A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the India Plant-Based Meat Market was worth USD 38.2 million in 2021 and is projected to reach USD 836.2 million by the year 2028, growing at a CAGR of 54.7% over the analysis period of 2022-2028. The growth of the Indian plant-based meat market can be primarily attributed to burgeoning demand owing to the rising trend towards veganism and increasing awareness about the benefits of plant-based meat. Moreover, the favorable growth and marketing strategies adopted by major players further drive the market growth over the forecast period.
Growing Trend Towards Veganism Propelling the India Plant-Based Meat Market
The rising awareness about the advantages of a vegan diet is one of the significant factors for the growth of plant-based meat products in India. In May 2021, the US Department of Agriculture released a report that denoted India as “a burgeoning market for plant-based meat substitutes.” The report stated that the consumers in India had an extended history of consuming jackfruit, soybeans, dairy, and pulses for protein as a part of their diet. Indians view plant-based meat substitutes as a “highly innovative, healthy, trendy, and environmentally friendly” way of incorporating protein into their diets while being vegan. Moreover, the perceived health benefits, such as the prevention of non-communicable diseases, obesity, and digestive disorders of plant-based meat products, are further fueling the Indian plant-based meat market.
E-Commerce Segment Likely to Grow with The Highest CAGR During Forecast Period Based on Distribution Channel
Based on the distribution channel, the Indian plant-based meat market has been segmented into the following categories: food retail, food services, and e-commerce. Amidst the segmentation, the e-commerce segment is expected to grow at the fastest rate in the India Plant-Based Meat market in 2021. This can be attributed to the emergence of a plethora of e-commerce sites that shop for such niche products conveniently and hassle-free. Moreover, social media influencers and celebrities play a significant role in promoting the e-commerce sites, propelling the segment’s market growth. The retail food segment exhibits a considerable market share. Retail outlets such as Spencer’s Retail and Nature’s Basket, with 150 and 34 outlets across the nation selling plant-based meat products, play a significant role in driving the market growth of the segment.
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Impact Of COVID-19 On the India Plant-Based Meat Market
The Indian plant-based meat market has also been significantly impacted by the emergence of the COVID-19 pandemic in both positive and negative ways. Several governments worldwide imposed rigorous lockdowns, thus vividly hampering the human and goods movement and raw material supply, resulting in the shutdown of businesses and the collapse of food markets due to demand shocks and supply restraints. On the other hand, the market witnessed a moderate volume growth. It increased revenue amidst the lockdown due to the rising adoption of plant-based meat in the food and pharmaceutical industry. Moreover, COVID-19 has pushed consumers towards conscious purchasing and consumption. A report titled “India Emerges as a Burgeoning Market for Plant-based Meat Substitutes” states that these products are being viewed as “immunity-boosting” foods.
The North India Region Is Expected To Grow With The Highest CAGR In The India Plant-Based Meat Market
Regarding regional analysis, the India Plant-Based Meat market has been classified into North India, South India, East India, and West India. Amidst the segmentation, the North Indian region is expected to be the largest growing market in India Plant-Based Meat owing to the high demand from tier 2 and 3 cities. Furthermore, factors such as the growing millennial population, a rising trend toward veganism, and the high popularity of non-vegetarian cuisine in the region are expected to help the plant-based meat market gain fair momentum in the region over the forthcoming years.
Competitive Landscape
The Indian plant-based meat market is a fragmented market. The key players operating in the Indian plant-based meat market are Good Dot, Evo Foods, Mister Veg, Blue Tribe, Greenest, Vezlay, Wakao, Imagine Meats, Veggie Champ, Good Do—The Vegan Eatery, Plant Made, and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research and development activities, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
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