The ingredients market for plant-based food & beverages is estimated to secure a valuation of USD 2.3 billion in 2023 and is estimated to rise to USD 9.30 billion by 2033. The market is anticipated at a CAGR of 15% during the forecast period.
Factors driving the Market:
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The rising fast-paced lifestyle, workaholic and busy schedules are shifting consumers' attention toward healthy food & beverages. The increasing prevalence of cardiovascular and other health-related diseases is surging the demand for plant-based food & beverage ingredients. Moreover, adopting functional food and Omega-3 fatty acids are influencing the ingredients market for plant-based food & beverages.
These food & beverages help to reduce cholesterol and triglyceride levels, increasing the market opportunities. As per a report by American Heart Association, around 8,00,000 people suffer from heart attacks in the United States annually. All these factors are influencing the global market and reducing the number of chronic diseases. Adopting ready-to-drink beverages with high proteins with organic plant-based ingredients increases market opportunities during the forecast period.
Adopting plant-based food & beverages also limit the chance of cancer, including cancer colon, diabetes and promotes weight loss. In addition, the patient's demand for plant-based food & beverage ingredients improve the lack of vitamins, protein, and essential fatty acids. These factors play a crucial role for disease patients and boost their healthy lifestyles. According to an article, vegan food & beverage ingredients consumers between the ages of 25 to 34 highly consume healthy vegan products.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 15% |
| Market Valuation (2023) | USD 2.3 billion |
| Market Valuation (2033) | USD 9.30 billion |
According to Future Market Insights, the Ingredients Market for Plant-based Food & Beverage is predicted at a healthy 15% CAGR during the forecast period. Historically, the market registered a CAGR of 14.1% between 2017 and 2022.
The increasing number of vegans, ready-to-eat and ready-to-drink products are increasing consumers' awareness of healthy food & beverages in recent years. These consumers are fueling the demand for clean-label and highly standardized products, surging the market opportunities.
Adopting antioxidant beverages and value-added items is enhancing the quality of drinks and expanding the market growth. Several top companies are innovating products by increasing the adoption of advanced technologies, which in turn fuels market growth.
Due to the COVID-19 waves, marketers faced considerable challenges in the global market. The manufacturers can only provide a small quantity of food & beverage ingredients due to a lack of raw materials. However, due to government rules & regulations, the global market shut down its business temporarily to maintain social distancing. Therefore, the distribution and supply chain need more raw materials.
Consumers are more conscious about their health and there is growing demand for a better alternative source for a healthy lifestyle. Therefore, the companies focused on consumers' requirements for healthy diets, such as vegan and immunity booster supplements, are expected to surge the market growth. After the pandemic, the global market started growing, with consumers' popularity of vegan products increasing significantly.
Short Term (2023 to 2026): Increasing demand for high-quality, rich vitamins and organic foods, increasing the adoption of plant-based food & beverage ingredients.
Medium Term (2026 to 2029): Rising consumer preference, disposable income, and healthy lifestyle propel the market expansion.
Long Term (2029 to 2033): Manufacturers are launching healthy product items in the food & beverages to attract fitness freak consumers driving market opportunities.
The market is estimated to reach USD 9.30 billion during the forecast period. Historically, the market stood at USD 2.02 billion from 2017 to 2022.
Based on product type, probiotics dominate the global market by securing a high share during the forecast period. There is an increasing demand for vegan food & beverages for maintaining and influencing the body's immune system. Increasing the adoption of probiotics keeps harmful bacteria away, which creates digestion problems. Consumers are more conscious about their health, which drives their attention toward plant-based products.
Rising consumer problems related to lactose intolerance and improper digestion are increasing the demand for probiotics products. The popularity of vegan foods due to growing animal rights and environmental problems is increasing the adoption of probiotics products. Being a healthy substitute, consumers around the globe are boosting the demand for probiotics in recent times.
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Asia Pacific is capturing a significant share of 14.5% of the global market during the forecast period. India and China are significantly growing the market due to increasing health awareness, disposable income, and demand for probiotics products. Growing innovative products, and advanced technologies, including microencapsulation, are driving the Asia Pacific ingredients market for plant-based food & beverages.
Manufacturers are developing better, highly standardized vegan products that are advancing the Asia Pacific market size. Growing population, urbanization, and rising consumer preference to avoid meat and high-cholesterol meals are increasing the adoption of plant-based food & beverage ingredients.
India is one of the prominent nations in producing vegan-based products due to the increasing vegan population. In India, around 30% of the population is entirely vegan, consequently driving market expansion. The key players are launching meat alternatives by launching plant-based meat and are influencing India's ingredients market for plant-based food & beverage. In Dec 2021, Evolved Food announced its plant-based protein and meat alternatives to promote a healthy lifestyle with excess protein.
The United States is securing a maximum share of the global market during the forecast period. The rising demand for vegan foods and the popularity of vegan drinks drive the United States market size. Consumers are shifting their unhealthy lifestyles by increasing the adoption of plant-based food & beverage ingredients in the United States.
The rising demand for protein, low-fat, and vitamin-enriched products is fueling the demand for plant-based food & beverage ingredients. Moreover, innovations of plant-based meats, soya chunks, and dairy alternatives drive the United States ingredients market for plant-based food & beverages. The widespread dairy plant-based beverages such as pea, almond, rice, and hemp and oat milk further uplift the United States market.
The United Kingdom is registering a relevant global share during the forecast period. Increasing demand for plant-based products and dietary supplements drives the United Kingdom market. The manufacturers are developing newly launched plant-based products that add value and bring good taste for health-conscious consumers.
The rising heart-related issues and risk of stroke are increasing the adoption of plant-based food & beverage ingredients in the country. Furthermore, consumers' focus on the vegan diet and growing awareness of healthy plant-based food by various organizations fuel the United States' ingredients market for plant-based food & beverages.
The market players are playing an essential role in the global market by capturing a maximum output by investing considerable amounts in research & development activities. These players are promoting vegan-based products for health by excluding low-quality lifestyles. The manufacturers are launching unique products through their market research and deep analysis.
The marketers focus on providing organic and natural food & beverages based on plants. Further, they provide probiotic and non-dairy beverages to capture consumers' attention. These players adopt a few marketing methodologies such as mergers, acquisitions, collaborations, partnerships, mergers, and agreements.
Recent Developments in the Ingredients Market for Plant-based Food & Beverages are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Türkiye, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Region |
| Key Companies Profiled | Nestle SA; Conagra Brands Inc; Danone S.A.; Beyond Meat Inc; Tofutti Brands Inc; Kerry Group; BASF SE; Ingredion; Beneo GmbH; Ajinomoto; Chr. Hansen; Sugarlogix; Sensus B.V.; A & B Ingredients; Tate & Lyle; Foodchem International Corporation; Dupont Nutrition & Biosciences; Nutra Food Ingredients; Stratum Nutrition |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Ingredients market for plant-based food & beverages market CAGR 2033 is 15%.
The market is estimated to secure a size of USD 2.3 billion in 2023.
The projected market value for 2033 is expected to be around USD 9.30 billion.
Key players are developing the market by expanding their product portfolio.
The global market is gaining momentum due to the increasing demand for plant-based diets.
| Market Size, 2023 | USD 164,058 million |
|---|---|
| Market Size, 2033 | USD 277,744 million |
| Value CAGR (2023 to 2033) | 5.4% |
| Market Value (2023) | USD 591.5 million |
|---|---|
| Market Anticipated Value (2033) | USD 1,138.8 million |
| Projected Growth Rate (2032) | 7.2% |
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Ingredients Market for Plant-based Food & Beverages
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