Bio-Based Food Ingredient Market

Bio-Based Food Ingredient Market Highlights

The global bio-based food ingredient market is expected to cross a value of USD 9.1 billion by the end of 2032. The market was valued at USD 2.8 billion in 2023 and is expected to expand at a CAGR of 15.6% between 2024-2032.

• Over the mid-term, the increasing reliability of incorporating bio-based food ingredients in processed foods is anticipated to drive the global bio-based food ingredient market.
• The lack of availability of raw materials is a major factor to challenge the market growth.
• The Europe bio-based food ingredient market is projected to dominate the global market.

Bio-Based Food Ingredient Market Outlook

A bio-based food ingredient is a substance extracted from renewable biological materials like plants, animals, algae or microorganisms rather than fossil fuels. These materials or ingredients are often used in the food industry to increase flavor, texture, nutritional value, and storage of food products. Protein-rich ingredients derived from plants for instance soy, pea, rice-based algae, and fungi are used as meat substitutes or protein in vegetarian and vegan products.

The working population is growing day by day and the lifestyle of every human being is changing at a fast pace leading to growing dependability on convenient food products. Subsequently, processed foods offer authenticity by incorporating bio-based food ingredients which greatly helps in raising the market demand for the product. Further, the increasing health and environmental concerns have led to the extensive adoption of natural and organic ingredients by food manufacturers to avail the natural food ingredients, which is also expected to contribute to the market growth. DuPont de Nemours, Inc., Green Biologics Inc., and Enzyme Bioscience Pvt. Ltd are some of the significant parties in the global market for bio-based food ingredients.

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Bio-Based Food Ingredient Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global bio-based food ingredient market are:

• Growing Popularity of Plant-Based Diet: Nowadays, people are known to be more health conscious. Therefore, there is a rising popularity of plant-based diets and vegan foods, which is driving the demand for bio-based food ingredients from plant sources. Ingredients such as plant-based proteins, natural sweeteners, and plant-derived oils are largely used to replace animal-derived ingredients as the count of vegetarian and vegan consumers is increasing. Our researchers have estimated that at the end of 2023, the number of vegans worldwide was close to 87 million. On the other hand, The Vegan Society reported that 16439 products worldwide had The Vegan Trademark in 2021.
• Technological Innovations in Food Processing: Enhancements in biotechnology, food science, and processing technologies have given signs of progress in bio-based food ingredients with improved functionality, and nutritional profile. Revolutions such as fermentation processes, enzymatic conversions, and biocatalysis are escalating the range of bio-based ingredients available to food manufacturers thereby fueling the growth of the market.

Which Probable Factors Could Hamper the Growing Bio-Based Food Ingredient Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of bio-based food ingredients are:

• Involvement of Huge Cost: Compared to their synthetic counterparts, bio-based ingredients face great competition which involves a huge amount of cost. The making of bio-based ingredients often involves complicated processes and requires investments in research, technology, and infrastructure leading to higher making costs. Moreover, the economies of scale are not apprehended fully in the production of bio-based ingredients which further affects their cost competitiveness.
• Lack of Availability of Raw Materials: The obtainability and dependability of raw materials of bio-based food ingredients is quite difficult. Finding balanced and superior quality biomass, such as crops, fruits, and vegetables, in plenty and at economical prices is quite challenging as the need for bio-based ingredients is rising. The supply of raw materials messes up due to weather events, crop failures, and geographical and political issues thereby hindering the sourcing channel and impacting the obtainability of raw materials.

How is the Global Bio-Based Food Ingredient Market Segmented?

Our experts at KD Market Insights have segmented the global bio-based food ingredient market as:

What are the Probable Factors Influencing the Europe Bio-based Food Ingredient Market Forecast?

The Europe bio-based food ingredient market is majorly driven by stern regulations stimulating sustainability, environment conservation, and clean-label products boosting the food makers to accept bio-based food ingredients. In addition to this, the changing consumer preferences towards healthier, sustainable, and natural food products, along with the recent advancements witnessed in the field of biotechnology, food processing, and ingredient formulation, are also expected to boost the market growth in the region.

As per our analysts at KD Market Insights, the following five players lead the Europe bio-based food ingredient market growth:

• Chr. Hansen Holding A/S
• Novozymes A/S
• Naturex (part of Givaudan)
• Roquette Frères
• Corbion NV

Which Key Players Top the Global Bio-Based Food Ingredient Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global bio-based food ingredient market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with bio-based food ingredient market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global bio-based food ingredient market share:

• DuPont de Nemours, Inc.
• Green Biologics Inc.
• Enzyme Bioscience Pvt. Ltd
• Noor Enzymes Pvt. Ltd.
• Corbion N.V.
• Ashland Global Holdings Inc.
• Colorcon, Inc.
• BASF SE
• Shandong Head Europe B.V.
• Eastman Chemical Company

What are the Recent Developments Observed in the Bio-Based Food Ingredient Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global bio-based food ingredient market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Ingredion Incorporated stated that it has launched three new organic native starches in North America.

Further, DuPont de Nemours, Inc. announced that it has launched a new portfolio of plant-based solutions at the Food Ingredients Europe.