Vegan food refers to food products that are free of animal meat, eggs, dairy and other animal-derived ingredients. The vegan food market includes products like plant-based meat, dairy alternatives, egg replacements, ready-to-eat meals and snacks. With growing awareness about health and environmental benefits of vegan diet, the demand for vegan food products is increasing exponentially in India. These foods provide essential proteins and vitamins while being cholesterol-free and low in saturated fat.
The global Indian vegan food market is estimated to be valued at US$ 1497.18 Mn in 2024 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 Opportunity:
Rising health consciousness is offering significant market opportunity for vegan food in India. According to surveys, almost 50% of younger Indians prefer vegan or vegetarian alternatives to dairy or meat for health reasons. As lifestyle diseases like diabetes, obesity and heart ailments are increasing, more people are switching to healthy plant-based diets. Vegan companies are utilizing this opportunity by launching innovative dairy-free products tailored to Indian tastes. Moreover, growing number of restaurants and cafes offering vegan menus are further propelling the demand. Companies promoting nutritional benefits and easy preparation of vegan foods can capitalize on this health trend to gain larger market share.
Porter’s Analysis
Threat of new entrants: The Indian vegan food market has moderate threat of new entrants due to requirement of large capital investments and established supply chain of existing players. However, opportunities for new product launches based on plant-based ingredients attract new small players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and sensitivity towards pricing of vegan food products. Organized retailers bargain for higher trade margins from manufacturers.
Bargaining power of suppliers: Suppliers of plant-based ingredients and other raw materials have low to moderate bargaining power due to availability of substitute suppliers and players integrated across the supply chain.
Threat of new substitutes: Threat of substitutes is moderate as consumers experiment with diverse vegan foods and plant-based diets. Innovation in non-dairy alternatives positively impacts demand.
Competitive rivalry: Fierce competition exists among existing Indian and global players due to low product differentiation and entry of private label brands.
SWOT Analysis
Strength: Rising health consciousness drives demand for nutrient-rich vegan foods in India. Innovation in plant-based ingredients adds variety to food experiences.
Weakness: Lack of proper regulation hinders standardization and traceability. High manufacturing costs restrict affordability for mass consumption.
Opportunity: Growing vegan population and Internet penetration aids easy access to vegan lifestyles and products. IncreasedFlexitarianism opens new opportunities.
Threats: Negative publicity from misinformation on nutrition detracts buyers. Stringent FSSAI certification hinders small manufacturers.
Key Takeaways
The Indian Vegan Food Market Growth is expected to witness high growth due to rising prevalence of chronic diseases and growing awareness about environmental and ethical benefits of a plant-based diet. 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 comprises: The western region dominates the Indian vegan food market with over 30% value share in 2024. Maharashtra state has a large health-conscious population in Mumbai and Pune transitioning to veganism. Rising vegan influencers create awareness through social media. The northern region led by New Delhi and the southern region led by Bengaluru and Chennai offer high growth opportunities, driven by availability of diverse international cuisines and exposure to global food trends.
Key players related content comprises: 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. These players focus on offering innovative plant-based dairy and meat alternatives as well as raw materials like binders and preservatives for vegan food formulations.
For more insights, read- https://www.newsstatix.com/indian-vegan-food-market-trends-size-and-share-analysis/
For more details on the report, Read- https://www.newsstatix.com/immunology-market-trends-size-and-share-analysis-2/
