Indian Vegan Food Market Performance and Long-Term Forecast Overview 2024 - 2031 | Solvay S.A., Unilever Group, Evonik Industries AG

Market Overview:

Indian vegan food market was valued at US$ 1,372.3 Mn in 2022 and is expected to reach US$ 2,756.6 Mn by 2030, exhibiting a CAGR of 9.1% during the forecast period 2023-2030.

Market Dynamics:

The Indian vegan food market is witnessing high growth owing to increasing health conscious population and growth of animal welfare activities in the country. As per the report, around 40% of the Indian population is trying to minimize meat consumption due to health reasons like heart diseases, obesity etc. Also, many animal welfare organizations are actively promoting veganism which is positively influencing young demography to choose vegan diets. Additionally, the rising cases of lactose intolerance among Indian population is another factor steering the demand for vegan milk made from plant-based sources like soy, almond etc. Furthermore, increasing availability of vegan food products across retail channels and restaurants in tier 1 and tier 2 cities is expected to support the market growth over the forecast period.

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Indian Vegan Food Market Outlook 2024-2031

Health and Wellness Driver

Over the past few years, the number of health-conscious and vegan consumers in India has grown significantly. They have become more aware of the health benefits of a plant-based diet such as lower risk of obesity, heart disease, type 2 diabetes and overall better digestive health. A vegan diet is also known to contain important vitamins, minerals, antioxidants and other plant-based compounds that can improve immune function and protect against certain cancers. As more consumers recognize these health advantages, the demand for vegan food options is increasing rapidly in India. Some of the popular choices include vegan milks made from soy, almonds or coconuts, vegan snacks and bakery items made without eggs and dairy as well as meat alternatives made from plant-based proteins like soy, peas or wheat.

Opportunity in New Product Development

Plant-based beverage sales have seen strong growth in recent times. However, there remains opportunity to expand the vegan category beyond these top products and mimic the flavors and textures of popular Indian cuisines to appeal to local palates. Development of vegan versions of chaats, biryanis, Indian breads like dosas, idlis parathas and local sweets could capture more of the Indian market. With the expertise of chefs and food scientists, Indian vegan brands can launch exciting new options that replicate popular dishes in a plant-based form. Focusing on indigenous flavors and meals will allow consumers to enjoy their favorite cuisines while staying true to vegan or health-conscious eating. This opens up opportunities for companies to drive penetration and appeal to a wide audience of both vegans and flexitarians.

Trends towards Convenience

While willingness to try vegan diets is rising, time poverty remains an issue for many Indian consumers juggling jobs and busy lifestyles. This presents a potential opportunity for brands offering convenient vegan meal solutions. The market is increasingly seeing demand for ready-to-eat and ready-to-cook vegan meals, snacks and meal replacement products that save time and simplify plant-based eating. Products catering to on-the-go consumption are also growing in relevance. Companies positioning themselves to deliver convenience through innovations in packaging, formats and ease of preparation will be able to tap into this important consumer trend and attract more mainstream buyers to the vegan category. Overall, a focus on convenience can help address barriers to wider adoption of veganism in India's changing dietary landscape.

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Top Companies Featured in This Report:

• Solvay S.A.
• Unilever Group
• Evonik Industries AG
• 3M Company
• Procter & Gamble Corporation
• dowdupont Inc.
• Lanxess AG
• BASF S.E.
• The Clorox Company
• Reckitt Benckiser Plc.

Market Segmentation:

By Product Type:

• By Product Type: Oxidising Agents, Phenolic, Quaternary Ammonium Compounds, Aldehydes
• By End-Use Industry: Healthcare, Food & Beverages, Chemical Processing Industry, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Trends in Navigation Keyword Market:

Increasing Demand: Notice a surge in demand for navigation keywords due to the widespread adoption of GPS-enabled devices and the need for precise mapping data.

Technological Innovations: Witness innovative breakthroughs enhancing the accuracy and reliability of navigation keywords, such as real-time traffic updates, 3D mapping, and augmented reality.

Tailored Solutions: Explore industry-specific navigation keyword solutions designed to meet the unique needs of automotive, aviation, and maritime sectors.

Integration with Advanced Technologies: Embrace the integration of navigation keywords with cutting-edge technologies like artificial intelligence and the Internet of Things, unlocking advanced functionalities.

Mobile Applications: Embrace the convenience and accessibility of navigation keywords through mobile applications, catering to the evolving needs of consumers.

Environmental Sustainability: Embrace environmentally conscious navigation keyword solutions that address issues like traffic congestion and air quality, promoting sustainable transportation options.

Report Highlights:

📈 Examination of navigation keyword market share at both country and regional levels

📈 Thorough analysis of the competitive landscape and emerging trends

📈 Detailed review of product advancements, technological developments, drivers, and limitations

📈 Strategic recommendations tailored for key business segments based on market insights

📈 Valuable guidance for newcomers venturing into the navigation keyword market

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Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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