Vegan food refers to food items that are free from any animal-derived ingredients and by-products including dairy and eggs. Rising awareness about animal welfare and environmental protection has propelled the demand for plant-based meat and dairy alternatives in India. Vegan foods provide various health benefits such as reduced risk of cancer, heart disease, diabetes and high blood pressure. They are also a rich source of vitamins, minerals, dietary fiber and antioxidants. Growing health-consciousness among individuals has increased the demand for vegan products in the country.
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 Opportunity:
The opportunity in health-conscious population is expected to drive the growth of the Indian vegan food market during the forecast period. According to a 2018 study, nearly 30% of urban Indians prefer eating plant-based foods owing to various health benefits. Growing cases of lifestyle diseases has made people switch to a vegan diet in order to maintain optimum health and wellness. As awareness about veganism increases, the demand for vegan substitutes of dairy, meat and other animal products is expected to surge significantly. Leading food brands are launching innovative plant-based food products to cater to the rising demand from health-conscious consumers, which is expected to propel the Indian vegan food market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The Indian vegan food market is expected to grow at a significant rate in the forecast period. This attracts many new players to enter the market. However, the presence of established brands and the requirement of specialized production facilities and techniques increases the entry barriers.
Bargaining power of buyers: Buyers in the Indian vegan food market have moderate to high bargaining power due to the availability of substitutes. Buyers can switch to alternative vegan food products easily if competitive prices are not offered.
Bargaining power of suppliers: The suppliers of raw materials for vegan foods such as plant-based proteins have low to moderate bargaining power. This is due to the availability of substitute raw material sources.
Threat of new substitutes: There is a threat of substitution from plant-based meat and dairy alternatives. Companies are investing heavily in R&D to develop innovative vegan foods with taste and texture resembling animal-based products.
Competitive rivalry: The competition is high among the existing players to increase their market shares. Players focus on marketing, innovation, and pricing strategies to gain market share.
SWOT Analysis
Strengths: Growing health and environment consciousness. Wide availability of raw materials in India.
Weaknesses: Higher costs compared to animal-based foods. Limited product range and availability compared to conventional foods.
Opportunities: Rising vegan population and lifestyle changes. Increasing adoption by hotels, restaurants and cafes.
Threats: Threat from other plant-based substitutes. Stringent food safety regulations.
Key Takeaways
The Global Indian Vegan Food Market Demand is expected to witness high growth over the forecast period due to changing lifestyle and eating patterns in India. The coronavirus pandemic has made people become more health-conscious, boosting the demand for vegan foods in the country.
Regional analysis indicates that Western India dominates the market currently, accounting for over 30% market share in 2024. The presence of key cities like Mumbai and Pune with rising health awareness is driving the growth of the vegan food market in this region. Southern India is also growing at a significant pace on account of increasing vegan population in large cities.
Key players operating in the Indian vegan food market include 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 are focused on launching new products customized for the Indian palate to gain more customers in the country. Partnerships with food outlets are also a key focus area.
For more details on the report, Read- https://www.trendingwebwire.com/indian-vegan-food-market-demand-share-analysis/
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