April 20, 2020
According to the research report titled ‘Plant Based Ingredients Market Size By Product Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, worldwide plant based ingredients market is expected to cross USD 13.5 trillion by the year 2025.
Shifting inclination towards vegan diet and growing preference for organic ingredients are prime factors driving the growth of plant based ingredients industry. These products are low-calorie with high protein and fiber content as well as are easily digestible. Increasing environmental concerns and rising consciousness regarding benefits of healthy & nutritional diet are further aiding the market expansion.
As per product type, soy based ingredients segment crossed USD 1 trillion in 2018 and is expected to register continuous growth during the estimated timespan. Growing demand for meat alternatives and dairy substitutes coupled with rising utilization of soy-based ingredients in food & beverage industry is fueling the segmental share. The product offers similar texture and appearance as animal based proteins and contains reduced saturated fat. High content of essential amino acids and increasing intake of soybeans in energy drinks and dietary supplements is stimulating the industry outlook.
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The report projects that meat substitute application of North America soy based ingredients industry to surpass USD 75 billion by the year 2025. These products are ideal for vegetarian consumers as well as for people who are allergic to animal protein. Being meat substitutes, they help in reducing the risk of chronic conditions such as cardiovascular diseases, high blood pressure, diabetes and obesity.
Meanwhile, bakery & snacks application of Europe wheat based ingredients industry is poised to witness a growth rate of 7.5% through 2025, primarily due to growing demand for RTE (ready to eat) food products. Advancements in technology pertaining to manufacturing processes has enabled the development of baked goods which are comprised of gluten-free and whole wheat fiber, in turn favoring the market share.
The prominent companies operating in plant based ingredients industry are Puris Proteins, Axiom Foods, Roquette Freres, DuPont, Dohler Group, Cargill and Ingredion among others.
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