
Packaged Vegan Foods Market in India 2024-2028
Description
Packaged Vegan Foods Market in India 2024-2028
Vegan food is crafted from plant-based ingredients, omitting all animal-derived elements such as meat, dairy, and eggs. It offers a diverse array of options, ranging from vibrant vegetable dishes to inventive plant-based substitutes for traditional items, reflecting both dietary and ethical considerations. In contrast, vegetarians abstain from meat but may include items like milk, cheese, and eggs, and might use non-food products derived from animals, differing from vegans who eliminate all animal products and by-products.
Market insights:
In 2023, the plant-based food market in India was valued at INR 38.68 Bn. It is expected to reach INR 98.56 Bn by 2028, expanding at a compound annual growth rate (CAGR) of ~20.14% during the 2024 ─ 2028 period. Despite a considerable segment of the Indian population still favoring animal protein consumption, an increasing curiosity surrounds the flexitarian diet, marked by a partly vegetarian approach. This shift is propelled by the pursuit of dietary diversity, health awareness, and a growing understanding of the significance of sustainable food systems. In response, various small and medium-sized enterprises (SMEs) and fast-moving consumer goods (FMCG) companies are entering India's plant-based food market, presenting substitutes for meat, poultry, seafood, dairy, and even vegan pet food.
Market drivers:
Innovative vegan food products expand the array of choices available to consumers, addressing a range of tastes, diets, and culinary inclinations. Products like vegan meat substitutes, dairy-free options, and plant-based cheeses not only attract new consumers but also inspire existing ones to venture into plant-based alternatives. The rise of veganism is driving a heightened demand for plant-based foods, resulting in market expansion, augmented investments, and a surge in innovation. Both startups and established companies are dedicating resources to research and development, aiming to enhance the taste and nutritional profile of vegan products.
Market challenges:
The pricing of plant-based meat products may surpass that of traditional meat, potentially impacting their affordability, particularly in a cost-sensitive market like India. Inadequate infrastructure and logistical challenges could result in supply chain disruptions, affecting the availability of plant-based products, particularly in remote or rural areas. Limited awareness and understanding of plant-based meat alternatives could hinder consumer adoption. It is essential to enlighten stakeholders about the advantages and nutritional value of plant-based products.
Table of Contents
57 Pages
- Chapter 1: Executive summary
- Chapter 2: Socio-economic indicators
- Chapter 3: Introduction
- 3.1. Market definition and structure
- 3.2. Plant-based products and their retail availability
- 3.3. Plant-based meat vs regular meat
- Chapter 4: Market Overview
- 4.1. Plant-based foods market in India – An overview
- 4.1.1. Market size and growth forecast (2021 ─ 2028e)
- 4.2. Factors driving consumers to adopt plant-based choices (2022)
- 4.3. Awareness about plant-based meat (2018 & 2022)
- 4.4. Age-wise plant-based meat consumption
- 4.5. Diet-wise plant-based meat consumption
- 4.6. Salary-wise plant-based meat consumption
- 4.7. Area-wise plant-based meat consumption
- 4.8. Porter’ Five Forces analysis
- Chapter 5: Market Opportunities
- 5.1. Market opportunities
- Chapter 6: Government Initiatives
- 6.1. Government initiatives
- Chapter 7: Market Influencers
- 7.1. Market drivers
- 7.2. Market challenges
- Chapter 8: Technology Landscape
- 8.1. Technology Landscape
- Chapter 9: Competitive Landscape
- 9.1. CCL Products India Limited
- Company information
- Business description
- Products/services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographic segments
- Note: Similar information has been covered for all the public companies
- 9.2. ITC Limited
- 9.3. Jubilant FoodWorks Limited
- 9.4. Tata Consumer Products Limited
- 9.5. Blue Tribe Foods
- 9.6. BVeg Foods Private Limited
- 9.7. Gooddot Foods Private Limited
- 9.8. Imagine Foods Private Limited
- 9.9. Upstablish Food Technologies Private Limited
- 9.10. Wakao Foods
- Chapter 10: Appendix
- 10.1. Research methodology
- 10.2. About Netscribes
- 10.3. Disclaimer
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