In Canada, the plant-based food market is thriving, buoyed by a growing number of consumers adopting flexitarian, vegetarian, and vegan diets. With a focus on health, animal welfare, and environmental sustainability, Canadians are seeking out plant-based alternatives across a range of food categories. From plant-based meats and dairy alternatives to vegan snacks and desserts, the market offers a wide variety of options to cater to diverse tastes and dietary preferences.

The Plant-based food ingredients market is predicted to reach a CAGR of 4.72% in the forecast period and a market price of USD 40.24 billion by 2030.

The plant-based food market continues to surge in popularity as consumers increasingly prioritize health, sustainability, and ethical concerns. With a growing demand for plant-based alternatives to traditional animal products, companies are innovating and expanding their offerings to cater to diverse tastes and dietary preferences. This trend is reshaping the food industry, with plant-based options becoming more accessible and appealing to a wider audience, driving both culinary creativity and environmental consciousness.

Food ingredients derived from plants are referred to as Plant-based food ingredients. These ingredients are utilized as the main raw material in foods and beverages promoted as plant-based. Almond, soy, oats, coconut, cashew, and rice are some plant-based food sources. For various food businesses, these ingredients are used in their raw form or processed into flour, milk and oil. The basic ingredients in plant-based foods include proteins isolated from plant sources. The use of these ingredients is rapidly growing due to the growing consumer demand for plant-based foods.

The global market for plant-based food ingredients is rapidly increasing due to their health concern and following healthy eating habits. There is a rising demand for non-dairy products due to the increase in the lactose-intolerant population. In addition, people prefer for vegan diet drives the growth of plant-based food ingredients. However, allergic reactions from plant sources might limit the market's growth.

The COVID-19 outbreak caused a global crisis which has affected more than 195 countries. The increasing number of cases has impacted the global plant-based food ingredient market in many different ways. People have become more aware of the virus's spread by consuming red meat, which makes them inclined toward plant-based foods, which led to an increase in demand for plant-based ingredients globally, and the growth is exponential.

Industry News

In January 2022 – Puratos, service and food ingredients supplier for a bakery, partnered with Shiru, a functional ingredients producer, to analyze and produce a new generation of egg replacement.

Key Players are:

DSM (Netherlands), DuPont. (US), Amway (US), The Nature's Bounty Co. (US), GlaxoSmithKline plc. (UK), and Nestlé SA (Switzerland)

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