Vegan food products are gaining popularity in India owing to growing awareness about benefits of plant-based diet and protein alternatives. Vegan food includes plant-based dairy alternatives such as soy milk, almond milk and coconut milk; meat alternatives made from soy, wheat or nuts; and other vegan snack items. These vegan food products are rich in nutrients, low in calories and cholesterol free. They help managing weight, reducing risk of chronic diseases and promoting overall wellness.
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 Opportunity:
Changing dietary habits and growing preferences for healthy food have increased the demand for vegan products in recent years. Consumers are increasingly becoming aware about risks of non-vegetarian diet and benefits of a pure plant-based lifestyle. Vegan food is considered one of the healthiest options as it prevents risks of diseases related to meat consumption like heart disease and cancer. The health advantages of vegan eating are attracting more people towards veganism, thereby expanding the market for vegan food products in India.
Porter’s Analysis
Threat of new entrants: Low investment required and growing popularity makes it easy for new players to enter the market. However, established brands have stronghold.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources.
Threat of new substitutes: Low as vegan products offer health and ethical benefits over alternatives.
Competitive rivalry: Intense as key players compete on basis of new product innovation, pricing and marketing.
SWOT Analysis
Strength: Growing health consciousness, ethical concerns, and popularity of veganism among millennials and gen Z. Wide availability through retail chains and e-commerce platforms.
Weakness: Limited product range and high prices compared to regular products restricts mass adoption. Supply chain and production challenges.
Opportunity: Scope for product innovation catering to varied tastes and occasions. Growing export potential riding on global vegan food trend.
Threats: Price sensitivity of consumers. Strict regulations around labelling of vegan products.
Key Takeaways
The Global Indian Vegan Food Market Size is expected to witness high growth riding on increasing health consciousness, ethical concerns, and popularity among young demographic. The market size for 2024 is projected to reach USD 1497.18 million, growing at a CAGR of 5.2% during the forecast period of 2023 to 2030.
Regional analysis of the Indian vegan food market comprises Western region dominates currently due to progressive societal trends and strong retail networks in major cities like Mumbai and Pune. Southern region is expected to witness fastest growth led by increasing vegan population in cities like Bengaluru and Chennai.
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. These players compete on basis of new product innovation, pricing and marketing strategies to increase their market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it