The global Indian Vegan Food Market is estimated to be valued at US$16.5 Bn in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Indian Vegan Food Market refers to the market for plant-based food products that are suitable for vegans, who follow a diet that excludes meat, dairy, eggs, and other animal-derived ingredients. The market offers a wide range of vegan food products such as plant-based meat substitutes, dairy alternatives, plant-based snacks, and desserts. These products are gaining popularity among consumers due to their various advantages. Vegan food is known to have health benefits as it is rich in nutrients, fiber, and antioxidants. It also helps in reducing the risk of chronic diseases, promoting weight loss, and improving overall well-being. Moreover, the growing concerns about animal welfare and the environmental impact of animal agriculture are driving the demand for vegan food products.
Market Key Trends:
One key trend observed in the Indian Vegan Food Market is the shift towards plant-based diets. Increasing awareness about the health benefits of vegan food and growing concerns about animal welfare and the environment are leading to a rising number of people adopting plant-based diets. According to a survey by The Good Food Institute, around 79% of Indians are open to adopting plant-based diets. This trend is driven by millennials and Gen Z consumers who are more conscious about their health, the environment, and animal welfare. The demand for vegan alternatives to traditional animal-based products such as milk, meat, and eggs is witnessing significant growth. For example, One Good (formerly Goodmylk), a key player in the Indian Vegan Food Market, offers plant-based milk alternatives made from nuts and seeds, catering to the growing demand for dairy alternatives.
PEST Analysis:
– Political: The Indian government has been taking initiatives to promote veganism and plant-based diets. For instance, in 2021, the Indian Council of Medical Research (ICMR) released its first-ever guidelines on vegetarian and vegan diets, emphasizing the health benefits of these diets. This political support is expected to drive the growth of the Indian Vegan Food Market.
– Economic: The Indian economy is witnessing steady growth, leading to increased disposable income among consumers. This higher disposable income is enabling consumers to spend more on premium and healthier food options, including vegan food products.
– Social: Changing lifestyle patterns, increasing awareness about health and wellness, and a growing vegan population are the key social factors driving the demand for vegan food products in India.
– Technological: Technological advancements in food processing and manufacturing techniques have led to the development of a wide range of innovative vegan food products. For example, EVO Foods, a key player in the Indian Vegan Food Market, uses biotechnology to develop plant-based egg alternatives.
Key Takeaways:
– The global Indian Vegan Food Market Demand 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 vegan food and growing concerns about animal welfare and the environment.
– In terms of regional analysis, India is expected to be the fastest-growing and dominating region in the Indian Vegan Food Market. The large vegetarian population, growing awareness about veganism, and government initiatives promoting plant-based diets are driving the demand for vegan food products in India.
– Key players operating in the global 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 key players are focusing on product innovation, expanding their product portfolios, and forming strategic partnerships to cater to the growing demand for vegan food products in the Indian market.
To sum up, the Indian Vegan Food Market is poised to experience rapid growth due to the increasing popularity of plant-based diets driven by health and environmental concerns. With government support and technological advancements, the market is expected to flourish, providing consumers with a wide range of options for vegan food products.
