by The Indian vegan food market has seen tremendous growth in recent years due to rising health awareness among Indians. Vegan foods such as dairy-free milk, meat alternatives, and eggless baked goods are becoming increasingly popular as more people seek to reduce their intake of animal products. Vegan meals make up a plant-based diet free from all animal products including meat, dairy, eggs and honey. Their popularity stems from various perceived health benefits such as reduced risk of heart disease, lower cholesterol levels, improved digestive health and weight management.
The global Indian vegan food market provides a variety of vegan dairy and meat alternatives. Some common vegan milk options include almond milk, cashew milk, soy milk and oat milk which can be used similarly to cow’s milk in recipes and beverages. In the meat alternatives space, products such as tofu, tempeh, seitan and textured vegetable protein are used to recreate the taste and texture of meat in dishes while being plant-based. Vegan snacks, baked goods and desserts are also rising in availability to meet the demand from health-conscious Indian consumers looking for eggless and dairy-free treats.
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 key trends
Development of plant-based meat alternatives: With companies innovating to create meat flavors and textures solely from plant-based ingredients, the perception of vegan foods as bland or lackluster is fading. Realistic faux meats that satisfy cravings are increasing the appeal of veganism.
Rise of vegan restaurants and food trucks: More dining establishments are catering to vegan diets with entirely plant-based menus or dedicated vegan sections. This wider availability makes abstaining from animal products more convenient.
Increasing vegan options in retail: Major retailers like supermarkets are allocating more shelf space to vegan staples, prepared foods and snacks in response to customer demand. Wider distribution boosts accessibility.
Social media influencing food choices: Online communities sharing vegan recipes, lifestyle tips and restaurant guides influence eating habits. Social platforms magnify exposure to a whole foods plant-based philosophy.
Porter’s Analysis
Threat of new entrants: Low. Established players dominate the market and have strong brand recognition making it difficult for new players to enter.
Bargaining power of buyers: High. Buyers have a variety of options to choose from due to the presence of many players.
Bargaining power of suppliers: Low. Raw material suppliers do not have significant influence on prices due to availability of substitutes.
Threat of new substitutes: Medium. Alternative vegan and vegetarian food options provide competition but are not direct substitutes.
Competitive rivalry: Intense. Major players compete on price, quality, innovation and expanding product portfolio.
Key Takeaways
The Global Indian Vegan Food Market Demand is expected to witness high growth. The market is poised to grow at a CAGR of around 5.2% during the forecast period of 2024 to 2030.
Regional analysis: North and East India dominate the market currently due to growing awareness about veganism and increasing vegan population. States like Delhi, Haryana, Bihar are emerging as hotspots for vegan food companies. Gujarat and Maharashtra also have a major share in the market with established milk and whey substitutes manufacturers.
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 expanding their product portfolios and leveraging digital platforms to target health-conscious millennial population.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
