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

Industry Insights

[222+ Pages Report] According to Facts & Factors, the global plant based premix market size was valued at USD 330.9 million in 2023 and is predicted to surpass USD 683.85 million by the end of 2032. The plant based premix industry is expected to grow by a CAGR of 8.40% between 2024 and 2032.

Market Overview

Plant-based premixes are pre-formulated blends of different materials to help people prepare certain foods and beverages. These premixes are nutritious and convenient. Moreover, they are sustainable plant-based options and can be used in diverse products like snacks, beverages, baked goods, and many others. The common ingredients used in plant-based premixes include fiber, vitamins, plant protein, functional additives, natural sweeteners, flavors, and many others.

Additionally, there are different kinds of plant-based premixes available in the market, like meal mixes, beverage mixes, baking mixes, and snack mixes. These mixes are well fortified with nutrients to offer balanced diets to people.

Key Insights

• As per the analysis shared by our research analyst, the global plant based premix market size is estimated to grow annually at a CAGR of around 8.40% over the forecast period (2024-2032).
• In terms of revenue, the global plant based premix market size was valued at around USD 330.9 million in 2023 and is projected to reach USD 683.85 million by 2032.
• Rising health and awareness trends are driving the growth of the global plant based premix market.
• Based on the forms, the powder segment is growing at a high rate and is projected to dominate the global market.
• Based on the ingredients, the vitamin segment is projected to swipe the largest market share.
• Based on types, the isolated segment is expected to dominate the global market.
• Based on applications, the feed segment is anticipated to witness significant developments in the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

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

There is an increasing awareness among people regarding the health benefits of plant-based diets, which is a major reason for the high growth rate of the global plant based premix market. Additionally, the increasing interest of people in clean labels and natural products is expected to support the growth trajectory of the industry. Additionally, there are growing issues over animal exploitation and its negative impact on overall environmental health, which is encouraging people to adopt plant-based diets.

Also, government initiatives to support sustainable and healthy eating habits are likely to contribute towards the growth of the industry. The government is funding research and development activities in plant food diets to encourage innovations and developments in the market. For instance, ADM launched plant-based protein ingredients in 2019 to respond to ongoing market trends.

Restraints

• High costs are likely to hamper the growth of the global market.

Plant-based premixes are priced higher than traditional premixes products because of the inclusion of more authentic and expensive raw materials. Additionally, the plant processing techniques are different from the traditional methods, which in turn also adds up to the overall cost.

Also, achieving the desired taste and texture of plant-based premixes as traditional products is quite difficult. However, not all consumers are ready to accept these plant-based products because of the different tastes, textures, and mouthfeels of the products. This is likely to hamper the expansion of the plant based premix industry.

Opportunities

• Rising cases of lactose intolerance and food allergies are expected to foster growth opportunities in the global market.

There is a rising prevalence of lactose intolerance all across the globe. Additionally, many people are facing dairy product allergies, which in turn is also diverting people towards plant-based food like premixes to fulfill their daily nutritional requirements. Moreover, the rising incidents of celiac diseases and gluten intolerance are further expected to accentuate the demand for gluten-free plant-based premixes in the market.

Technological advancements in food processing techniques are also expected to revolutionize the global plant based premix market by offering enhanced taste and nutritional profiles of the food options. Also, manufacturers are experimenting with new plant-based ingredients like algae, hemp, and many others to come up with more advanced and delightful food options.

Challenges

• Ingredient sourcing and supply chain issues are a big challenge in the global market.

There are many problems in supply chain processes as they depend on many environmental and political factors in order to be consistent. Therefore, there is no constant supply of raw materials, which negatively affects the growth of the regional market.

Moreover, there are many limitations in plant-based products, like the lack of omega-3 fatty acids, iron, and vitamin B12, which are present in animal-based products. Such a landscape is a big challenge in the plant based premix industry.

Segmentation Analysis

The global plant based premix market can be segmented into forms, ingredients, types, applications, and regions.

On the basis of forms, the market can be segmented into liquid and powder. The powder segment accounts for the largest share of the plant based premix industry during the forecast period. Powder premixes are quite convenient as they are easy to mix, measure, and store. It is preferred by both the food service providers and consumers. These powders are versatile in nature and are used in a wide range of products like meals, snacks, baked goods, beverages, and many others.

The powdered forms of plant-based premixes have a longer shelf life, and therefore, they are more in demand. Powdered form eliminates waste and helps with inventory management. These formats are quite cost-effective because they are compact and lightweight. These do not raise transportation or storage costs and are easy to carry. People prefer purchasing bulk powders because they are more economical. Powders are more nutritionally dense than liquid formats.

