India Plant-Based Food and Dairy Products Market Forecast (2018-2028)

Overview

Executive Summary
The market for plant-based food and dairy products in India is experiencing substantial growth and is currently in its expansion phase. In recent years, there has been a notable increase in the demand for plant-based foods in India. This surge can be attributed to shifting consumer preferences, a heightened awareness of health and environmental issues, and the availability of plant-based alternatives. As a result, significant investments from both domestic and international companies have been directed towards this sector, aiming to leverage the growing trend. This influx of investment has led to a diverse range of plant-based products now being accessible to consumers.

“Even though there are close to 500 million people vegetarians in India, the number of vegan populations is very less, they account for only 1% of overall vegetarian population.”

This comparison emphasises how low the penetration is, while also highlighting the market's anticipated development potential for plant-based food & dairy market. The government has also been working on strategies to increase the penetration of plant-based food, as a result, demand is rising.

Growth Potential of India Plant based Food Market: According to Makreo research, Plant based food players are having huge market to expand, with the increasing number young techie generation and Gen “I” population, adoption rate of plant-based food is expected to rise in coming future. Furthermore, India boasts a considerable and continuously growing vegetarian demographic, presenting a significant prospect for the plant-based food industry. Conversely, the Indian government has shown increasing backing for the advancement of the plant-based food sector, recognizing its potential for expansion and job generation. Additionally, India has a substantial and expanding export market for plant-based products due to escalating demand, particularly in countries with large vegetarian populations.

Lack of Cold Chain Creating Obstacle to the Growth: One of the biggest barriers to the growth of this industry is the lack of cold chain logistics in the country. Retailers in India are still adjusting to a wide range of products that require temperature-controlled spaces. Alternative dairy products lack access to affordable, temperature-controlled transportation, particularly plant-based ice creams. This frequently makes it difficult for businesses to expand into new states and smaller retail locations, owing to this availability of plant based food to the nearby stores are limited which is hindering the market growth.

Performance of Segmentation

By Type: The India Plant based food and dairy market is highly organized led by emerging companies, Plant based dairy product holds the major market share accounting for more than 55% followed by plant-based protein and others. The enormous share of the market of plant based dairy category is linked to a number of factors, including the rising prevalence of lactose intolerance, consumer concern over animal maltreatment in contemporary dairy farming practices, and the nutritional advantages of plant-based dairy alternatives.

By Source: India Plant based Food Market by Source is divided into Soy, wheat, pea, coconut, almond, cashew, and others. Soy holds the major market share. The soy category is expanding as a result of the growing acceptance of soy protein as a vegetarian source of protein and the addition of compounds like glutamine and BCAAs, which promote quick absorption and muscle regeneration. On the other hand, adoption rate of pea and wheat protein is increasing Vegetarians, vegans, and people sensitive to dairy and egg proteins are just a few of the consumers who are increasingly embracing pea protein.

By Region: In India Plant based food market by region, Northern part of India holds the major market share followed Western India and others.  Due to cultural and religious influences, there is a sizable vegetarian community in North India. Common plant-based foods include lentils, legumes, vegetables, and dairy substitutes including soy-based goods and paneer (cottage cheese). Numerous plant-based dishes, such dal makhani, chole (chickpea curry), and aloo gobi (potato and cauliflower curry), are available in North Indian cuisine, which is renowned for its robust flavors.

Future Outlook
India has one of the strongest innovative capacities for developing plant-based alternatives because of its culinary heritage and expertise of food science and culinary arts. It is a terrific enterprise from a business aspect and offers a huge export opportunity. Given the size of India's population, plant-based products have a bright future. Large portions of the population switching to a plant-based diet would have a severe negative influence on the ecology and the lives of animals.

In India, the market for plant-based meat is growing abroad as a result of agreements with big overseas corporations. For instance, Imagine Meats, an Indian producer of plant-based meat, and Archer Daniels Midland (ADM) have collaborated.

Scope of the Study
Makreo research has published study on Plant based food Market titled, “India Plant-based Food and Dairy Products Market-Future Outlook to 2028”. Market assessment has been carried out using qualitative and quantitative methods and have combined the impact of macroeconomic and micro economic scenario. The market has witnessed many shifts in recent past years. Future outlook has been assessed keeping various influencing factors into consideration and also to assess the expected opportunities in the market.

Period of Study 2018-2022 : Past and Present Scenario

2022: Base Year

2023-2028 : Future Outlook of the industry
 

Segmentation Covered-

By Type:

• Plant based dairy products
• Plant based meat products
• Plant based protein product
• Plant based seafood products

By Source:

• Soy
• Wheat
• Pea
• Coconut
• Almond
• Cashew
• Others

By Region:

• North India
• West India
• South India
• East India

Key Questions Answered

1. How Indian economy has performed in the past and future expected growth outlook?
2. How India Plant-based Food industry has performed in the past and what is the present scenario?
3. What are the key challenges present in the industry?
4. How demand is shaping up for the India Plant-based Food providers?
5. What are the major sources of the India Plant-based Food Market?
6. Which is the dominant region in India Plant-based Food Market?
7. How the cold chain industry in India is performing?
8. Who are the key players in the market and what is their present state of performance?
9. What is the investment scenario in India plant-based food market?
10.  What are the major start-ups in the Industry?