India Plant Based Meat Alternatives Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 557.98 Million |
| Market Size (2029) | USD 906.66 Million |
| CAGR (2024 - 2029) | 10.20 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
India Plant Based Meat Alternatives Market Analysis
The India Plant Based Meat Alternatives Market size is estimated at USD 557.98 million in 2024, and is expected to reach USD 906.66 million by 2029, at a CAGR of 10.20% during the forecast period (2024-2029).
Driven by health concerns linked to red and processed meats, many consumers are turning to plant-based alternatives. According to the OECD, India consumed over 292 thousand metric tons of pork in 2023, marking a 2% decline from 2020. These plant-based options not only provide nutritional benefits but also sidestep the health risks tied to traditional meats. Furthermore, heightened awareness of the environmental repercussions of livestock farming, such as greenhouse gas emissions and resource depletion, has led many to adopt more sustainable food choices. A 2022 study from Cambridge University Press & Assessment highlighted that livestock in India produce approximately 222.7 million tonnes of Carbon dioxide equivalent (CO2e). In India, a robust market for plant-based products is thriving, bolstered by the rising acceptance of vegetarianism and veganism, alongside the dietary practices of Jains and similar communities. This momentum reflects a deep-rooted cultural commitment to ethical eating and sustainability. The intertwining of ethics, health, and cultural identity is driving the growth of the plant-based meat alternatives market, resonating with diverse consumers shaped by both time-honored traditions and contemporary values. In response, governments and regulatory bodies are championing mindful eating and sustainability in food practices. Startups and established brands, including Greenest, Evo Foods, and Shaka Harry, are further rolling out innovative products, diversifying the plant-based meat landscape, and enhancing their accessibility to a broader audience.
India Plant Based Meat Alternatives Market Trends
Textured Vegetable Protein Is A Preferred Choice In Plant Based Meat Products
Textured Vegetable Protein (TVP) is revolutionizing the production of nutritious food items. With a Protein Efficiency Ratio (PER) reaching at least 80% of that found in casein, TVP stands out as a nutritionally robust meat alternative. This nutritional edge drives consumer preference and boosts sales. Sourced from soy, wheat, and peas, TVP's rise underscores a notable shift in consumer preference from animal to plant proteins, retaining similar functional and nutritional benefits. This transition towards plant-based diets is largely shaped by ecological concerns, health awareness, ethical beliefs, and animal rights. In India, TVP is increasingly featured in plant-based meat products, gaining popularity among consumers and food service establishments. As awareness grows about its health benefits, being protein-rich, low in fat, and cholesterol-free, it appeals to those aiming for a healthier lifestyle. TVP boasts approximately 12 grams of protein per 100 grams, slightly edging out tofu's 10 grams per 100-gram serving, making it especially attractive to fitness enthusiasts. Both startups and established brands are harnessing TVP to craft meat substitutes mimicking chicken, mutton, or fish. For instance, GoodDot, in July 2022, introduced products like 'UnMutton keema' and 'Vegetarian Bytz', targeting non-meat consumers desiring meat-like texture and flavor without animal consumption. The TVP market is further buoyed by industry expansions and foreign investments, especially collaborations between global firms and local startups to boost plant-based meat production. Major players are diversifying their TVP offerings through retail channels. Highlighting this trend, Tata Consumer Products, in July 2022, unveiled four new items in their 'Simply Better' plant-based meat line: nuggets, burger patties, spicy fingers, and kebabs, all crafted from TVP. Notably, while conventional meat products require refrigeration, Tata's 'Simply Better' line offers the convenience of being stored at room temperature, enhancing its travel-friendliness.
Off Trade Channels Provide Resilient Network For Distribution Of Plant Based Meat Products Throughout India
Consumers appreciate the convenience of finding plant-based meat products alongside other grocery items in a single shopping trip. Supermarkets, including Reliance Retail and Spencer’s Retail, are strategically placing these products in their frozen food sections to enhance accessibility and encourage purchases. As awareness of health, nutrition, and the advantages of plant-based diets grows, an increasing number of Indians are opting for plant-based meat as a healthier substitute for traditional meat. Convenience stores, recognized for their quick and accessible offerings, are now stocking plant-based meat to meet the demands of this health-conscious demographic. With today's fast-paced lifestyles, online shopping has become a favored method for purchasing plant-based meat alternatives, particularly among younger generations. Additionally, discounts and freebies from online sellers further amplify these sales. Specialty stores and cash-and-carry outlets are also gaining traction in urban areas, catering to consumers on the lookout for innovative and alternative protein sources. Recognizing this trend, key players are leveraging these channels to boost their sales of plant-based meat alternatives. For instance, in July 2024, after acquiring METRO Cash and Carry's operations in India, Reliance Industries' retail division boosted its Business to Business (B2B) store count to over 200 across 180 cities, a significant leap from just 31 stores in 21 cities in 2022.