Also, users can adjust the quantity according to their dietary requirements and tastes. Manufacturers are easily experimenting with powder products like baking mixes, protein powder, smoothie mixes, and meal replacements, which are also expected to support the growth of the segment. Advancements in technology help improve the functionality and flavor of premixes.

On the basis of ingredients, the market can be segmented into vitamins, antibiotics, amino acids, minerals, and others. The vitamin segment is expected to swipe the largest share of the global plant based premix market during the forecast period. The growing awareness among people to focus on their health and wellness is a major factor for the high growth rate of the segment. Consumers are becoming more aware of the prevailing health deficiencies in their bodies and the requirement for vitamins.

The growing focus on boosting people's immunity after the COVID-19 pandemic is also anticipated to support the growth of the segment. Vitamin deficiency can lead to many health issues. These are important for the proper functioning of the body, as they are good for bone health, energy production, immune function, and many others.

On the basis of the types, the market can be segmented into textured, isolated, and concentrated. Isolate is the fastest-growing segment in the plant based premix industry. Isolates have a high concentration of protein, which attracts consumers. These have no fat and carbohydrates and, therefore, are highly preferred by consumers.

Also, it is a clean-label food option without any added carbs or fats. Isolate protein can easily be used in a wide range of applications like protein bars and many others, which are likely to enhance the appeal of the product categories. The rising popularity of plant-based diets is another major factor propelling the growth of plant-based protein isolates in the market. Advancements in extraction and processing technology are likely to significantly improve the taste and quality of protein isolate.

On the basis of applications, the market can be segmented into food & beverages and feed. The feed segment is expected to witness significant growth with the highest CAGR during the forecast period. Surging demand for sustainable animal feed is driving the growth of the segment. Rising awareness among people regarding the environmental impact of animal feed is further encouraging people to adopt sustainable options.

Moreover, government and non-government organizations are also encouraging sustainable practices in the use of plant-based feed. Moreover, the plant-based ingredients offer better health benefits than the traditional animal-based feeds. Moreover, they are also aligned with the rising demand for antibiotic feed in the market, which is expected to positively impact the growth of the segment.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America will account for the largest share of the global plant based premix market during the forecast period. Growing awareness among people regarding the health benefits of a plant-based diet is driving the growth of the regional market.

An increasing number of people are shifting towards the vegetarian and vegan lifestyle in the region. The millennial and GenZ population in the US and Canada are more inclined towards plant-based diets. Plant-based premixes have functional foods like superfoods and probiotics, which further attract health-conscious consumers.

Additionally, people's busy lifestyles further compel them to adopt easy-to-prepare convenient food options like premixes that align well with their hectic schedules. Plant-based remixes are also being used as meal replacements in the US and Canada, which is also expected to positively impact the growth trajectory of the regional market.

Asia Pacific is also likely to see significant developments in the plant based premix industry in the coming years because of the rising health awareness among people in the region. Countries like China and Japan are witnessing high incidences of lifestyle-associated diseases like heart disease and diabetes, which in turn are also fostering vegan eating habits in the region. Growing awareness among people in the region regarding the health benefits of plant-based diets is supporting the growth of the regional market in the coming years.

Moreover, many Asian countries have a history of vegan or vegetarian eating, which is further expected to accentuate the growth of the regional market in the coming years. Countries like India have a large consumer base for vegan products like plant-based premixes.

Advancements in food technology are likely to further positively impact the growth of the regional market. Growing government support to promote a sustainable and healthy eating culture is also likely to promote the growth of products like plant-based premixes in the region. All these factors are likely to contribute immensely towards the growth of the regional market.

Competitive Analysis

The key players in the global plant based premix market include:

• Kerry Group plc
• Ingredion Incorporated
• DSM
• DuPont
• Archer Daniels Midland Company
• Cargill
• Farbest-Tallman Foods Corporation
• SternVitamin GmbH & Co. KG
• Hexagon Nutrition Pvt Ltd.

For instance, Prinova unveiled the launch of plant-based premixes for dairy alternatives in 2020. It is expected to enable organizations to serve the rising demand for functional foods for vegan consumers.

The global plant based premix market is segmented as follows:

By Forms Segment Analysis

• Liquid
• Powder

By Ingredients Segment Analysis

• Vitamins
• Antibiotics
• Amino Acids
• Minerals
• Others

By Types Segment Analysis

• Textured
• Isolate
• Concentrated

By Applications Segment Analysis

• Food & Beverages
• Feed

By 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