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

           

Attribute	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Million
Market Coverage	India
Product/Service Segmentation	By source, product, type, distribution channel, storage and region
Key Players	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.

 

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Plant-Based Meat Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Plant-Based Meat Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Source
         1. Soy
         2. Pulses
         3. Blends
         4. Pea
         5. Others
      2. By Product
         1. Keema
         2. Kebabs
         3. Burger Patties
         4. Strips & Nuggets
         5. Sausages
         6. Others
      3. By Type
         1. Chicken
         2. Pork
         3. Beef
         4. Fish
      4. By Distribution Channel
         1. Food retail
         2. Food services
         3. E-commerce
      5. By Storage
         1. Frozen
         2. Refrigerated
         3. Shelf-stable
      6. By Region
         1. North India
         2. South India
         3. West India
         4. East India
6. North India Plant-Based Meat Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Source
      2. By Product
      3. By Type
      4. By Distribution Channel
      5. By Storage
7. South India Plant-Based Meat Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Source
      2. By Product
      3. By Type
      4. By Distribution Channel
      5. By Storage
8. East India Plant-Based Meat Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Source
      2. By Product
      3. By Type
      4. By Distribution Channel
      5. By Storage
9. West India Plant-Based Meat Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Source
      2. By Product
      3. By Type
      4. By Distribution Channel
      5. By Storage
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
11. Impact of Covid-19 on India Plant-Based Meat Industry
12. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Good Dot
    2. Evo Foods
    3. Mister Veg
    4. Blur Tribe
    5. Greenest
    6. Vezlay
    7. Wakao
    8. Imagine Meats
    9. Veggie Champ
    10. Good Do—The Vegan Eatery
    11. Plant Made
13. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1        India Plant-Based Meat Segmentation

Figure 2        India Plant-Based Meat Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        India Plant-Based Meat Market Size, By Value (USD Million), 2018-2028

Figure 5        India Plant-Based Meat Market Share, By Source, By Value, 2018-2028

Figure 6        India Plant-Based Meat Market Share, By Product, By Value, 2018-2028

Figure 7        India Plant-Based Meat Market Share, By Type, By Value, 2018-2028

Figure 8        India Plant-Based Meat Market Share, By Distribution Channel, By Value, 2018-2028

Figure 9        India Plant-Based Meat Market Share, By Storage, By Value, 2018-2028

Figure 10       India Plant-Based Meat Market Share, By Region, By Value, 2018-2028

Figure 11       North India Plant-Based Meat Market Size, By Value (USD Million), 2018-2028

Figure 12       North India Plant-Based Meat Market Share, By Source, By Value, 2018-2028

Figure 13       North India Plant-Based Meat Market Share, By Product, By Value, 2018-2028

Figure 14       North India Plant-Based Meat Market Share, By Type, By Value, 2018-2028

Figure 15       North India Plant-Based Meat Market Share, By Distribution Channel, By Value, 2018-2028

Figure 16       North India Plant-Based Meat Market Share, By Storage, By Value, 2018-2028

Figure 17       South India Plant-Based Meat Market Size, By Value (USD Million), 2018-2028

Figure 18       South India Plant-Based Meat Market Share, By Source, By Value, 2018-2028

Figure 19       South India Plant-Based Meat Market Share, By Product, By Value, 2018-2028

Figure 20       South India Plant-Based Meat Market Share, By Type, By Value, 2018-2028

Figure 21       South India Plant-Based Meat Market Share, By Distribution Channel, By Value, 2018-2028

Figure 22       South India Plant-Based Meat Market Share, By Storage, By Value, 2018-2028

Figure 23       East India Plant-Based Meat Market Size, By Value (USD Million), 2018-2028

Figure 24       East India Plant-Based Meat Market Share, By Source, By Value, 2018-2028

Figure 25       East India Plant-Based Meat Market Share, By Product, By Value, 2018-2028

Figure 26       East India Plant-Based Meat Market Share, By Type, By Value, 2018-2028

Figure 27       East India Plant-Based Meat Market Share, By Distribution Channel, By Value, 2018-2028

