The growing inclination of people towards clean and conscious eating has led to a massive boost in the Plant-based Food Products Market. Plant-based food refers to food products made solely from ingredients obtained from plants such as nuts, seeds, legumes, etc., and rejects any material derived from animals such as milk, eggs, fish, etc.
According to a recent research report published by MarkNtel Advisors, the India Plant-based Food Products Market is expected to roll at a CAGR of around 14% during the forecast period, i.e., 2023-28. The demand for plant-based food products in India is incessantly rising given the prevalence of several consumer sets, including urban & middle-class consumers, millennials & other young populations, health-conscious & ethical buyers, protein-deficient consumers, and non-vegetarians & 'guilty' meat eaters.
The report further states that the increasing cases of lactose intolerance have led individuals, especially youth opt for plant-based dairy such as almond milk, soy milk, oat milk, etc., which have high nutritional value and are cruelty-free and vegan at the same time. All these crucial aspects are anticipated to lead to the growth of India Plant-based Food Products Market in the coming years.
India's Evolution Towards Ethical and Sustainable Dining
India's strong vegetarian culture, influenced by religious customs and ethical beliefs, has led to it having the highest global vegetarian population, with 30% of its people following vegetarian diets. The rest, categorized as 'flexitarians,' mostly adhere to vegetarian diets but occasionally consume meat or fish. This demographic trend has driven a surge in demand for plant-based food products, fueling market expansion and securing significant revenue shares. The fusion of tradition, ethics, and health consciousness has not only sustained vegetarianism but also spurred the rise of plant-based alternatives to meet evolving consumer preferences. This transformation reflects a substantial shift in India's food landscape, echoing global trends towards sustainable and ethical dietary choices, and positioning the Indian food industry for considerable growth as it caters to a diverse consumer base seeking healthier and environmentally friendly options.
Evaluating the India Plant-based Food Products Market Segmentation
- By Type (Plant-based Meat (Burger Patties, Sausage, Textured Vegetable Protein, Tofu, Seitan, and Others (Nuggets, Meatballs, etc.)), Plant-based Dairy (Milk, Cheese, Yogurt, and Others (Cream, Condensed milk, etc.)), Plant-based Bakery, Plant-based Confectionary, and Others (Plant-based Snacks, Egg Alternatives, etc.))
- By Sales Channel (Business-to-Business, Business-to-Consumer (Hypermarket, Convenience Store, and Online)
- By Source (Soy Protein, Almond Protein, Wheat Protein, Pea Protein, and Others (Rice Protein, etc.))
- By Region (North, South, East, West, and Northeast)
Plant-based Meat to elevate the India Plant-Based Food Products Market growth graph, holding the highest share during 2023-28, owing to the massive vegetarian population. To fulfill the increasing demands of the customers, the companies have started to integrate Plant-based meat in food items like burger patties, tofu, sausage, and textured vegetable protein which has boosted the market massively. Furthermore, the setting up of research institutes for cell-based meat at the Institute of Chemical Technologies (Mumbai) the Centre for Cellular and Molecular Biology, and the National Research Centre on Meat by the government of India is further expected to aid the market growth.
Rising Trend of Veganism Have Created a Stir in the India Plant-Based Food Products Market
Due to the increasing number of people preferring vegan food products, the demand for plant-based foods has escalated enormously in the last few years. Vegan food products have high fiber content and reduced contents of cholesterol which makes them an apt alternative for animal-based food products worldwide. Also, the escalating success of the Plant-based Food Products Market has led to major companies widening their vegan variety and food products, thus adding to the overall growth of the market.
Major Companies Leading the India Plant-Based Food Products Market
The major companies holding a substantial chunk of share and dominating the India Plant-based Food Products Market include Amy's Kitchen Inc., Axiom Foods, Daiya Foods, Ahimsa Foods, Nestlé S.A., Evolved Foods, Nutiva, Inc., Schouten Food, GoodDot, Vezlay, and Others.
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