Report Overview

The growth of the Indian plant-based meat market can be primarily attributed to the rising demand for plant-based meat products driven by high meat consumption coupled with growing vegan and flexitarian population. Moreover, favorable marketing and innovative growth strategies are being adopted by the market players. Such factors promise bright prospects for the growth of the India plant-based meat products market over the forecast period...

India Plant-Based Meat Market - Industry Trends & Forecast Report 2028

The India plant-based meat market was worth USD 38.2 million in 2021, and it is further projected to reach USD 836.2 million by 2028, at a CAGR of 54.7% during 2022-2028 (forecast period). The growth of the Indian plant-based meat market can be primarily attributed to the rising demand for plant-based meat products driven by high meat consumption coupled with the growing vegan and flexitarian population. Moreover, favorable marketing and innovative growth strategies are being adopted by the market players. Such factors promise bright prospects for the growth of the Indian plant-based meat products market over the forecast period.

Plant-Based Meat Overview

Plant-based meat refers to the meat derived directly from plants. Instead of depending on animals to convert plants into meat, plant-based meat is produced more efficiently by skipping the animal and converting the plant ingredients directly into the meat. It is created to look, feel and taste like conventional meat obtained from animal products. Plant-based meat is considered healthier as compared to regular meat as it is low in calories and saturated fats and high in nutritional contents. The plant-based meat is composed of protein, fat, minerals, vitamins, and water, just like traditional meat. Coconut oil, beet juice, and vegetable protein extract are some of the ingredients used in plant-based meat.

Plant-Based Meat Products Market Trends

Growth Driver

Rising Demand for Meat Consumption in India

The demand for meat consumption in India is on a surge. According to an OECD report published in November 2021, India consumed six million tonnes of meat in 2020, which is equivalent to 4.6 kilograms per person. About half of India's population consumes non-vegetarian meals at least once a week. However, there is an increasing interest in the country for next-generation plant-based meat products. One of the reasons for the high meat consumption is India's robust youth and millennial population. India hosts one of the highest youth populations in the world, with an average age of 29.

Concepts like "flexitarian" and "closet-non vegetarian" are quite popular among them, which refer to vegetarian, who enjoys meat and chicken, generally away from the eyes of their vegetarian parents. Thus, plant-based meat options are quite lucrative for this section of the population. A 2017 survey by Observer research foundation highlighted that 73% of Indians are protein deficient. Thus, the growing awareness among the vegetarian population regarding protein deficiency and the significance of a balanced diet and consuming a sufficient amount of protein regularly is also contributing towards the growth of the market in the region.

Favorable Marketing and Growth Strategies Adopted by Major players

A large number of start-ups as well as major food industry market giants have forayed into the budding plant-based meat market of India, which is currently in its infancy but is expected to register a boom in the forthcoming years. For instance- In January 2022, the giant tobacco-to-food conglomerate ITC unveiled a range of plant-based chicken patties and nuggets to be sold under its Incredible brand name. Udaipur-based GreenDot Enterprises, which was established in 2013, has gradually built a countrywide presence for its shelf-stable meat substitutes.

Similarly, Mumbai-based Blue Tribe Foods, set up in 2020, has launched an extensive range of alternatives from mutton to chicken products. Recently, Blue Tribe Foods appointed the celebrity couple, Indian cricket star Virat Kohli and his wife, the actor Anushka Sharma, as brand ambassadors and investors. Moreover, certain Indian firms work with foreign players. Imagine Foods, promoted by Bollywood actor couple Genelia and Riteish Deshmukh, has amalgamated with US agri-business giant ADM to deliver plant-based meat versions of kebabs, biryani, and curries to India's consumers. These factors are vital in propelling the Indian plant-based meats market over the forecast period.

