Unleashing the Potential of Plant-Based Foods: Comprehensive Look at the Rapidly Growing Market in India

The concept of plant-based food has been recently introduced in Indian market when some of the popular restaurants served vegan meals and noticed an increase in sales, which implied demand. Plant-based food products in India have a bright future, and the market will expand significantly.

Due to a convergence of trends in consumer behaviour, product innovation, and investment, they have recently become a global phenomena. Indeed, this increase has compelled producers and merchants to act rapidly in order to satisfy consumer demand with a multitude of brands that include meat, cheese, milk, and protein substitutes.

The plant-based milk category is the most developed plant-based food product. Over the last two years, plant-based cheese has increased by 7%, while traditional cheese has decreased by 2%. Plant-based ice cream and frozen desserts have shown double digit growth.

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Major FMCG companies are venturing into the plant-based food market, aiming to cater not only to the substantial vegetarian population but also to non-vegetarian consumers seeking animal protein alternatives. Numerous enterprises, such as the Blue Tribe backed by Shaka Harry, Virat Kohli, and Anushka Sharma, have entered the market to offer plant-based meat substitutes.

India Plant based Food Market by Source is divided into Soy, wheat, pea, coconut, almond, cashew, and others.

The soy category is expanding as a result of the growing acceptance of soy protein as a vegetarian source of protein and the addition of compounds like glutamine and BCAAs, which promote quick absorption and muscle regeneration. On the other hand, adoption rate of pea and wheat protein is increasing

Types of Plant-based meat in India are: Soy-based meat alternatives, Pea-based meat alternatives, Mushroom-based meat alternatives, Legume-based meat alternative, Jackfruit-based meat alternative.

► Key Driving Forces in India Plant Based Food Market
■ Increasing Number of Startups and Investments: In recent years, there have been more investments and the rise of various entrepreneurs in India's plant-based food sector. Companies from both domestic and foreign countries are joining the market to take advantage of the rising demand. As a result, consumers have large variety of plant-based products.

■ Expanding to Overseas Market: ADF Foods Ltd. and GoodDot recently collaborated to enter the US market in April 2023. The majority of ethnic Indian grocery stores in the US will sell packaged Indian meals under the Ashoka brand, which includes GoodDot's products. Jackfruit Curry, Plant-Based Butter Chicken, and Plant-Based Lamb Nihari are just a few of the plant-based foods that GoodDot sells in the US market.

■ Growing Vegetarian Demographic & Government Support: Furthermore, India boasts a considerable and continuously growing vegetarian demographic, presenting a significant prospect for the plant-based food industry. Conversely, the Indian government has shown increasing backing for the advancement of the plant-based food sector, recognizing its potential for expansion and job generation.

■ India's Agro Climatic Diversity: With a sizable and expanding food processing industry, India is already a significant producer of foods derived from plants, such as lentils, chickpeas, and soybeans. As a result, there is a chance for the nation to create and export a wide variety of plant-based foods to satisfy the expanding worldwide demand.

The growth rates in the plant-based food market can be attributed to several factors, including increasing awareness about health and sustainability, changing dietary preferences, and concerns about animal welfare. Makreo estimates that the India Plant based Food and Dairy Market will grow at a CAGR of 12% from 2023 to 2028

► Research Scope
The "India Plant-based Food and Dairy Products Market - Future Outlook to 2028" study conducted by Makreo Research offers an extensive analysis of the market, considering various factors. The report adopts a comprehensive approach by incorporating both qualitative and quantitative elements in its analysis. By including both qualitative and quantitative factors, the study ensures that readers develop a more comprehensive understanding of the India Plant-based Food and Dairy Market.

Moreover, the report goes beyond numerical data and provides insights into consumer behavior, industry trends, and market dynamics. This holistic approach enhances the overall analysis, making the study a valuable resource for individuals or organizations interested in exploring the plant-based food and dairy market in India. Additionally, the report focuses on the historical and current performance of the market, as well as potential growth opportunities in the future, enabling readers to identify key areas of interest and investment.

The report examines opportunity for the India Plant-based food and dairy market on various grounds including
■ Market revenue,
■ Market share by region
■ Market share by source
■ Market share by type

Find out more:
India Plant-Based Food and Dairy Products Market Forecast (2018-2028)
https://www.makreo.com/report/india-plant-based-food-dairy-market-report-forecast-2018-2028

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This release was published on openPR.