February 24, 2024
Indian Vegan Food Market

Indian Vegan Food Market is expected to be Flourished by the Rising Health Consciousness among Indian Population

The Indian vegan food market includes plant-based meat substitutes, dairy alternatives, and other vegan bakery and sweet products. Plant-based meat substitutes aim to mimic the texture, flavor, and nutritional profile of animal meat using ingredients like soy, pea, wheat, and potatoes. These meat alternatives cater to the demands of health, environmental and animal welfare advocates. Consumers are increasingly gravitating towards vegan diets to reduce cholesterol levels, manage weight, and prevent lifestyle diseases. Dairy alternatives such as plant-based milk made from almonds, cashews, oats, coconut, rice, and hemp provide essential nutrients without compromising on taste. Vegan bakery products like cookies, cakes, and pastries use egg replacers like flaxseeds, chia seeds, and apple sauce to bind ingredients. The global Indian vegan food market is estimated to be valued at US$ 1724.76 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the primary drivers for the growth of the Indian vegan food market is the rising health consciousness among Indian population. There has been a significant rise in the prevalence of diseases like diabetes, high blood pressure and heart problems in India. This can be attributed to the growing fast food culture and hectic lifestyles which have given rise to unhealthy dietary patterns. Adopting a balanced vegan diet is known to help manage weight, lower cholesterol levels and reduces the risk of chronic diseases. Furthermore, growing awareness about the health benefits of plant-based diets through social media platforms and online content is also driving the demand for vegan food products in the country.

Environmental concerns have emerged as another key factor favoring the market growth. Large-scale animal agriculture contributes significantly to carbon emissions, biodiversity loss and water pollution. An increasing number of Indian consumers are consciously opting for vegan diets to minimize their environmental footprint. Plant-based meat and dairy help mitigate these issues by reducing strain on land and water resources.

Segment Analysis
The Indian vegan food market can be segmented into dairy alternatives, meat alternatives and others. Dairy alternatives dominate the market with a share of around 35% in 2024. Plant-based milk products like soy milk, almond milk and coconut milk have seen rising demand from health-conscious people. Meat alternatives are the fastest growing segment and are expected to witness a CAGR of around 7% during the forecast period. Growth in demand for vegan burgers, sausages and nuggets made from ingredients like soy, wheat and jackfruit is driving the segment.

PEST Analysis
Political: The government of India has been promoting products and health benefits of plant-based and natural foods. It has implemented policies supporting the growth of vegan food companies.
Economic: Rising disposable incomes and growing health awareness are driving more Indians towards veganism. Lower prices of plant-based products compared to animal products is boosting adoption.
Social: Younger population is inclined towards veganism due to concerns around ethics, health and environment. Social media influence has raised awareness about vegan lifestyles.
Technological: Companies are investing in R&D to develop innovative vegan products with similar taste and texture to animal-based foods. Technologies enable production of vegan dairy, egg and meat alternatives.

Key Takeaways
The Global Indian Vegan Food Market Demand is expected to witness high growth supported by increasing health consciousness, ethical concerns and influence of global trends.

Regional analysis – West and South India have emerged as the fastest growing regions for vegan foods. States like Maharashtra and Karnataka have a high density of vegan restaurants, cafes and stores selling vegan products. Cities like Mumbai, Bengaluru and Chennai have a large young, urban population open to adopt vegan lifestyles.

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. Key players are focused on expanding their vegan product portfolio as well as distribution networks across India to tap into the fast growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it