Vegan food products are plant-based food items that are devoid of meat, seafood, eggs as well as dairy ingredients. Vegan food items provide various health benefits such as lower risks of heart disease, type 2 diabetes and obesity. They are a rich source of fiber, vitamins, minerals and antioxidants. The global shift towards healthy and sustainable eating has boosted the demand for vegan food products.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health consciousness is one of the major factors driving growth of the Indian vegan food market. There is a growing awareness about various health risks associated with consumption of meat, dairy and egg products. Various lifestyle diseases caused due to lack of proper nutrition are prompting consumers to shift towards a plant-based vegan diet. Furthermore, vegan food is considered more eco-friendly and sustainable. The inclination towards leading an ethical and compassionate lifestyle has spurred the demand for vegan alternatives to meat and dairy products. Vegan companies are launching various innovative food products to cater to rising consumer demand.
SWOT Analysis
Strength: The Indian vegan food market benefits from growing awareness about animal welfare and health benefits of plant-based diets. There is an increasing acceptance of veganism among Indians especially younger population.
Weakness: Availability and awareness about vegan food options is still limited outside major cities. Lack of proper labeling and certification makes it difficult for consumers to identify vegan products. High prices of some vegan substitutes make them inaccessible for many.
Opportunity: Growth of vegan curries, snacks and desserts catering to Indian taste helps drive the market. Rising lactose intolerance and other food allergies open up opportunities. Plant-based meat and dairy alternatives are gaining popularity.
Threats: Dairy and meat lobby exerts pressure against promoting veganism. Imitation of conventional products with vegan label can reduce customer trust. Competition from private labels and global brands affects local vegan food producers.
Key Takeaways
The Global Indian Vegan Food Market Size 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 currently. States like Maharashtra and Delhi house large vegan communities and witness increasing outlets of vegan restaurants and cafes. Growing health consciousness and social media influence have made veganism popular among urban population in these regions. The southern region is expected to be the fastest growing market for vegan food attributed to rising lactose intolerance and expanding vegan restaurants especially in cities like Bangalore and Chennai.
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. Major players are investing in R&D to develop innovative plant-based meat and dairy alternatives customized for Indian cuisine. They are also focusing on marketing strategies to promote veganism and boost sustainable food consumption patterns.
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