The Indian vegan food market has witnessed significant growth in the recent past owing to rising health consciousness among Indian consumers. Vegan food products including dairy alternatives such as plant-based milk including almond milk, cashew milk, soy milk, rice milk, and oat milk and meat alternatives including tofu, tempeh, seitan, and textured vegetable protein. These plant-based substitutes provide similar nutritional benefits as animal-based foods and are free from cholesterol and lactose.

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 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising health consciousness among Indian consumers: The increasing occurrence of chronic diseases such as diabetes, high blood pressure and heart disease has raised health concerns among Indian consumers.Vegan diet is known to reduce the risk of various health issues as it excludes meat and dairy products. Plant-based foods are healthier alternatives as they are low in fat and calories. Thus, the growing health awareness is expected to drive the growth of vegan food market in India over the forecast period.

Increasing awareness about benefits of veganism: Rising environmental concerns and awareness about benefits of veganism has also prompted many health-conscious Indian consumers to switch to vegan lifestyle. A plant-based diet requires less water, land and fossil fuels to produce as compared to conventional animal-based foods thus being more sustainable. Moreover, free-from lifestyle and flexitarianism trends are gaining traction in India especially among millennials which is propelling the demand for vegan food products.

Segment Analysis

The Indian vegan food market is dominating by dairy alternatives sub segment. Plant based milk including almond milk, soy milk, oat milk and coconut milk holds a major share in vegan food market in India. Rising lactose intolerance among people and growing health awareness about benefits of plant based products are driving the growth of dairy alternatives. Plant based meat alternative segment is also emerging as people are reducing meat consumption and opting for meat substitutes like veggie burger patties, sausages etc for daily diet.

PEST Analysis

Political: The government of India is promoting plant based food products and has released supporting policies to boost production of vegan food. Various farming incentives are encouraging farmers to cultivate plant proteins.
Economic: Rising disposable income and spending power of Indian consumers is fueling the growth of vegan food market. Health conscious young population is willing to pay premium for sustainable vegan food products.
Social: Changing lifestyle and food habits are influencing many Indians to switch to vegan diet. Social media influencers are promoting veganism which is positively impacting the market. Growing sensitivities towards animal welfare is also driving the adoption of veganism.
Technological: Advancements in food processing and packaging is aiding manufacturers to develop a variety of vegan food products. New techniques in blending plant proteins to mimic animal proteins characteristics is expanding options for vegan consumers.

Key Takeaways

The global   Indian Vegan Food Market Growth is expected to witness high growth driven by evolving consumer food preferences. 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 5.2% over the forecast period 2023 to 2030.

Northern region holds major market share currently due to large population of health conscious consumers in metro cities like Delhi and Mumbai opting for vegan diet. Rising awareness about health benefits of a plant based diet and animal welfare is propelling individuals across age groups to cut down or completely remove animal products from their daily consumption. Western region of India is emerging as the fastest growing regional market for vegan food driven by cities like Pune and Ahmedabad witnessing rapid vegan lifestyle adoption. Plant based milk dominates the vegan product portfolio in western states currently.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it