by Vegan food products include plant-based milk, cheese, yogurts, ice cream, mayonnaise, salad dressings and others. These vegan products are gaining popularity due to their various health benefits such as being cholesterol-free, high in vitamins, minerals and antioxidants. The growing health consciousness among individuals is driving the demand for vegan products as a healthier alternative to dairy and meat based products in the country.
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 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing health consciousness is one of the major trends shaping the Indian vegan food market. Individuals are increasingly opting for a plant-based diet in order to live a healthier lifestyle. Vegan food products are free of cholesterol and saturated fat which makes them a healthier option compared to regular dairy and meat based products. Furthermore, many scientific studies have linked meat and dairy consumption to increased risk of diseases like cancer and heart ailments. The awareness about the various health benefits of vegan food products is driving demand in the country.
Given Market Name- Indian Vegan Food Market; CAGR: 9.1%; Forecast period is: 2023 to 2030; Market Size for 2023 is US$ 1497.18 Mn; Key players: One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food, Vega Lyfe, The Hershey Company, Sun Opta Inc., Living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company
SWOT Analysis
Strength: The vegan food market in India is witnessing strong growth fueled by rising health consciousness and concerns over animal welfare among consumers. With several options available, it is becoming easier and more enjoyable for people to adopt a vegan lifestyle in India.
Weakness: Vegan alternatives for dairy products like milk, butter and cheese are still in the developing stage and lack the taste and texture of animal-based products. This makes it difficult for some consumers to make a complete switch to vegan diets. High prices of vegan food also limit their widespread adoption.
Opportunity: Growing awareness about the relationship between diet and health issues like heart disease, diabetes and obesity is driving many to cut down or eliminate animal products from their diets. Plant-based meat and dairy substitutes are also attracting flexitarians. The Indian government is promoting vegetarian and vegan diets which can boost market growth.
Threats: Dairy and meat lobbies may increase lobbying against plant-based alternatives which are threatening their businesses. Poor Internet and supply chain infrastructure in rural India also pose challenges for the distribution of vegan products.
Key Takeaways
The Indian Vegan Food Market Size is expected to witness strong growth over the forecast period supported by rising health consciousness and animal welfare concerns among consumers. The urban population in India, especially millennials and Generation Z, are increasingly adopting vegan or plant-based diets.
Regional Analysis
The Western region of India dominates the vegan food market currently accounting for over 40% of sales due to high vegan populations in states like Maharashtra. However, veganism is gaining traction in other parts as well with regional companies launching native vegan snacks and organic products. Cities like Bengaluru, Hyderabad, New Delhi and Mumbai have emerged as key markets due to growing health and wellness trends among their large young populations.
Key Players
Key players operating in the Indian vegan food market are One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Foods, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food, Vega Lyfe, The Hershey Company, Sun Opta Inc., Living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company. These players are offering a wide range of plant-based dairy and meat alternatives including vegan cheese, milk, ice-cream as well as meat substitutes like plant-based chicken and burgers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
