Market Trends of india plant protein Industry
India has emerged as one of the major markets in plant protein consumption
- Increased production of major plant proteins like soybean, rice, pea, and wheat, is impacting the availability of protein ingredients from the sources. Although many plant products are consumed as staple foods in the region, the increased applications of these protein ingredients in developing innovative foods are further increasing the consumption of these protein ingredients. The increasing number and engagement capability of vegan influencers among the internet-savvy young generation has proven to be pivotal in the rise of the veganism trend in India. For instance, currently, India has more than 1 million vegans and vegetarians.
- Dairy was majorly dominating the country's consumption. However, with the increasing awareness of plant proteins, Indian consumers, especially younger generations, are turning toward plant protein-fortified foods. A survey in 2019 found that 63% of the surveyed Indians were willing to replace meat with plant-based options, and the country has over a billion people. To cater to the growing demand, innovative products are occupying market space, thus increasing the options for consumers. For instance, Evolved Foods introduced vegan alternatives under its Alt Meat and Alt Protein brands, seeking to replace chicken and paneer. A Dutch company, Schouten, brought its tempeh production system to India.
- The protein segment is not being adopted that well among Indian consumers. The recommended dietary allowance of protein for an average Indian adult is 0.8 to 1 gm per kg of body weight. According to an estimate, over 70% of the country's population is protein deficient. This protein deficiency could be due to a lack of awareness and inadequate consumption of protein on a regular basis.
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India to focus more on soybean and pea production
- India produces different commodities for the plant protein industry, including rice, wheat, dry pea, and soy and the graph given is the production data of these commodities. India is one of the world's leading rice producers, accounting for about 20% of global rice production in 2021. The higher production of the commodities is supported by India's soil moisture, low temperatures, and well-distributed rainfall. Since 2017, wheat and rice production have been above the projected trends due to the development and expansion of areas planted to new, higher-yielding varieties. Although the planted rice acreage has plateaued due to increasing demand for land from urbanization and higher-value crops, the higher yield is aided by new and improved varieties, better agronomic practices, and expansion of irrigation facilities.
- India is also one of the top soybean producers in the world. The soybean production in the country increased by around 30% from 2015 to 2020. The public and private companies are developing various techniques and directly engaging with farmers to enhance farm incomes and increase soybean yield. To augment the production, the State Government of Maharashtra and the Public-Private Partnership for Integrated Agriculture Development (PPPIAD), in collaboration with ADM, introduced new technologies for soybean cultivation.
- Similarly, several farm-centric policies and programs, such as PMKSY, PMFBY, PKVY, SHM and SHC, and e-NAM, help attain the desired objectives in pea production in India. Uttar Pradesh and Madhya Pradesh are the country's top pea growers. As of September 2021, in the state-wise area under soybean in India, Madhya Pradesh was the leading state with 55.84 lakh ha, followed by Maharastra (46.01 lakh ha).
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Growing concerns about infant nutrition are driving the market
- Non-alcoholic drinks are predicted to support market growth
- Home cooking is propelling the market
- Dairy alternatives to witness significant growth rate
- Growing preference for protein rich diet to influence segment growth
- The healthier snacking option is driving the market
- Compound feed supporting the animal feed demand
- Rising penetration of organized bakery sector is likely to impact the market
- Fortification and innovative packaging trends to influence breakfast cereals market
- Growing per capita consumption and retail infrastructure driving the market growth
- Increase in the geriatric population is propelling the segment
- Strong hold of RTE/RTC in the food processing industry
- Rising awareness is increasing consumer base in the market
- Premiumization and natural ingredients are taking over the segment’s market edge
