The global Indian Vegan Food Market is estimated to be valued at US$ 16.5 Bn in 2021 and is expected to exhibit a CAGR of 8.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Indian Vegan Food Market refers to the market for plant-based food products that are free from animal ingredients. This includes a wide range of products such as plant-based milk, meat substitutes, desserts, snacks, beverages, and condiments. These products are gaining popularity among consumers due to their health benefits, ethical considerations, and environmental sustainability. The market offers various alternatives to traditional animal-based products, providing consumers with a wide range of choices to fit their dietary preferences.
Market Dynamics:
The Indian Vegan Food Market is driven by two main factors. Firstly, there is a growing awareness among consumers about the health benefits of a vegan diet. Plant-based foods are known to be rich in nutrients, vitamins, and antioxidants, which contribute to better health outcomes. Additionally, vegan diets have been linked to a reduced risk of chronic diseases such as heart disease, diabetes, and certain types of cancer. This increased awareness about the health benefits of vegan food is driving the demand for vegan food products in the market.
Secondly, there is a rising concern among consumers regarding the environmental impact of animal agriculture. Animal agriculture is a significant contributor to greenhouse gas emissions, deforestation, and water pollution. By choosing vegan food products, consumers can reduce their carbon footprint and contribute to a more sustainable future. This ethical consideration is another major driver for the growth of the Indian Vegan Food Market.
Segment Analysis:
The Indian Vegan Food Market can be segmented into various categories based on product type, distribution channel, and region. Among these, plant-based milk is dominating the market. Plant-based milk alternatives such as almond milk, soy milk, and coconut milk are increasingly preferred by consumers as a dairy milk substitute. These products offer similar taste and texture to dairy milk while being free from lactose and cholesterol, making them a popular choice among lactose-intolerant individuals and vegans.
PEST Analysis:
Political: The Indian government has been supportive of initiatives promoting plant-based food products. Various state governments have introduced incentives to encourage the production and consumption of vegan food.
Economic: The Indian Vegan Food Market Demand is witnessing significant economic growth, as more consumers are willing to spend on healthy and sustainable food products.
Social: The growing vegan population in India is driving the demand for vegan food products. Veganism is gaining popularity as consumers become more aware of the ethical and health benefits of a plant-based diet.
Technological: Technological advancements in food processing and manufacturing are enabling the development of innovative vegan food products with improved taste and texture.
Key Takeaways:
The Indian Vegan Food Market is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing awareness about the health benefits of a vegan diet and the environmental impact of animal agriculture.
The Indian Vegan Food Market is particularly witnessing high growth in urban areas, where awareness about veganism and health-consciousness is higher. The southern region of India is the fastest-growing and dominating region in terms of consumption of vegan food products.
Key players operating in the Indian Vegan Food Market include 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. These companies are focusing on product innovation, expansion into new markets, and strategic partnerships to capture a larger share of the market.
