Plant-based food is basically a final product made from materials derived from plants, such as whole grains, nuts, seeds, legumes, fruits, and vegetables. The market for plant-based foods comprises food items devoid of elements of animal origin, either during processing or as part of the finished product. These products act as alternatives for animal-derived food items.
The India Plant-Based Food Products Market is projected to grow at a CAGR of around 14% during the forecast period, i.e., 2023-28. The market is predominantly propelled by a variety of consumer groups such as urban & middle-class consumers, millennials and other young populations, health conscious and ethical buyers, protein deficient consumers, and non-vegetarians & 'guilty' meat eaters, among others, posing the demand for plant-based food products.
|Study Period||Historical Data: 2018-2021|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North, South, East, West, Northeast|
|Key Companies Profiled||Amy's Kitchen Inc., Axiom Foods, Daiya Foods, Ahimsa Foods, Nestlé S.A., Evolved Foods, Nutiva, Inc., Schouten Food, GoodDot, Vezlay, Others|
|Unit Denominations||USD Million/Billion|
Another factor backing the popularity of Plant-based food products is the western influence which doesn’t necessarily facilitate convenience to consumers in India. With the extensive availability of numerous sustainable and delicious vegetarian sources of protein, people are a bit hesitant to switch to a non-vegetarian diet, which in turn has led to the adoption of more plant-based food products in India.
Moreover, the growing lactose-intolerant population has again led to a substantial shift from animal-derived dairy products to plant-based, making the market traverse an upward trajectory in the coming years. In fact, plant-based milk is gaining immense popularity among the youth, particularly almond and oat milk. Besides, the intensifying tendency to opt for cruelty-free products has also strengthened the market expansion in the historical period.
Key Trends in the India Plant-Based Food Products Market
With a significant population of the country turning vegan, the demand for plant-based foods has escalated in the past few years. Due to their rich fiber and lesser cholesterol contents, vegan food products are emerging a better and healthy substitute for animal-based food products across the globe. The popularity has been apparently influenced by the trends in developed countries. As such, the market players are not only looking forward to satiating the domestic demands but also seeking to expand by strengthening their export capacity in the coming years.
Based on Type,
Here, Plant-Based Meat has garnered the maximum market share among others in the historical period and is likely to prevail in the same trend during the forecast period. It principally owes to the enormous vegetarian population, which is highly receptive to this trending product category. In response to this, the market behemoths have started including Plant-Based Meats like burger patties, tofu, sausage, and textured vegetable protein to satiate the mounting demands across the country. In fact, developed countries like the United States seek opportunities in consumer-oriented products as well as raw materials to aid domestic manufacturers.
Moreover, the GOI plans to backs the plant-based meat business dynamics through the creation of two new research institutes for cell-based meat at the Institute of Chemical Technologies (Mumbai) and the Centre for Cellular and Molecular Biology and the National Research Centre on Meat with investments by the Indian Department of Biotechnology to encourage research and development of laboratory-grown foods or cultivated meat.
Regulatory Landscape in the India Plant-Based Food Products Market
Recent Developments in the India Plant-Based Food Products Market
In September 2022, India exported the first consignment of plant-based meat products to California, USA, from Nadiad, Kheda district of Gujarat. The exported food products include mini samosas, patties, nuggets, momos, spring rolls, and burgers.
Archer Daniels Midland (ADM) recently collaborated with Imagine Meats, an Indian producer of plant-based meat substitutes. ADM seeks to source raw ingredients alongside a technology partnership to manufacture products under the Imagine Meats brand. Imagine Meats intends to develop plant-based versions of traditional Indian dishes such as biryani, kebabs, and curry made from soy and pea proteins.
Key Driver: A Substantial Number of Flexitarian Populations Across the country
Religious customs and ethical considerations have influenced vegetarianism in India for ages. As per recent census data by the Government of India (GOI), The country has the highest number of vegetarians globally, accounting for 30 percent of the country's population. The remaining population falls under the 'flexitarian' who has a generally vegetarian diet with only occasional meat or fish consumption. These factors have called for more plant-based food products across the retail networks, accelerating the market growth with a sizable revenue share during the forecast period.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The India Plant-Based Food Products Market is projected to grow at a CAGR of around 14% during 2023-28.
A. A substantial number of flexitarian populations across the country paired with growing veganism lactose intolerants is expected to drive the India Plant-Based Food Products Market through 2028.
A. The leading players in the India Plant-Based Food Products Market are Amy's Kitchen Inc., Axiom Foods, Daiya Foods, Ahimsa Foods, Nestlé S.A., Evolved Foods, Nutiva, Inc., Schouten Food, GoodDot, Vezlay, Others.
A. ‘Plant-Based Meat’ segment is anticipated to emerge as an area of remunerative opportunities for the leading players in the India Plant-Based Food Products Market during the forecast period.
A. The ever-increasing veganism trend, and growing health awareness is likely to shape the India Plant-Based Food Products Market during 2023-28.