by The vegan food industry refers to plant-based foods that do not contain any animal products such as meat, eggs, dairy or honey. Vegan food includes products like plant-based milk alternatives made from almonds, cashews or soy, meat alternatives made from soy, wheat or mushrooms, plant-based yogurt, cheese, ice cream and snacks without any animal ingredients. These types of foods are in high demand from health conscious individuals as well as ethical vegans who avoid consuming animal products.
The global 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.
Market Dynamics:
One of the key drivers for the growth of the Indian vegan food market is the increasing health conscious population in the country. More people are switching to a plant-based diet in order to lose weight, improve digestion and lower risks of chronic diseases. Additionally, flexitarians or occasional vegetarians are also preferring vegan options to reduce their carbon footprint and help protect animal welfare. Moreover, with growing awareness about the nutritional benefits of plant-based proteins and increasing vegan and vegetarian population, demand for vegan foods is surging across India. However, limited availability and higher prices of some vegan substitutes compared to animal-based products may challenges the market growth to some extent over the forecast period.
SWOT Analysis
Strength: The Indian vegan food market has experienced high growth over the past few years due to rising health consciousness among consumers in India. Many consumers are switching to vegan food to maintain healthy lifestyle and lose weight. The variety of plant-based foods available has increased attracting more people towards veganism.
Weakness: Vegan food products are expensive compared to regular dairy and meat products which limits widespread adoption of vegan lifestyle. Lack of awareness regarding benefits of vegan food acts as a hurdle for market growth.
Opportunity: Growing younger population inclined towards health and fitness offers significant growth opportunity. Advent of e-commerce has made various vegan food items easily available which is encouraging and educating buyers.
Threats: Traditional mindset where non-vegetarian food is deeply entrenched in culture poses challenge. Counterfeiting of vegan claims by some companies undermine credibility of vegan labels.
Key Takeaways
The Global Indian Vegan Food Market Size is expected to witness high growth over the forecast period of 2023 to 2030 driven by increasing health consciousness. The market size is projected to reach US$ 1922.73 Mn by 2030 growing at a CAGR of 5.2% during the forecast period.
Regional analysis related content comprises
The western region currently dominates the Indian vegan food market with over 30% value share. States like Gujarat and Maharashtra have emerged as major vegan markets due to growing urbanization and exposure to vegan lifestyle through internet and social media. However, the northern and southern parts of India are expected to showcase highest growth. The availability of regional superfoods like millets and rising disposable income will support market expansion in these regions over the coming years.
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 established companies are investing in new product launches, manufacturing facilities expansion and marketing activities to strengthen market presence and cater growing vegan food demand. New players are also entering the market to gain share through innovation and competitive pricing.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