India Plant Based Meat Alternatives Industry Overview
The Indian plant-based meat alternatives market is highly competitive, featuring a blend of regional and global players. Key players include Beyond Meat, Inc., GoodDot Enterprises Pvt. Ltd., Tata Consumer Products Ltd., ITC Limited, and Vezlay Foods Pvt. Ltd. In response to the rising demand for vegan meat in India, these companies are adopting strategies such as product launches, partnerships, and expansions. These initiatives cater to consumer preferences, boost accessibility, and shape perceptions, fueling consistent growth. As a result, the diverse strategies of these leading players are driving the expansion of the plant-based meat alternatives market in India.
India Plant Based Meat Alternatives Market Leaders
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Beyond Meat, Inc.
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GoodDot Enterprises Pvt. Ltd.
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Tata Consumer Products Ltd.
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ITC Limited
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Vezlay Foods Pvt. Ltd.
*Disclaimer: Major Players sorted in no particular order
India Plant Based Meat Alternatives Market News
- September 2024: Vezlay Foods teamed up with the Catchy Court app to enhance accessibility to its plant-based offerings. Through this partnership with Catchy Court, a rising marketplace app known for delivering premium food products directly to consumers, Vezlay Foods guarantees that its top-tier plant-based meals and snacks are just a click away.
- July 2024: Vezlay Foods rolled out its latest offering: Vezlay Crispy Veg Chicken. This new product is designed to entice not just vegetarians and vegans, but also those looking to cut back on meat without compromising on taste.
- July 2024: Spice Grill Flame (SGF) India, a vegetarian restaurant chain, unveiled a fresh vegan menu featuring two distinct categories: 100% Plant-Based Protein and Vegan.
India Plant Based Meat Alternatives Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Rising Vegan Population
4.1.2 Focus On Animal Welfare
4.2 Market Restraints
4.2.1 Price Sensitivity And Rural Demographics
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Tempeh
5.1.2 Textured Vegetable Protein
5.1.3 Tofu
5.1.4 Other Meat Substitutes
5.2 Distribution Channel
5.2.1 Off-Trade
5.2.1.1 Supermarkets/Hypermarkets
5.2.1.2 Convenience Stores
5.2.1.3 Online Retail Stores
5.2.1.4 Other Off-Trade Channels
5.2.2 On-Trade
6. COMPETITIVE LANDSCAPE
6.1 Strategies Adopted By Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Ahimsa Food
6.3.2 Ai' Premium Tofu Mfg Co. LLC
6.3.3 Beyond Meat, Inc.
6.3.4 GoodDot Enterprises Private Limited
6.3.5 Imagine Foods Pvt. Ltd.
6.3.6 Wakao Foods Foods
6.3.7 Tata Consumer Products Limited
6.3.8 Vezlay Foods Pvt. Ltd.
6.3.9 Blue Tribe Foods
6.3.10 ITC Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Plant Based Meat Alternatives Industry Segmentation
The study analyzed various plant-based meat alternative products, such as tempeh, textured vegetable protein, tofu, and other alternatives, focusing on their distribution through off-trade and on-trade channels. Off trade channels include supermarkets/hypermarkets, convenience stores, online retail stores, and others.
The market sizing has been done in value terms in USD for all the segments.
| Product Type | |
| Tempeh | |
| Textured Vegetable Protein | |
| Tofu | |
| Other Meat Substitutes |
| Distribution Channel | ||||||
| ||||||
| On-Trade |
India Plant Based Meat Alternatives Market Research FAQs
How big is the India Plant Based Meat Alternatives Market?
The India Plant Based Meat Alternatives Market size is expected to reach USD 557.98 million in 2024 and grow at a CAGR of 10.20% to reach USD 906.66 million by 2029.
What is the current India Plant Based Meat Alternatives Market size?
In 2024, the India Plant Based Meat Alternatives Market size is expected to reach USD 557.98 million.
Who are the key players in India Plant Based Meat Alternatives Market?
Beyond Meat, Inc., GoodDot Enterprises Pvt. Ltd., Tata Consumer Products Ltd., ITC Limited and Vezlay Foods Pvt. Ltd. are the major companies operating in the India Plant Based Meat Alternatives Market.
What years does this India Plant Based Meat Alternatives Market cover, and what was the market size in 2023?
In 2023, the India Plant Based Meat Alternatives Market size was estimated at USD 501.07 million. The report covers the India Plant Based Meat Alternatives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Plant Based Meat Alternatives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Plant Based Meat Alternatives Industry Report
Statistics for the 2024 India Plant Based Meat Alternatives market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Plant Based Meat Alternatives analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
