The plant-based protein market in India has been recording a strong growth in recent quarters across segments such as dairy alternatives, supplement products, meat substitutes, and processed products
The plant-based protein market in India has been recording a strong growth in recent quarters across segments such as dairy alternatives, supplement products, meat substitutes, and processed products. The growth is mainly driven by the rising purchasing power of lower and middle-income families, increasing demand for gluten-free and lactose-free products. It is expected that increasing number of youths going to gyms, fitness clubs, and growing health consciousness especially among GenZ and millennials is likely to drive the market growth in the short to medium term. With the growing fear of coronavirus infection, people are increasingly avoiding the consumption of animal products across the globe. The trend is also evident in the Indian market. Additionally, the contagion is also galvanizing the demand for herbal foods and beverages as an immunity booster. As a result, shifting consumers’ preference from animal products to plant-based protein during the ongoing pandemic is creating growth prospect for the Indian plant-protein market. The growing awareness of animal cruelty is another key driver for the plant-based products in India. The surge in social media videos showing cruelty inflicted on animals in meat and dairy industries is one of the reasons, millennials and Gen Z are shifting towards meatless meat products. The growing awareness and demand for innovative plant-based protein are creating opportunities for the ever-growing startup ecosystem in India. The plant protein market is still in a nascent stage in its development and therefore several startups are entering into space. To establish their presence in the Indian plant protein market, small businesses are moving faster and raising funds for product innovation and development. The growing sales of plant-based meat and dairy products in restaurants and foodservice channels are also supporting the market. With the rising demand, more retailers around the country are expected to introduce private label products in the market. Retailers like Reliance Fresh, D-Mart, and Big Bazaar are already providing shelf space to plant-based products from different brands including Chetran Foods. The plant protein market in India has recorded a strong growth with a CAGR of 36.1% during 2018-2020. According to ConsumerIntel360’s Q4 2020 Global Plant Protein Survey, plant protein in India is gaining traction among health-conscious consumers in recent years. Large consumer food companies are launching plant-based alternatives to cater to the changing consumers' preferences. New product developments and a rising number of product launches in this segment are changing the overall outlook of the plant protein industry. The market growth has been also fueled by the ongoing COVID – 19 pandemic. The demand for plant protein products is expected to increase significantly over the short to medium term. Plant protein industry is expected to continue to grow in India over the forecast period. It is expected to record a CAGR of 29.0% during 2021-2027. The plant protein consumption in the country will increase from US$ 568.3 million in 2020 to reach US$ 3490.0 million by 2027. Scope
This research report provides in-depth analysis of plant protein industry in India, providing white space / gap analysis, product innovation, product claims analysis, and brand share analysis, competitive landscape, market size across 50+ segments. Below is the taxonomy, providing detailed scope of coverage. India Plant Protein Market Dynamics – Strategy & Innovation • Competitive Landscape Snapshot • White Space / Demand Gap Analysis by Product Category • Brand Share by Product Category • Key Innovative Launches • Insights on Market Dynamics India Plant Protein Market Size by Ingredients • Soy • Pea • Beans & Lentils • Hemp • Flaxseed, Pumpkin & Other • Brown Rice • Quinoa • Spirulina & Seaweed • Nuts • Other India Plant Protein Market Size by Product Categories • Nutrition Supplements • Protein Bars • Sports Nutrition • Meal Alternative • Dairy Alternatives • Meat Alternatives • Bakery Products • Infant Formulas • Other India Plant Protein Market Size by Functional Segments • Ready to Mix • Ready to Eat • Ready to Drink • Ready to Cook India Plant Protein Market Share Analysis by Sales Channels • Online • In-Store India Plant Protein Market Share Analysis by Type of Retail Outlet • Pharmaceutical & Medical Store • Grocery Retailers • Health and Wellness Stores • Specialist Sports Store India Plant Protein Market Size by Retail Sales Pricing • Premium • Mid-Tier • Low End India Plant Protein Market Size by Cities • Tier 1 Cities • Tier 2 Cities • Tier 3 Cities India Plant Protein Consumption by Demographics • Age • Gender • Income Key Plant Protein Brands in India (based on consumer popularity) • Borges • CAFE HOUSE • CLIF BAR • Cowvathi • Dabur • Del Monte • Dr. Berg’s • EAT Anytime • Edward & Sons • Flex Protein • GoodDot • Goodmylk • Granarolo • HealthOxide • Kapiva • Kivu • Life Roots • Mili • Mimmo Organics • Mojo Bar • MuscleBlaze • MyFitFuel • MyProtein • Naturade • Natures Velvet • Now Foods • Nusobee • Olena • Optimum Nutrition • OZiva • Pintola • Plant Power • Plix • Protinex • RiteBite - Max • Sain • Sampoorna Satwik • Similac • So Good • Sofit • Soyfit • SoyFresh • STRIVE • The Good Food Company • True Elements • True Supplements • Urban Platter • Vega • VegOChef • Wellversed • Yogabar
