The adoption of plant based ingredients market in the Asia Pacific will reach a significant value due to the presence of vegetarian eating practices, culture, and tradition. The ingredients make up the core of the daily diet in the region as there is excessive consumption of fruits and vegetables. There is also a growing intake of legumes, rice, and bamboo shoots. Furthermore, the availability of seasonal vegetables and the higher prevalence of household-scale food fermentation and processing across the Asian countries will add positive impetus to the preference for plant based ingredients.
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The global plant based ingredients market size will register a value beyond USD 13 trillion by 2025, as per a recent report compiled by Global Market Insights, Inc.
The plant based ingredients market is expected to grow rapidly due to increasing instances of lactose intolerance and milk protein allergies. The consciousness levels of consumers to incorporate nutritional components in their diets has stirred the need for sustainable and alternative options over dairy products.
The application of plant based ingredients market across the food & beverage industry will record prominent gains. This can be attributed to their excellent foaming properties as well as smooth and mild textures. The ingredients, such as oat, rice, coconut, soy, and almond are organic in nature, hence possess a mild and pleasant taste.
Plant based ingredients are generally derived from vegetables, fruits, legumes, grains, nuts, as well as seeds and comprise numerous antioxidants and vitamins. They are also rich in calcium and are extensively consumed across the developed countries. The ingredients attract a lot of demand from the food, dietary supplements, infant foods, bakery, meat substitutes, and the animal feed sectors.
Taking note of these factors, plant based ingredient suppliers are centered on strategic partnerships like mergers and acquisitions to broaden their presence across the world. These firms are working on modifications in their existing offerings to offer better health outcomes.
They are also coming up with new product developments to achieve a competitive advantage, even through the COVID-19 pandemic. For instance, in June 2020, Kerry Group launched 13 new and allergen-free plant-based options derived from pea, rice as well as sunflower protein sources.
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They have a fortified or pure base and are suitable for use in pH-neutral and pH-acidic applications. Owing to these trends, plant based ingredients are used in the production of consumables like dairy-free fruity and functional drinks, desserts, coffee, tea, plain and flavored beverages, as well as ice-creams.
The preference for soy based ingredients will garner remarkable prominence in the next few years owing to their higher content of protein. Apart from this, they lower the level of plasma cholesterol and assist in preventing cancer, diabetes, and obesity, as well as bowel and kidney diseases. Soy is one of the widely consumed plant-based ingredients and marks its presence in food components like cheese, miso, tempeh, drinks, tofu, salami, and vegetarian meat substitutes. It is also versatilely consumed in the form of infant formulas, flours, protein isolates and concentrates, and textured fibers.
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