NEWARK, Del, Dec. 14, 2022 (GLOBE NEWSWIRE) — According to Future Market Insights, the global plant based premix market size is anticipated to grow from US$ 555.92 Mn in 2023 to US$ 1,280.28 Mn by 2033, with overall sales exhibiting a CAGR of 8% between 2023 and 2033.
Rising demand for natural and healthy food products along with increasing applications of plant-based ingredients in food and beverage industry is the main factor facilitating the expansion of the global market for plant-based premixes.
Similarly, growing trend of veganism and increased knowledge of the health advantages of plant-based diets are expected to generate high demand for plant based premixes during the forecast period.
Plant based premixes are concentrated mixtures of ingredients derived from plant sources that are used to create finished goods like food or beverages. As the trend of veganism continues to make inroads in food & beverage, both food manufacturers and consumers are showing a keen inclination towards using plant based premixes.
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The global plant based premix market is highly competitive with the presence of a large number of international and regional players. Leading players in the market are focused on product innovation and development to gain a competitive edge over their rivals.
The competition in the plant based premix market is further intensified by the entry of new players who are offering products at competitive prices. The companies are also engaged in mergers and acquisitions to expand their product portfolio and geographical reach. For instance, in January 2018, Ingredion Incorporated acquired TIC Gums, which is a leading provider of texture and stabilization solutions for the food industry.
Key Takeaways from the Plant based Premix Market Study:
- During the projection period 2023-2033, the plant based premix market is expected to expand at a CAGR of 8%.
- Based on form, demand is likely to remain high for powdered plant based premixes during the forecast period.
- By application, food and beverage segment holds the largest share of the global plant based premix market and the trend is expected to continue during the forecast period.
- North America and Europe collectively hold the largest share of the global plant based premix market.
- Asia Pacific is anticipated to emerge as the fastest growing plant based premix market between 2023 and 2033.
- With rising trend of veganism, sales of plant based premixes are poised to grow at a robust pace across the U.S. during the forthcoming decade.
Who is Winning?
Key players operating in the global plant based premix market are Cargill (US), Archer Daniels Midland Company (US), DuPont (US), DSM (Netherlands), Ingredion Incorporated (US), and Kerry Group plc (Ireland).
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Get Valuable Insights into Plant based Premix Market
FMI, in its new offering, provides an unbiased analysis of the Plant based Premix market presenting historical demand data (2017-2022) and forecast statistics for the period from (2023-2033). The study divulges compelling insights on the demand for Plant based Premix based on ingredient type (vitamins, minerals, amino acids, antibiotics, others), form (powered, liquid), and application (food and beverage (baby food dietary supplements), pharmaceutical, animal nutrition), across seven regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
In this video, we explore how the plant-based industry can achieve economies of scale and become more cost effective. We discuss some of the challenges that the plant-based industry is currently facing and how these can be overcome in order to achieve larger production runs and lower costs.
By Ingredient Type:
- Amino acids
- Food and Beverage
- Baby Food
- Dietary Supplements
- Animal Nutrition
- North America
- Latin America
- East Asia
- South Asia
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
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