India Vegan Food Market Size, Growth, Opportunity, Top Companies and Industry Report 2022-2027

The latest report published by IMARC Group, titled "India Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

The India vegan food market is expected to exhibit a CAGR of 11.32% during 2022-2027. Vegan food comprises various edible food products prepared using plant-based ingredients, including soy, oats, wheat, almonds, tofu, rice, and coconuts. Some commonly consumed vegan food includes fruits, vegetables, grains, pulses, seeds, nuts, and beans. It is free from animal-derived products, such as milk, eggs, honey, and gelatin and contains low amounts of cholesterol and saturated fats. It is a rich source of fiber, antioxidants, potassium, magnesium, folic acid, protein, iron, and vitamins A, B1, C, and E. As a result, vegan food has gained immense popularity in India as a healthy alternative to dairy, meat, and meat-based products due to its similar taste, texture, and flavor.

Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027

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Market Trends and Drivers:

The shifting dietary patterns and the growing health consciousness among the masses represent the primary factors driving the India vegan food market. This can be attributed to the rising incidences of chronic lifestyle diseases, such as obesity, diabetes, cardiovascular disorders, and cancer. Additionally, the Government of India is taking favorable initiatives to promote the uptake of sustainable plant-based diets to help fight climate change and other environmental issues caused by animal agriculture and fishing. In line with this, the increasing concerns regarding animal cruelty and the surging awareness about the nutritional benefits of vegan food have augmented the product demand. Furthermore, several key players are launching premium-quality packaged dairy-free vegan food items, such as chocolates, milk, cheese, breakfast cereals, and unsweetened soya drinks. Besides this, the rising adoption of innovative packaging solutions and aggressive promotional activities like athlete and celebrity endorsements have propelled the market growth. Moreover, with the introduction of ready-to-eat (RTE) vegan food in exotic flavors, several restaurants and fast-food chains across the country are offering a vegan-friendly menu, thereby contributing to product sales. Other factors, including the emerging veganism trend, increasing prevalence of lactose intolerance, inflating consumer expenditure capacities, rapid urbanization, and changing lifestyle preferences, are also creating a positive market outlook.

Key Market Segmentation:

The report has segmented the India vegan food market based on product, source, distribution channel and region.

Breakup by Product:

• Dairy Alternatives:
o Cheese
o Dessert
o Snacks
o Others

• Meat Substitutes:
o Tofu
o TVP
o Seiten
o Quorn
o Others

• Others

Breakup by Source:

• Almond
• Soy
• Oats
• Wheat
• Others

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Competitive Landscape With Key Players:

The competitive landscape of the India vegan food market has been studied in the report with the detailed profiles of the key players operating in the market.

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.