As concerns over health, animal welfare and sustainability grow, the consumption of plant-based foods that do not include meat, dairy or eggs has increased significantly in India. A variety of vegan food products such as meat alternatives made from soy, wheat or other plant sources are gaining popularity as they closely mimic the taste and texture of animal-based foods. Vegan milk made from nuts, seeds or grains is also widely available across supermarkets and grocery stores in the country. The growing health-conscious population seeks out vegan options as they are cholesterol-free, contain less fat and calories compared to their animal derivatives. Additionally, vegan foods are considered more eco-friendly and reduce carbon footprint as their production requires less energy, water and land.
The global Indian vegan food market is estimated to be valued at US$ 1497.18 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the Indian vegan food market is innovation in product offerings. Food manufacturers are constantly researching ways to enhance the texture and taste of vegan alternatives to closely match their dairy and meat analogs. For example, plant-based meat products now contain ingredients that mimic the juiciness and mouthfeel of real beef or chicken. Similarly, technologies are being developed to improve the creaminess of non-dairy milks and cheeses. These innovations are appealing to both vegan and flexitarian consumers looking to incorporate more plant-based options in their diets. Rapidly evolving food technology is expected to catalyze demand over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the vegan food market is growing in India. However, established brands have strong brand loyalty and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can easily switch to alternative vegan or non-vegan food products based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials used in vegan foods such as soy, wheat, rice, etc.
Threat of new substitutes: The threat of new substitutes is high as consumers have several alternative food options including non-vegan substitutes.
Competitive rivalry: The competitive rivalry is high among the existing players to strengthen their foothold in the market by expanding their product portfolios and distribution networks.
Key Takeaways
The Global Indian Vegan Food Market Size is expected to witness high growth. The global Indian vegan food market is estimated to be valued at US$ 1497.18 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
The Western region dominates the Indian vegan food market currently due to the rising health concerns and increasing vegan population. States like Gujarat, Maharashtra and Delhi account for the major share due to growing availability and awareness regarding vegan foods.
Key players operating in the Indian vegan food market are PPI Adhesive Products, PPM Industries SpA., Scapa, Shurtape Technologies, tesa SE, Ubis, 3M, CCT Tapes, K.L. & Ling, Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation, and TOYOCHEM Co. Ltd. Rising health concerns and changing lifestyles and food habits are encouraging key players to expand their product lines with new vegan food varieties, flavors and packaging formats.
For More details on the topic:
https://www.marketwebjournal.com/indian-vegan-food-market-market-size-share-analysis-growth/
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