of the segment. Manufacturers are coming up with new preservatives with improved stability, efficacy, and safety profiles. Therefore, all these factors are likely to propel the growth of the segment manifolds.

On the basis of product type, the market can be segmented into potato rice, canola, corn, pea, wheat, and soy. The soy-based segment is projected to witness significant growth in the coming years. Soya products are rich in vitamins, fiber, protein, essential amino acids, and minerals.

Also, these are viewed as healthier plant-based alternatives to meat products. The growing awareness among people regarding the health benefits of plant-based foods, along with the rising concerns regarding animal welfare and sustainability, is further likely to accentuate the demand in the market. Soy-based products have high functional properties like texture, vegetable protein, concentrates, and soy protein isolate that help improve texture binding and emulsification properties. This versatility of soy-based ingredients makes it an ideal choice for health-conscious people.

Moreover, there is the availability of a large number of soy products in the market, like Tempeh and tofu, to cater to the diverse consumer dietary needs, which are further anticipated to foster growth in the segment.

logoReport Scope

Report Attribute

Details

Market Size in 2023

USD 9.48 Billion

Projected Market Size in 2032

USD 24.64 Billion

CAGR Growth Rate

11.20% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Lightlife, Sweet Earth Natural Foods, Simply Balanced, Trader Joe’s, The Scoular Company, Dohler GmbH, SunOpta Inc., Olam International, B.I. Nutraceuticals Inc., Puris Proteins LLC, DuPont de Nemours Inc., Archer-Daniels-Midland Company, and Others.

Key Segment

By Sales Channels, By End-User Applications, By Product Types, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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logo Regional Analysis

  • North America to dominate the global market.

North America accounts for the largest share of the global plant-based ingredients market during the forecast period. The rising interest in the health and wellness trend is further expected to positively impact the growth of the segment. Growing awareness among people regarding the risk of chronic diseases like obesity, diabetes, and heart disease is further boosting the demand for plant-based ingredients in the market. Environmental sustainability is also a crucial factor in the high growth rate of the segment.

Growing awareness among people regarding the environmental impact of greenhouse emissions, water usage, and deforestation is further attracting people towards plant-based ingredients. The United States is the largest market in North America, characterized by high consumer awareness and the presence of leading market players. Canada is also witnessing significant growth in the coming years because of the supportive government policies to promote sustainable and healthy eating habits along with the rising interest of people in vegan diets.

Asia Pacific is also likely to witness significant growth in the plant-based ingredients industry in the coming years. Urbanization is the primary factor for the high growth rate of the regional market. Growing disposable income is shifting people's perception towards ethical and sustainable eating, which is further expected to boost the demand in the market.

Also, the history of regional culinary traditions, along with the presence of a large vegan population base, is expected to accentuate the growth of the regional market manifolds in the coming years. Also, supportive government policies to promote sustainable practices contribute to the market's growth. India is the leading country in the region, with a vast vegan consumer base. Countries like Indonesia, Malaysia, and Thailand are also witnessing a significant shift in population towards vegetarian diets.

Also, many start-ups and established manufacturers are undergoing strategic partnerships in collaboration with local and international companies to penetrate the market and swipe a large market base. Therefore, such a landscape is expected to revolutionize the market in the coming years. For instance, Oaktree Capital Management, Engaged Capital LLC, and L.P. together invested USD 60 million in SunOpta Inc in 2020. It is likely to extend its plant-based production capabilities.

logo Competitive Analysis

The key players in the global plant-based ingredients market include:

  • Lightlife
  • Sweet Earth Natural Foods
  • Simply Balanced
  • Trader Joe’s
  • The Scoular Company
  • Dohler GmbH
  • SunOpta Inc.
  • Olam International
  • B.I. Nutraceuticals Inc.
  • Puris Proteins LLC
  • DuPont de Nemours Inc.
  • Archer-Daniels-Midland Company

For instance, Ingredients Inc. came up with Vitessence Pulse 1803 in 2020. It is the company's first pea protein isolate containing 80% protein. It is an ideal dairy & meat alternative used in smack & baked goods, nutrition & sports bars, and others.

The global plant-based ingredients market is segmented as follows:

logoBy Sales Channels Segment Analysis

  • Online Retail
  • Small Groceries
  • Modern Trade
  • Direct Sales
  • Specialty Stores
  • Convenience Stores
  • Others

logoBy End-User Applications Segment Analysis

  • Animal Feed
  • Preservatives
  • Sports & Energy Nutrition
  • Cosmetics
  • Snacks
  • Confectionery Bakery
  • Infant Foods
  • Meat Substitutes
  • Others

logoBy Product Types Segment Analysis

  • Potato Rice
  • Canola
  • Corn
  • Pea
  • Wheat
  • Soy

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Industry Major Market Players

  • Lightlife
  • Sweet Earth Natural Foods
  • Simply Balanced
  • Trader Joe’s
  • The Scoular Company
  • Dohler GmbH
  • SunOpta Inc.
  • Olam International
  • B.I. Nutraceuticals Inc.
  • Puris Proteins LLC
  • DuPont de Nemours Inc.
  • Archer-Daniels-Midland Company

Frequently Asked Questions

Plant-based ingredients are substances extracted from plants or their parts and are used in the preparation of food & beverages, cosmetics, supplements, and many others. These are largely used as healthier alternatives to plant-based ingredients because of ethical, sustainability, and health reasons.
People are becoming more aware of their health and wellness, which in turn is driving the growth of the global plant-based ingredients market. Also, the growing education in society regarding the health benefits of plant-based items like lower risk of chronic diseases, hypertension, diabetes, heart disease, and cancer are further attracting people.
The global plant-based ingredients market size was valued at USD 9.48 billion in 2023 and is predicted to surpass USD 24.64 billion by the end of 2032.
The plant-based ingredients industry is expected to grow by a CAGR of 11.20% between 2024 and 2032.
North America accounts for the largest share of the global plant-based ingredients market during the forecast period. The rising interest in the health and wellness trend is further expected to positively impact the growth of the segment.
The key players in the global plant-based ingredients market include Lightlife, Sweet Earth Natural Foods, Simply Balanced, Trader Joe’s, The Scoular Company, Dohler GmbH, SunOpta Inc., Olam International, B.I. Nutraceuticals Inc., Puris Proteins LLC, DuPont de Nemours, Inc., Archer-Daniels-Midland Company, and others.
The global plant-based ingredients market is a comprehensive study of market definitions, growth drivers, opportunities, and challenges. It covers the geographical and competitive dynamics of the global marketplace.