Key Plant-Based Food Ingredients Market Players To Be Driven By Rising Health Consciousness Among Consumers
Plant-Based Food Ingredients Market Scope:
The plant-based food ingredients market could continue to
thrive at a rate of 9.88% between 2020 and 2027 (the appraisal period), reveals
Market Research Future (MRFR). Market Research Future further expects the
market size to reach USD 21,351.9 Million by the end of 2027.
Growth Boosters and Impediments:
With major brands focusing on improving the taste and
texture of their products, combined with the rising preferences as well as
values of the consumers, the plant-based food ingredients industry should
experience strong growth in the years to come.
In the past couple of decades, the global food industry has
noted incredible growth, thanks to the supportive government policies coupled
with the exploding worldwide population. This helps bolster the application
scope of various Plant-Based
Food Ingredients Market. The demand is further boosted by the
escalating preference for healthier alternatives to meat. This could be owing
to the alarming rise in heart diseases, obesity, and diabetes.
Majority of the contenders are realizing the magnitude of
growth avenues in the market and are therefore acquiring, investing or merging
with other brands. Most of the Plant-Based Food Ingredients Market developers
are also emphasizing on conducting vigorous research and development activities
to extend the application range of their products and elevate their market
standings.
Segmental Review:
The Plant-Based Food Ingredients Market is segmented by
source, application, and Category
Major sources of plant-based food ingredients are Pea, Soy,
Coconut, Almond, Rice, Oats, Cashew, and more.
Categories covered in the report are conventional as well as
organic. With surging focus on a healthier lifestyle, more and more consumers
are opting for food products with organic ingredients. Consequently, the
organic plant-based food ingredients segment could flourish at the highest pace
in subsequent years.
Applications of plant-based food ingredients are Plant-Based
Milk & Derivatives {Plant-Based Butter, Plant-Based Cheese, Plant-Based
Milk, Plant-Based Yogurt, Plant-Based Ice Cream} along with Sweet & Savory
Snacks, Bakery & Confectionery, RTE & RTC Meals, Meat Substitutes, and
more.
Regional Insight:
Europe grabbed the highest share of 35% and is at present,
the most lucrative Plant-Based Food Ingredients Market. The market size is
bolstered by the burgeoning consumer base and their rising preference for
nutritious as well as healthy alternatives to meats and other high-calorie food
items. Surge in technological upgrades in terms of production along with top
brands battling it out with respect to price as well as quality could enhance
the plant-based food ingredients market share in the years to follow. Also,
with the heightened demand for organic, genetically modified (GM)-free food
ingredients and soaring number of vegetarians, flexitarians, and vegans, the
market demand is bound to rise rapidly in the next couple of years.
Asia Pacific could soar at the fastest pace from 2020 to
2027, thanks to the exploding urban populace with high health awareness and the
resultant surge in their preference for organic food items. The growing
purchasing prowess of the consumers across India and China in conjunction with
the increase in their discretionary incomes will elevate the demand for Plant-Based
Food Ingredients Market as well. Rise in the Western culture influence in the
region, coupled with the mounting veganism trend also pushes the market growth.
Top Companies:
The global Key
Plant-Based Food Ingredients Market Players include The Scoular
Company (US), Cargill Inc. (US), Döhler GmbH (Germany), Ingredion Inc. (US),
DuPont de Nemours, Inc. (US), Puris Proteins, LLC (US), Archer-Daniels-Midland
Company (US), BI Nutraceuticals, Inc. (US), SunOpta Inc. (Canada), Olam
International (Singapore), and many more.
Recent Updates:
January 2022 Burger King has launched vegan chicken nuggets
in the UK, with the latest menu item expected to be available in nine-piece,
20-piece and six-piece, boxes alongside sweet chili dipping sauce. These vegan
chicken nuggets have been made using a blend of soy as well as plant protein
while being coated in a textured, crispy batter.
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