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$4990.00
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1 mg
Description
The global plant-based ingredients market has witnessed substantial growth over recent years, driven by rising consumer interest in health-conscious and sustainable food choices. In 2023, the market was valued at USD 12.7 billion and is projected to reach USD 13.1 billion in 2024, registering a CAGR of 10.1%. Key product segments include plant-based proteins, such as soy, pea, and wheat, which account for 45% of the market. Technological advancements and innovation in product texture and flavor optimization continue to shape the industry. Europe is the fastest-growing region, holding a 30% market share and a CAGR of 12%, driven by stringent EU regulations, urbanization, and rising disposable incomes. The market is evolving rapidly with a focus on functional foods, product innovation, and strategic investments. In 2023, over 15% more new products incorporated plant-based ingredients, and venture capital funding exceeded USD 1.5 billion. Notable trends include plant-based dairy, aquaculture, and egg substitutes, while challenges such as regulatory compliance, sustainability, and competitive pressures continue to shape market dynamics.
