The global plant based API market is anticipated to reach a valuation of US$ 34.9 billion in 2024, driven by plant based meat alternatives. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 69.0 billion by 2034.
One of the major factors contributing to the growth of the market is cultivated and lab grown alternatives. The development of lab grown and cultivated plant based alternatives provides new opportunities for creating sustainable and scalable sources of plant based ingredients.
Ongoing research into enhancing the nutritional content and functional properties of plant based ingredients can open doors to a wider range of applications, including pharmaceuticals and supplements. Consumers are increasingly looking for clean label products and transparency in the sourcing and processing of plant based ingredients, driving a trend towards more transparent supply chains.
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Beyond traditional sources like soy and pea, the exploration of alternative plant protein sources such as algae, fungi, and new plant varieties, can provide opportunities for market expansion. Increased adoption of plant based diets in emerging markets presents opportunities for companies to expand their reach and tap into new consumer bases.
The growth of online retail and e-commerce platforms provides a convenient channel for consumers to access a variety of plant based products, including those incorporating plant based APIs. The market for plant based dairy alternatives, such as milk, cheese, and yogurt, is expanding, presenting opportunities for plant based APIs used in the formulation of these products.
Initiatives aimed at educating consumers about the benefits of plant based diets and products can positively impact market growth by influencing purchasing decisions. The ability to customize plant based products based on individual preferences and dietary requirements may become a key trend, leading to opportunities for API development.
Key Takeaways from the Market Study:
- Global plant based API market was valued at US$ 32.9 billion by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 5.7%.
- The market in Australia is expected to expand at a CAGR of 10.6% through 2034.
- By molecule type, the alkaloids segment to account for a share of 32.0% in 2024.
- From 2024 to 2034, plant based API market is expected to flourish at a CAGR of 7.1%.
- By 2034, the market value of plant based API is expected to reach US$ 69.0 billion.
“Plant based technologies are being explored for the production of pharmaceuticals and biopharmaceuticals, presenting a unique intersection between the plant based and healthcare industries”, Opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
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Key Companies Profiled:
- Roquette Freres SA
- EVONIK Industries, AG
- Cargill, Inc.
- Novartis AG
- Sanofi SA
- Kothari Phytochemicals & Industries Ltd.
- Centroflora Group
- Arboris, LLCs
- BASF SE
- GlaxoSmithKline, plc.
Recent Development
In 2023, Capitol Wellness Solutions and Southern University launched inaugural chewable THC product, of Louisiana, featuring a 40 milligram THC dosage. The innovation may extend the waiting period for individuals seeking relief from chronic pain. A partnership between a local dispensary and Southern University led to the introduction of a high dosage medical marijuana candy.
Restraints:
Despite the market’s promising growth trajectory, challenges such as high production costs, limited scalability, and variations in regulatory frameworks across regions may hinder the full realization of the Plant Based API Market’s potential.
Segmentation Analysis of the Plant Based API Market
Molecule Type:
- Alkaloids
- Phenolic Acids
- Terpenoids
- Lignin and Stilbenes
- Anthocyanin
- Flavonoids
- Others
End Use:
- Pharmaceuticals
- Nutraceuticals
- Herbal Based Industries
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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