Plant-Based Food Ingredients Market Size Is Estimated To Reach $12.3 Billion By 2030
PALM BEACH, FL, March 8, 2023 /PRNewswire/ -- Unlike many markets, the outbreak of the pandemic has positively affected the global plant-based food ingredients market, owing to rise in health consciousness, especially among people after COVID-19. People are dynamically changing their preferences from conventional food to organic, Plant-based and clean label foods & beverages products. Plant-based food ingredients are extracted from fruits, vegetables, plant roots and other parts of the plant. It is majorly used in a certified Plant-based food & beverages. Food ingredients are any substances that can be added to get a desired effect in foods & beverages. It is added to food to impart specific functional qualities such as sweeteners, which are added to get desired sweetness and preservatives to retard spoilage, whether from microbial growth or undesirable chemical changes. Rise in adoption for vegan culture, growing health conscious among people and increase in concerns for animal welfare are some of the major attributes influencing demand for Plant-based foods. This propels growth of the Plant-based food ingredients market. A report from Allied market Research projected that the Plant-based food ingredients market size was valued at $2,895.6 million in 2020, and is estimated to reach $12,341.4 million by 2030, registering a CAGR of 15.3% from 2021 to 2030. Active Companies in the markets today include Nepra Foods Inc. (OTCPK: NPRFF) (CSE: NPRA), Tattooed Chef, Inc. (NASDAQ: TTCF), Beyond Meat, Inc. (NASDAQ: BYND), Oatly Group AB (NASDAQ: OTLY), ELSE NUTRITION HOLDINGS INC. (OTCQX: BABYF) (TSX: BABY).
- This propels growth of the Plant-based food ingredients market.
- A report from Allied market Research projected that the Plant-based food ingredients market size was valued at $2,895.6 million in 2020, and is estimated to reach $12,341.4 million by 2030, registering a CAGR of 15.3% from 2021 to 2030.
- The Allied market Research report said: "According to the plant-based food ingredients market trend, on the basis of type, the emulsifiers segment was the highest contributor to the market, with $738.4 million in 2020, and is estimated to reach $2,305.0 million by 2030, at a CAGR of 11.8% during the forecast period.
- According to the Plant-based food ingredients market opportunities, Region wise, North America garnered a considerable share in the market… and is expected to maintain its share throughout the plant-based food ingredients market forecast period."