by The 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 Overview:-
The Indian vegan food market comprises products derived from plant-based sources without the use of any animal-derived ingredients or by-products. The vegan food products include dairy alternatives such as plant-based milk, cheese, yogurt, and ice cream. Other products include meat alternatives such as tofu, tempeh, seitan. These foods offer several health benefits such as lower risk of heart diseases, type 2 diabetes, and cancers. Growing awareness about the health benefits associated with plant-based diets is increasing the demand for vegan food products in India.
Market key trends:-
The Indian vegan food market is driven by rising health consciousness among Indians, especially young population regarding risks associated with animal-based foods. Changing dietary preferences and growing preference for ethical and sustainable food options that do not harm animals is fueling the adoption of veganism in India. Moreover, the growing millennial population in India is majorly influencing food trends and is more likely to follow flexitarian or vegan lifestyle. Plant-based food companies are innovating vegan alternatives for dairy and meat products to cater to increasing vegan demographic. The companies are utilizing plant-based proteins from soy, pea and rice to develop various vegan versions of cheese, yogurt, ice creams and meat alternatives like burgers, sausages to mimic animal-derived foods.
Porter’s Analysis:-
- Threat of new entrants: The threat is moderate as the market is growing. However, stringent regulations and requirement of large capital investments pose entry barriers.
- Bargaining power of buyers: The bargaining power is high owing to presence of multiple product options. Buyers can switch to substitutes easily based on price and quality.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. While specialized ingredients suppliers exist, many suppliers provide alternatives as well.
- Threat of new substitutes: The threat is high due to availability of similar non-vegan food products and private label brands providing alternatives.
- Competitive rivalry: High due to presence of several regional and international brands competing on the basis of variety, taste, price and health benefits.
SWOT Analysis:-
- Strengths: Growing health consciousness. Wide range of product offerings to suit varying tastes.
- Weaknesses: High production costs. Limited awareness in rural markets.
- Opportunities: Increasing millennial population adopting veganism. Growth in health and wellness segment.
- Threats: Price fluctuations of raw materials. Entry of global food giants.
Key Takeaways:-
The Global Indian Vegan Food Market Growth is expected to witness high, exhibiting CAGR of 9.1% over the forecast period, due to increasing preference for plant-based diets and rising cases of lifestyle diseases. The market size for 2023 is estimated to reach US$ 1497.18 Mn.
Regionally, the Indian vegan food market is dominated by South India owing to traditional usage of plant-based ingredients. States like Tamil Nadu and Kerala are the fastest growing markets. North and West India are also lucrative markets driven by changing demographic profile and booming quick service restaurant industry.
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 majors are focusing on product innovation and forging strategic partnerships to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
