India Plant-Based Meat Market Outlook, Forecast 2022-2028

1. India Plant-Based Meat Market, By Source -Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. India Plant-Based Meat Market - Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the India Plant-Based Meat Market was worth USD 38.2 million in 2021 and is projected to reach USD 836.2 million by the year 2028, growing at a CAGR of 54.7% over the analysis period of 2022-2028. The growth of the Indian plant-based meat market can be primarily attributed to burgeoning demand owing to the rising trend towards veganism and increasing awareness about the benefits of plant-based meat. Moreover, the favorable growth and marketing strategies adopted by major players further drive the market growth over the forecast period.

3. Growth Drivers Rising Demand for Meat Consumption in India The demand for meat consumption in India is on a surge. According to an OECD report published in November 2021, India consumed six million tonnes of meat in 2020, which is equivalent to 4.6 kilograms per person. About half of India's population consumes non-vegetarian meals at least once a week. However, there is an increasing interest in the country for next-generation plant-based meat products. One of the reasons for the high meat consumption is India's robust youth and millennial population. India hosts one of the highest youth populations in the world, with an average age of 29.

4. Restraints Low Level of Technology Adoption affecting Taste The level of technology adoption and underlying science behind plant-based foods is very nascent in India. Most of the companies are focusing on product formats imitating the product form and texture of meat, but very limited businesses are targeting the underlying technology, such as protein chemistry and innovative processing like high-moisture extrusion. This results in impacting the taste of the meat products. Also, plant-based meat products are quite expensive, further limiting the market expansion. Moreover, a lack of a skilled technical workforce in India, mainly in the chemistry and processing of food proteins, is restraining the growth of India's plant-based meat market.

5. Impact of COVID-19 The Covid-19 pandemic resulted in a drastic economic decline in low- and middle-income countries due to loss of income, human and goods movement restrictions imposed by governments, the shutdown of businesses, de-globalization, and collapse of food markets to both demand shocks and supply restraints. The pandemic outbreak impacted all industries, and the plant-based meat market is no exception. The plant-based meat market was subjected to both positive as well as negative impacts. Amidst the lockdown, the market witnessed a moderate volume growth and revenue as a result of the rising adoption of plant-based meat in the food and pharmaceutical industry.

6. Regional Insights       In terms of the regional analysis, the India Plant-Based Meat market can be segmented into North India, South India, East India, and West India. Amidst the segmentation, the North India region accounted for the largest market share of the India Plant-Based Meat market in 2021, owing to factors such as the growing millennial population and a rising trend towards veganism in the region. North India is known for its non-vegetarian cuisine, which offers tremendous potential for meat alternatives. Moreover, the expansion of major market players in tier 2 and 3 North Indian cities has helped the plant-based meat market gain fair momentum in the region in the last couple of years.

7. Competitive Landscape The India Plant-Based Meat market is characterized by the presence of many local, regional, and global vendors. The key players operating in the India Plant-Based Meat market are Good Dot, Evo Foods, Mister Veg, Blue Tribe, Greenest, Vezlay, Wakao, Imagine Meats, Veggie Champ, Good Do—The Vegan Eatery, Plant Made, and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.

8. Recent Developments January 2022: ITC, the Indian FMCG giant, announced its entry into the country's budding market for plant-based meat alternatives by launching a range of products. The company, recognized in food for brands like Aashirvaad kitchen ingredients and Bingo snacks, is rolled out an assortment of plant-based meat products, opening with nuggets and burger patties. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/india-plant-based-meat-market/report-sample

9. Key Players The key players operating in the India Plant-Based Meat market are Good Dot, Evo Foods, Mister Veg, Blue Tribe, Greenest, Vezlay, Wakao, Imagine Meats, Veggie Champ, Good Do—The Vegan Eatery, Plant Made and other prominent players.

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