Restraints

Low Level of Technology Adoption affecting Taste

The level of technology adoption and underlying science behind plant-based foods is very nascent in India. Most of the companies are focusing on product formats imitating the product form and texture of meat, but very limited businesses are targeting the underlying technology, such as protein chemistry and innovative processing like high-moisture extrusion. This results in impacting the taste of the meat products. Also, plant-based meat products are quite expensive, further limiting the market expansion. Moreover, a lack of a skilled technical workforce in India, mainly in the chemistry and processing of food proteins, is restraining the growth of India's plant-based meat market.

Impact of COVID-19 on the India Plant-Based Meat Market

The Covid-19 pandemic resulted in a drastic economic decline in low- and middle-income countries due to loss of income, human and goods movement restrictions imposed by governments, the shutdown of businesses, de-globalization, and collapse of food markets to both demand shocks and supply restraints. The pandemic outbreak impacted all industries, and the plant-based meat market is no exception. The plant-based meat market was subjected to both positive as well as negative impacts. Amidst the lockdown, the market witnessed a moderate volume growth and revenue as a result of the rising adoption of plant-based meat in the food and pharmaceutical industry.

Moreover, COVID-19 has pushed consumers towards conscious purchasing and consumption. A report titled "India Emerges as a Burgeoning Market for Plant-based Meat Substitutes" states that these products are being viewed as "immunity-boosting" foods. Nevertheless, the disrupted supply chain for plant-based meat materials owing to the shutdown of boundaries and strict lockdowns levied by the government affected the Indian plant-based meat market adversely.

India Plant-Based Meat Market – By Source

Based on the source, the Indian plant-based meat market has been categorized into the following categories: soy, pulses, blends, pea, and others. Amidst the segmentation, the pulses segment dominated the methanol market in 2021. According to FAO, India is the greatest producer (25% of the global production), importer (14% of the worldwide production), and consumer (27% of the global consumption) of pulses in the world. Moreover, it is also expected to grow at the highest CAGR in terms of value from 2022 to 2028. Furthermore, India has a profusion of protein-rich food, including legumes, soybeans, seeds, milk, and nuts which act as important sources of plant-based meat products.

India Plant-Based Meat Market- Regional Insights                                             

In terms of the regional analysis, the India Plant-Based Meat market can be segmented into North India, South India, East India, and West India. Amidst the segmentation, the North India region accounted for the largest market share of the India Plant-Based Meat market in 2021, owing to factors such as the growing millennial population and a rising trend towards veganism in the region. North India is known for its non-vegetarian cuisine, which offers tremendous potential for meat alternatives. Moreover, the expansion of major market players in tier 2 and 3 North Indian cities has helped the plant-based meat market gain fair momentum in the region in the last couple of years.

Competitive Landscape

The India Plant-Based Meat market is characterized by the presence of many local, regional, and global vendors. The key players operating in the India Plant-Based Meat market are Good Dot, Evo Foods, Mister Veg, Blue Tribe, Greenest, Vezlay, Wakao, Imagine Meats, Veggie Champ, Good Do—The Vegan Eatery, Plant Made, and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.

Recent Developments

• January 2022: ITC, the Indian FMCG giant, announced its entry into the country's budding market for plant-based meat alternatives by launching a range of products. The company, recognized in food for brands like Aashirvaad kitchen ingredients and Bingo snacks, is rolled out an assortment of plant-based meat products, opening with nuggets and burger patties.

• February 2022:  Brand VegaBytz, operated by Chennai-based Functional Foods Pvt. Ltd, declared that it; 's brand and products would be launched soon in India. The company is a forerunner in developing first-rate and award-winning Plant-Based 100% vegan meat products, which are presently being sold in the markets of the United Kingdom.

Scope of Report

By Source

• Soy
• Wheat
• Blends
• Pea
• Others

By Product

• Keema
• Kebabs
• Burger Patties
• Strips & Nuggets
• Sausages
• Others

By Type

• Chicken
• Pork
• Beef
• Fish

By Distribution Channel

• Food retail
• Food services
• E-commerce

By Source

• Frozen
• Refrigerated
• Shelf-Stable

By Region

• North India
• South India
• West India
• East India