Selbyville, Delaware, Dec. 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Ingredients Market for Plant Based Food & Beverages was estimated at USD 2 billion in 2022 and is expected to surpass a valuation of $8 billion by 2032, progressing at a CAGR of 15% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Growing consumer preference for fortified confectionery and bakery products will complement the industry outlook. Vegan food trends and high consumer inclination to plant-based foods are accelerating the consumption of bakery products that contain probiotics. Due to hectic lifestyles and the growing prevalence of health conditions such as diabetes, obesity, and heart disorders, consumers are seeking high-value products for holistic health and wellness. Furthermore, pandemic-driven conscious consumerism is resulting in dramatic changes in consumer behavior showcasing high demand for plant-based nutrition choices.
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Rising preference for vitamin-rich vegan food and beverages to propel industry expansion
Ingredients market for plant-based food & beverages size from the vitamin product segment is anticipated to record over 17% CAGR between 2023-2032. Vitamins are not only consumed as supplements but are also used as an ingredient to fortify plant-based food and beverages. Due to their easy availability and accessibility, and promising nutritional benefits, vitamins are increasingly being added to processed foods for value addition. Rising incidences of vitamin deficiency across the globe will further proliferate the demand for vitamins as a key ingredient in plant-based products. According to the Centers for Disease Control & Prevention (CDC), and the U.S. Department of Agriculture, 8 out of 10 Americans are deficient in vitamin E, whereas 50% of the population suffers from vitamin A, C, and magnesium deficiencies. It has also been reported that approximately 70% of the geriatric population in the U.S., is vitamin deficient.
Key reasons for ingredients market for plant-based food & beverages growth:
- Increasing consumption of vitamin-based health supplements.
- Increasing necessity to enhance nutritional content in food and beverages will boost the regional demand.
- Significant demand for probiotic ingredients in bakery products.
- Changing dietary patterns and rapid demand for high-quality supplements to propel amino-based market outlook.
- Flourishing demand for plant-based Omega-3.
- Immense demand for dietary supplements.
- Functional food market growth to drive probiotics demand.
- Increase in cases of lactose intolerance and milk allergies.
Growing consumption of snacks over meals to accelerate demand for vegan ingredients
In terms of revenue size, sweet and savory snacks segment is estimated to reach USD 1 billion by 2032. High adoption of unhealthy lifestyles and hectic schedules is fostering the demand for sweet and savory snacks. A dynamic shift in dietary habits towards plant-based food products is propelling the consumption of vegan snacks. With a growing number of the working population, the need for pre-made and easy-to-consume snacks has high consumer preference.
Rising investments in functional food sector to drive market growth in Europe
Europe ingredients industry for plant-based food & beverages is projected to record a 16% CAGR from 2023-2032. A solid footprint of functional food and beverage manufacturers across France, Germany, and the U.K., along with the presence of a vast specialty carbohydrates sector will complement the industry expansion. Furthermore, rising investments in biotechnology and innovation of functional foods will pave the way for industry demand.
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New business deals to boost ingredients market for plant-based food & beverages
Cargill Incorporated, BASF SE, DSM NV, Archer Daniels Midland Company, DuPont Nutrition & Biosciences, Beneo GmbH, Kerry Group, Roquette Freres, Sensus B.V., Prinova Group LLC., Chr. Hansen, Golden Grain Group Limited, Foodchem International Corporation, Nutra Food Ingredients, A&B Ingredients, Ingredion, Tate & Lyle, Sugarlogix, Stratum Nutrition, Ajinomoto are some of the leading companies in the global ingredients market for plant-based food & beverages.
Partial chapters of report table of contents (TOC):
Chapter 3 Ingredients Market for Plant Based-Food & Beverages Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Regulatory landscape
3.4 Raw material analysis
3.5 Technology landscape
3.6 Industry best practices & key buying criteria
3.7 Innovation & sustainability
3.8 Pricing Analysis
3.9 Industry impact forces
3.10 Growth potential analysis, 2022
3.11 Porter’s analysis
3.12 PESTEL analysis
3.13 COVID-19 overview on world economy
Chapter 4 Competitive landscape
4.1 Introduction
4.2 Company market share analysis, 2022
4.3 Top players overview, 2022
4.4 Strategic dashboard
4.5 Impact of COVID-19 on consumer buying behavior
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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