The global Indian Vegan Food Market is estimated to be valued at US$ 1497.18 Mn or Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
The Indian vegan food market comprises plant-based dairy products and meat substitutes. Popular vegan dairy products include soy milk, almond milk, coconut milk, oat milk, and rice milk. These are widely used as alternatives to conventional dairy milk in tea, coffee, and cooking. Meat substitutes offered include products made from soy, wheat, and pea proteins that mimic the taste and texture of meat. These include vegan burgers, nuggets, sausage, and chaap/kebabs. The advantages of vegan foods include no dairy or animal ingredients, rich in nutrients like vitamins, minerals, antioxidants, high in proteins and fibers, free from antibiotics, hormones and cholesterol. The growing awareness about health, environment, and animal welfare is driving the need for plant-based substitutes in India.
Market key trends:-
The Indian vegan food market is witnessing high growth on account of rising health consciousness among consumers. People are switching to plant-based foods to manage weight, reduce cholesterol levels and risk of chronic diseases. Moreover, changing lifestyle, urbanization and exposure to global food trends are increasing veganism in India. Startups are regularly launching innovative vegan products tailored for Indian tastes. The COVID-19 pandemic further boosted the market as people became more mindful of health and started limiting animal products. Strict vegans and flexitarians now have easy access to appetizing meat and dairy-free options across restaurants and grocery stores in the country.
Porter's Analysis:-
- Threat of new entrants: New entrants face high costs in terms of establishing manufacturing units, purchasing authentic raw materials which are costly. This poses medium threat.
- Bargaining power of buyers: The buyers have low bargaining power as vegan food options are limited and increasing vegan population demands variety.
- Bargaining power of suppliers: Suppliers face low bargaining power due to availability of substitutes and necessity to maintain relationship with manufacturers.
- Threat of new substitutes: Threat of substitutes is medium as vegan alternatives to dairy products are available but not all.
- Competitive rivalry: Intense as the market is growing and key players are expanding their product offerings.
Key Takeawaysl:-
The Global Indian Vegan Food Market Growth is expected to witness high, exhibiting CAGR of 9.1% over the forecast period 2023 to 2030, due to increasing health consciousness and awareness about benefits of vegan food.
Regional analysis:
The Indian vegan food market is dominated by Southern regions majorly due to prevalence of vegetarianism and lactose intolerance. States like Kerala and Karnataka are fastest growing markets for vegan food attributable to changing food habits.
Key players:
Key players operating in the Indian Vegan Food Market are One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food, Vega Lyfe, The Hershey Company, Sun Opta Inc., Living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company. One Good and GoodDot are pioneers in dairy-free milk category in the country.
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