Indian Vegan Food Market Is Estimated To Witness High Growth Owing To Changing Consumer Preferences and Rising Health Consciousness
The global Indian Vegan Food Market is estimated to be valued at US$16.5 Bn in 2021 and is expected to exhibit a CAGR of 8.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Indian Vegan Food Market comprises products that are plant-based and do not contain any animal-derived ingredients. The market offers a wide range of vegan alternatives such as meat substitutes, dairy alternatives, condiments, snacks, and desserts to cater to the growing demand from vegan consumers. These products are gaining popularity among consumers due to their health benefits, ethical concerns, and environmental sustainability.
Market Dynamics:
1. Changing Consumer Preferences: with the increasing awareness about the health benefits of a plant-based diet, consumers are shifting towards vegan food products. The rise in the number of vegan restaurants, online platforms, and vegan food festivals further supports the growth of the Indian Vegan Food Market.
For example, One Good (formerly Goodmylk), a key player in the market, offers a wide range of plant-based milk alternatives made from almonds, cashews, oats, and coconut. These dairy alternatives are in high demand among vegan consumers.
2. Rising Health Consciousness: the rising prevalence of chronic diseases such as obesity, diabetes, and heart diseases has led consumers to adopt a healthier lifestyle. Vegan food products are considered to be healthier as they contain fewer saturated fats and cholesterol compared to animal-based products. This has propelled the demand for vegan food products in the Indian market.
For instance, EVO Foods, another key player in the market, offers plant-based egg alternatives made from legumes. These egg alternatives are rich in protein and cholesterol-free, making them a healthier choice for consumers.
SWOT Analysis:
- Strength: Increasing consumer awareness about the health benefits of vegan food products and their positive impact on the environment.
- Strength: Growing availability of vegan food products through online platforms and specialty stores.
- Weakness: Limited availability of vegan food options in traditional Indian cuisine.
- Weakness: High cost of vegan food products compared to conventional animal-based products.
- Opportunity: Untapped rural markets in India with growing awareness about veganism.
- Opportunity: Product innovation and development of new vegan food alternatives to cater to specific dietary needs.
- Threat: Competition from established non-vegan food brands entering the vegan food market.
- Threat: Negative perception of vegan food products among consumers due to taste and texture.
Key Takeaways:
- The global Indian Vegan Food Market Demand is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing consumer preferences for plant-based diets and rising health consciousness.
- The market is dominated by the Asia Pacific region, with India being the fastest-growing market due to the presence of a large vegetarian and vegan population. North America and Europe also exhibit significant growth potential.
- Key players operating in the global 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.
In conclusion, the Indian Vegan Food Market is witnessing significant growth due to changing consumer preferences for healthier and more sustainable food options. The market offers a wide range of vegan alternatives and is expected to continue expanding in the coming years. To capitalize on this growth, key players are focusing on product innovation and expanding their distribution channels.
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