The vegetable powders market is estimated to secure a valuation of USD 7.2 Billion in 2023 and is estimated to rise to USD 12.0 Billion by 2033. The market is anticipated to grow at a CAGR of 5.3% during the forecast period. The factors accelerating the demand for vegetable powders are as follows-
Increasing inclination among the major global population to consume packed goods and beverages is expected to drive the vegetable powder market. Onion, tomato, corn, mushroom, and beans are some of the vegetables available in powder form.
Vegetable powders are being increasingly used in RTE food and soups, and sauces. Thus increasing demand for these products creates an opportunity for market growth. The increased use of vegetable powder in household and food services applications, and the easy availability of products through distribution channels like supermarkets, hypermarkets, and specialty stores drive the market growth during the forecast period.
Regionally North America accounts for the highest share of the vegetable powders market due to the well-established food & beverage industry in the region and increased consumption of fast food and ready-to-eat food products. Europe dominates the vegetable powder market with the increased demand for clean-label food products in the region and the increased use of natural and organic foods in the region.
Asia Pacific is the fastest-growing market for vegetable powders due to increased demand for clean-label products over artificial ingredients. Other factors to boost the market growth in the region include increased disposable income and increased standard of living.
The prominent players in the vegetable powder market include Frontier Co-Op, MRM, Garden of Life, Bluebonnet, Country Farms, Fit Miss, Buk Supplements, and Fit Formula Fresh Blends among others.
The vegetable powder market is highly fragmented. The market players operating in the vegetable powder market are using organic and inorganic techniques to sell the product and generate high revenue.
Several market players in the vegetable powder market are heavily investing in R&D projects to develop innovative products. These efforts are likely to help in strengthening their product portfolio and thereby boosting the overall market growth.
For instance, Frontier Co-Op has a wide range of vegetable powders including tomato powder, Frontier tomato powder is hydrated tomatoes and comes in powder form, and can be used in recipes like soups, pasta, pizza, strew, and salads.
The vegetable powders market is expected to flourish during the forecast period owing to the increased application in the food & beverage industry and manufacturers are introducing new varieties of vegetable powders.
The increasing demand for these products, driven by changing consumer preferences and lifestyle changes, is expected to drive the growth of the vegetable powder market. One of the major trends driving the growth of the vegetable powder market is the increasing demand for natural and organic food products. New start-ups are entering the market and launching new and innovative product options for vegetable powders.
For instance, founded in 2011- CNLAB Nutrition is a provider of natural ingredient-containing dietary supplements. The product range includes fruit powder, green powder, vegetable powder, and other amino acids.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | USD 7.2 Billion |
| Projected Market Value in 2033 | USD 12.0 Billion |
| Growth Rate (2023 to 2033) | CAGR of 5.3% |
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According to the latest research by Future Market Insights, vegetable powders are set to witness steady growth during the forecast period 2021 to 2031. The market for vegetable powders is expected to grow due to consumer demand for authenticity and transparency.
Consumers all over the world are trying to consume food items that include vegetables as an important ingredient such as vegetable-based food items. The increase in demand for vegetable-based instant meals from consumers is thus boosting the growth of the vegetable powders market.
Due to the rapid urbanization and hectic lifestyle of consumers, the demand for ready-to-cook food products has risen quickly in recent years. Ready-to-cook (RTC) packaged foods are more convenient to prepare and can be stored for extended periods. Vegetable powders demand is primarily driven by the rising use of it ready-to-cook (RTC) foods.
They are also used to flavor sauces, soups, and gravies, as well as to keep the consistency of food products. The growing demand for vegetable powders will be fueled by the growing use of large volumes of sauces and flavors in the food service industry.
The demand for it is expected to increase due to its ease of use and increased consumer awareness of the negative effects of artificial food additives.
As vegetable powders are easy to digest and have a high nutritional value, therefore these products are commonly utilized in herbal supplements. They are also being actively incorporated into baby food items because they keep the natural taste and nutrition. These factors will drive its sale in the coming years.
Vegetable powders are being used in a variety of convenience food products as a result of the growing trend of eating whole & healthy foods. They are also extensively used in a variety of product preparations in hotels and restaurants around the world. Thus, these factors help in increasing its sale across the globe.
Clean-label ingredients are organic, non-GMO, and natural. The increase in demand for clean-label ingredients is further expected to boost its sale across the globe.
According to FMI analysis, the increasing customer demand for naturally derived components in food products has allowed the USA in North America to hold the top position in the vegetable powders market in recent years.
The growing use of it in the production of packaged foods is likely to fuel the expansion of the vegetable powders market in the USA and Canada. Also, the higher per capita income and presence of major manufacturers in the USA and Canada are estimated to drive the vegetable powders market.
Clean-label components have become more popular in Europe as people become more aware of natural and organic foods. Furthermore, an increase in disposable income, an improvement in living standards, and an increase in healthcare spending are driving the vegetable powders market growth.
Due to the increase in demand for food preservation in the region, the European market of vegetable powder is expected to see substantial revenue growth in the global market in the coming years.
Some of the key market players involved in vegetable powders are
The vegetable powders market is expected to be driven by new product launches and rising R&D expenses to meet changing end-user demand. Key market players have used organic growth tactics such as mergers and acquisitions to expand their market share.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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