INDIAN VEGAN FOOD MARKET ANALYSIS

Indian vegan food market was valued at US$ 1,372.3 Mn in 2022 and is expected to reach US$ 2,756.6 Mn by 2030, exhibiting a CAGR of 9.1% during the forecast period 2023-2030.

Indian Vegan Food Market- Drivers

• The rising production and consumption of mushrooms such as button mushrooms, oyster mushrooms, and others: The rising production and consumption of mushrooms such as button mushrooms, oyster mushrooms, and others is also expected to drive the market growth in the coming years. For instance, in November 2022, the Goa-based sustainable startup, ‘Wakao Foods’ launched Jackfruit meat that caters to ‘Ready-to-eat’ and ‘Ready-to-Cook’ products in the Indian market. The jackfruit meat offerings are hot & spicy and American herb sausages are handpicked from farms and hygienically manufactured, which helps to increase the sales of vegan food in the Indian vegan food market. Increasing demand for vegan food products such as tofu, bread, rice, dry pasta, and others is also boosting the market growth. In August 2021, Piper leaf, a plant-based milk chocolate manufacture company announced to launch of new five flavoring chocolate, Zesty Orange, Classic Coffee, Banana Walnut, Raspberry Cinnamon, and Nut & Raisin in the Indian market. The chocolates are gluten & animal cruelty-free as well as no artificial flavors and additives will be added. The chocolates are 100% naturally made and give healthy alternatives to the consumers

Figure 1. Indian Vegan Food Market Value Share (%), By Region, 2022

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Indian Vegan Food Market- Regional Analysis

• Among sub-regions, North India held a dominant position in the Indian vegan food market in 2021, accounting for 34.3% of the market share. Increasing demand for ready to cook products is expected to drive the market growth. Due to convenience and discounts, online sales channels are more popular in the consumers. Consumers are more attract towards the vegan food by the availability of the different brands such as  Vega Lyfe, The Hershey Company, and Sun Opta Inc.

Indian Vegan Food Market- Restraints

• Vegan foods are highly processed foods that can restrain market growth. However, they tend to be high in sodium. Vegan foods contain iron, but it is of a 'low-heme' variety, which does not get consumed into the body properly. Therefore, vegans are at a high risk of iron deficiency, which can cause several symptoms such as fatigue.

Indian Vegan Food Market- Trends

• Growing number of restaurants catering to the vegan community in the country can drive market growth in forecast period. Rising awareness about the medical advantages of vegan food products can boost the market growth. Whereas, an increasing number of lactose intolerant individuals, coupled with the widespread availability of vegan food in the market helps to increase the sale of vegan products. For instance, on April 29, 2021, Upton’s Naturals (the plant-based meat manufacturer) collaborated with Dot Foods, which is the largest food industry redistributor in North America. The new relationship will increase the availability of the brands popular 100% plant based meat alternatives for distributors, restaurants, and foodservice establishments nationwide.

Figure 2. Indian Vegan Food Market Value Share (%), By Product Type, 2022

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Indian Vegan Food Market- Competitive Section

Major players operating in the Indian vegan food market include 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.

Indian Vegan Food Market- Recent Developments

• On  May 2022, India’s Goodmylk (not to be confused with Californian brand Goodmylk Co.) has changed its name to One Good as it continues to expand beyond alt-milk products into other plant-based alternatives.
• In 2022 The Indian central government published the final notification for Food and Safety Standards (Vegan) Regulations. It specified what constitutes vegan food, what kind of labelling/packaging will be required for it and the compliances for Food Business Operators too.
• In 2022, GoodDot has launched their new plant Based meat Product. 

*Definition: Vegan food is generally healthy and is a popular choice for chefs to add flavor and excitement to their dishes or menus. Most vegan food such as vegan bacon, vegan yogurt, and others have healthy fats, a considerable amount of protein, and fiber. Without any animal cruelty, vegan food offers all the flavour of the food. Thus, it is being incorporated into a variety of ready-to-eat processed food items by food manufacturers. The vegan food market has been growing in recent years due to more people looking for plant-based alternatives to meat and dairy products. In the market there are various vegan food brands are available, most vegan foods are made from soy or seitan and they can be stored in refrigerated sections of grocery shops which helps to increase the sales of vegan food