Vegan diets exclude all animal products, including meat, eggs and dairy. Many Indians are switching to veganism to lead a more compassionate and sustainable lifestyle. Products like plant-based milk alternatives made from nuts, grains and soy are becoming mainstream replacements for cow’s milk. Meat substitutes crafted from vegetables, fruits and legumes offer tasty meat-free options.
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 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Health Consciousness – More Indians are adopting veganism to live a healthier life by avoiding cholesterol, saturated fats and hormones present in animal products. Plant-based diets are linked to reduced risks of obesity, heart disease, diabetes and certain cancers. As Indians become increasingly health conscious, demand for vegan food alternatives will surge.
Sustainable Lifestyle Choices – Many Indian consumers are switching to veganism to reduce their carbon footprint and support more sustainable farming practices. Animal agriculture is detrimental to the environment due to deforestation for livestock grazing and crops grown for animal feed. Vegan diets use fewer natural resources and produce fewer greenhouse gas emissions. Efforts to live more sustainably will propel the vegan food market forward.
Indian Vegan Food Market
Segment Analysis
The Indian vegan food market is dominated by the dairy alternative sub segment. Products like oat milk, almond milk, soy milk, coconut milk are gaining popularity as alternatives to dairy milk. These non dairy milks are rich in nutrients like vitamins, minerals and plant based protein. They provide the same nutrition of cow’s milk without any cruelty or environmental impact. Hence the dairy alternative segment holds over 35% market share and is expected to witness higher growth in the forecast period.
PEST Analysis
Political: The government is promoting indigenous & sustainable agriculture which is boosting vegan and plant based farming. Various schemes support farmers for diversifying into crops suitable for vegan food production. Economic: Rising health awareness and disposable incomes are driving the demand for vegan products in India. It has become an affordable lifestyle choice. Social: Younger population is conscious about fitness, environment and animal welfare which is increasing vegan acceptance. Social media is creating awareness on issues related to dairy industry. Technological: Advancements in food science and manufacturing allow production of realistic vegan meats, cheeses and dairy alternatives. This enhances consumer experience of replacing animal products.
Key Takeaways
The Indian Vegan Food Market Size is expected to witness high growth. Regional analysis related content comprises Regional analysis related content (200 words): The Western region holds the major share currently due to awareness levels and availability. However Southern states like Karnataka and Tamil Nadu are emerging fast due to rising lactose intolerance, silken tofu culture and influence of global vegan brands.
Key players related content (200 words): 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. These companies have wide range of vegan dairy, meat, snacks and other products. They are investing in R&D, distribution and promotion to further grow the market.
The forecasts period of 2023-2030 is anticipated to experience heightened demand for plant-centered nutrition. The flexitarian consumers are inclined to incorporate vegan menu occasionally which is a huge opportunity. Initiatives on food safety, sustainability and ethics will positively impact the acceptance of vegan lifestyle. The government push for protein diversification through crops like soy, lentils will boost the indigenous ingredient availability as well.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it