by Vegan food products provide high nutritional value without using animal-derived ingredients and are considered healthy alternatives to regular food items. These products do not contain meat, dairy, eggs, or any other animal products and help address issues like lactose intolerance, cholesterol, and high blood pressure. The growing awareness about various health benefits associated with vegan food like reduced risks of cancer, diabetes, and heart diseases is driving the demand.
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 key trends:
Various health issues like obesity, high cholesterol, diabetes, and heart diseases are widely prevalent in India. This has motivated people to adopt a healthier lifestyle by switching to plant-based and vegan diets. vegan products are cholesterol-free and are considered a healthier choice for weight management as they are low in calories and fat. The awareness about the medical advantages of vegan food has encouraged consumers to include more of these products in their regular diets. Moreover, veganism is gaining popularity among millennials and young adults as a way of sustainable living and animal welfare, which is further fueling the demand for vegan foods in India.
Segment Analysis:
The Indian vegan food market can be segmented into dairy alternatives, meat substitutes, and other segments. The dairy alternatives segment dominated the market in 2023 and accounted for over 35% of the overall market share. This is because rising awareness regarding the benefits of plant-based dairy products and health consciousness have increased the adoption of products like almond milk, soy milk, oat milk, and cashew milk. The working population prefers easy to consume and healthy dairy alternatives as milk shakes which is driving the growth of this segment.
Key Takeaways
The Global Indian Vegan Food Market Size is expected to witness high growth. 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.
Regional analysis the Western region accounted for around 30% market share in 2023 and is expected to grow at the fastest rate during the forecast period. Karnataka, Maharashtra and Gujarat are dominating states in the Western region primarily due to increasing urban population, working women population and rising awareness about vegan products.
Key players analysis 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. PPI Adhesive Products leads the market with over 15% market share in 2023 on back of wide product portfolio and innovation. Scapa and Shurtape Technologies are other major players focusing on strategic acquisition and expanding manufacturing footprint to increase market share in coming years.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
