by The global Indian Vegan Food Market is estimated to be valued at US$ 16.5 Bn in 2021 and is expected to exhibit a CAGR of 8.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Indian vegan food market is experiencing significant growth as more consumers are opting for plant-based and cruelty-free food choices. The market is driven by various factors, including increased awareness about the health benefits of a vegan lifestyle, environmental concerns, and ethical considerations regarding animal welfare.
Despite the growing demand for vegan food, there are still some obstacles in the market. Limited availability of vegan food options, especially in rural areas, and higher prices compared to conventional food products are some of the challenges faced by the market. However, with the increasing number of vegan restaurants, online platforms, and grocery stores stocking vegan products, these challenges are expected to be overcome in the coming years.
Market Key Trends:
One key trend in the Indian vegan food market is the rising popularity of plant-based meat substitutes. Consumers who want to adopt a vegan lifestyle but still crave the taste and texture of meat are turning to plant-based alternatives. Companies like GoodDot and Wakao Foods are producing innovative meat substitutes using plant proteins, such as soy, wheat, and pea, that closely mimic the taste and texture of meat. For example, GoodDot’s “Vegetable Masala Meat” provides a meat-like experience without any animal ingredients.
Segment Analysis:
The Indian vegan food market is segmented based on product type. One dominating sub-segment is the dairy alternatives segment. With an increasing number of people opting for a vegan or lactose-free diet, the demand for dairy alternatives such as plant-based milk (soy milk, almond milk, coconut milk) and vegan cheese has witnessed significant growth. The availability of a wide range of dairy-free options from companies like One Good (formerly Goodmylk) and Jus Amazin has fueled the growth of this segment.
Key Takeaways:
The global Indian Vegan Food Market Demand is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period. This growth can be attributed to the increasing consumer awareness about the health benefits of vegan food and the growing demand for cruelty-free and eco-friendly food choices. Additionally, the rising popularity of plant-based meat substitutes and dairy alternatives is driving market growth.
In terms of regional analysis, South India is the fastest-growing and dominating region in the Indian vegan food market. South Indian cuisine is traditionally plant-based, with many dishes being naturally vegan. This gives the region an advantage in catering to the growing demand for vegan food.
Key players operating in the global Indian Vegan Food Market include One Good, 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 companies are focusing on product innovation, expanding their distribution networks, and collaborating with vegan influencers to increase their market share.
Overall, the Indian vegan food market is poised for significant growth in the coming years as more consumers embrace plant-based and cruelty-free food choices. With the support of key players and increasing availability of vegan options, the market is expected to continue its upward trajectory.