Figure 28       East India Plant-Based Meat Market Share, By Storage, By Value, 2018-2028

Figure 29       West India Plant-Based Meat Market Size, By Value (USD Million), 2018-2028

Figure 30       West India Plant-Based Meat Market Share, By Source, By Value, 2018-2028

Figure 31       West India Plant-Based Meat Market Share, By Product, By Value, 2018-2028

Figure 32       West India Plant-Based Meat Market Share, By Type, By Value, 2018-2028

Figure 33       West India Plant-Based Meat Market Share, By Distribution Channel, By Value, 2018-2028

Figure 34       West India Plant-Based Meat Market Share, By Storage, By Value, 2018-2028

 

List of Tables

 

Table 1         India Plant-Based Meat Market Size, By Source, By Value, 2018-2028

Table 2         India Plant-Based Meat Market Size, By Product, By Value, 2018-2028

Table 3         India Plant-Based Meat Market Size, By Type, By Value, 2018-2028

Table 4         India Plant-Based Meat Market Size, By Distribution Channel, By Value, 2018-2028

Table 5         India Plant-Based Meat Market Size, By Storage, By Value, 2018-2028

Table 6         India Plant-Based Meat Market Size, By Region, By Value, 2018-2028

Table 7         North India Plant-Based Meat Market Size, By Source, By Value, 2018-2028

Table 8         North India Plant-Based Meat Market Size, By Product, By Value, 2018-2028

Table 9         North India Plant-Based Meat Market Size, By Type, By Value, 2018-2028

Table 10        North India Plant-Based Meat Market Size, By Distribution Channel, By Value, 2018-2028

Table 11        North India Plant-Based Meat Market Size, By Storage, By Value, 2018-2028

Table 12        South India Plant-Based Meat Market Size, By Source, By Value, 2018-2028

Table 13        South India Plant-Based Meat Market Size, By Product, By Value, 2018-2028

Table 14        South India Plant-Based Meat Market Size, By Type, By Value, 2018-2028

Table 15        South India Plant-Based Meat Market Size, By Distribution Channel, By Value, 2018-2028

Table 16        South India Plant-Based Meat Market Size, By Storage, By Value, 2018-2028

Table 18        East India Plant-Based Meat Market Size, By Source, By Value, 2018-2028

Table 19        East India Plant-Based Meat Market Size, By Product, By Value, 2018-2028

Table 20        East India Plant-Based Meat Market Size, By Type, By Value, 2018-2028

Table 21        East India Plant-Based Meat Market Size, By Distribution Channel, By Value, 2018-2028

Table 22        East India Plant-Based Meat Market Size, By Storage, By Value, 2018-2028

Table 23        West India Plant-Based Meat Market Size, By Source, By Value, 2018-2028

Table 24        West India Plant-Based Meat Market Size, By Product, By Value, 2018-2028

Table 25        West India Plant-Based Meat Market Size, By Type, By Value, 2018-2028

Table 26        West India Plant-Based Meat Market Size, By Distribution Channel, By Value, 2018-2028

Table 27 West India Plant-Based Meat Market Size, By Storage, By Value, 2018-2028

Table 28        Good Dot Company Overview

Table 29        Good Dot Financial Overview

Table 30        Evo Foods Company Overview

Table 31        Evo Foods Financial Overview

Table 31        Mister Veg Company Overview

Table 32        Mister Veg Financial Overview

Table 33        Blur Tribe Company Overview

Table 34        Blur Tribe Financial Overview

Table 35        Greenest Company Overview

Table 36        Greenest Financial Overview

Table 37        Vezlay Company Overview

Table 38        Vezlay Financial Overview

Table 39        Wakao Company Overview

Table 40        Wakao Financial Overview

Table 41        Imagine Meats Company Overview

Table 42        Imagine Meats Financial Overview

Table 43        Veggie Champ Company Overview

Table 44        Veggie Champ Financial Overview

Table 45        Good Do—The Vegan Eatery Company Overview

Table 46        Good Do—The Vegan Eatery Financial Overview

Table 47        Plant Made Company Overview

Table 48        Plant Made Financial Overview