May 22, 2024
Indian Vegan Food Market

The Growing Indian Vegan Food Market Is Driven By Rising Health Consciousness

Vegan food products derived from plant sources like soy, wheat, and nuts are gaining widespread acceptance in India due to rising health awareness and concerns regarding animal welfare. Vegan foods such as plant-based milk, meat alternatives, packaged vegan snacks are rich in proteins, fibers, vitamins and minerals but are cholesterol-free and lower in saturated fats compared to their animal-based counterparts. The plant-based milk segment has seen tremendous growth in the country with the emergence of oat, almond, and soy milk variants. Vegan meat analogs mimic the texture and taste of real meat but are crafted entirely from ingredients like soy, wheat, or pea protein. With their nutritional profile and minimal environmental impact, vegan foods are becoming increasingly popular among health-conscious consumers.

The global Indian Vegan Food Market is estimated to be valued at US$ 1497.18 Mn in 2024 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 key Trends:

One of the key trends driving growth in the Indian vegan food market is the rising influence of social media. Many Indian influencers and celebrities openly advocate adopting vegan or plant-based diets for health, ethical and environmental reasons. Their social media posts inspire many followers to explore vegan alternatives to dairy and meat. Another notable trend is the increase in vegan food chains, cafes and restaurants opening in tier 1 and tier 2 cities. This wider availability of tasty vegan options is making plant-based eating more approachable and mainstream in India.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. While the vegan food market is growing, established players have significant brand recognition and economies of scale.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers have many options to choose from in terms of vegan food products.

Bargaining power of suppliers: Suppliers of raw materials for vegan foods have moderate bargaining power given the input requirements.

Threat of new substitutes: The threat of substitutes is moderate as customers can switch to regular dairy or meat products. However, vegan options are gaining popularity due to health and ethical reasons.

Competitive rivalry: The competitive rivalry is high due to presence of many established brands offering vegan food products.

Key Takeaways

The global Indian Vegan Food Market Growth is expected to witness high growth. Rising health consciousness and concerns over animal welfare are driving more consumers towards vegan alternatives in India. The global Indian Vegan Food Market is estimated to be valued at US$ 1497.18 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.

Regional analysis:

The western region currently dominates the Indian vegan food market owing to rising vegan population in states like Maharashtra. However, southern states like Tamil Nadu and Karnataka are also emerging as key markets, favored by increasing awareness about veganism.

Key players:

Key players operating in the Indian vegan food market are PPI Adhesive Products, PPM Industries SpA., Scapa, Shurtape Technologies, tesa SE, Ubis, 3M, CCT Tapes, K.L. & Ling, Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation, and TOYOCHEM Co. Ltd. These companies offer various vegan alternatives for dairy and meat products to cater to the Indian population.

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