India Plant-Based Food Products Market Insights:
According to MarkNtel Advisors, 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.
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India Plant-Based Food Products Market Definition:
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.
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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.
India Plant-Based Food Products Market Segmentation:
-By Type
- Plant-Based Meat
- Plant-Based Dairy
- Plant-Based Bakery
- Plant-Based Confectionary
- Others (Plant-Based Snacks, Egg Alternatives, etc.)
-By Sales Channel
- Business-to-Business
- Business-to-Consumer
-By Source
- Soy Protein
- Almond Protein
- Wheat Protein
- Pea Protein
- Others (Rice Protein, etc.)
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India Plant-Based Food Products Market Geographically Analysis:
-By Region
- North
- South
- East
- West
- Northeast
India Plant-Based Food Products Leading Companies:
- Amy’s Kitchen Inc.
- Axiom Foods
- Daiya Foods
- Ahimsa Foods
- Nestlé S.A.
- Evolved Foods
- Nutiva, Inc.
- Schouten Food
- GoodDot
- Vezlay
- Others
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