The global Indian Vegan Food Market is estimated to be valued at US$ 1497.18 Mn or Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:-

·         Strengths: Health and environment consciousness among Indians. Wide availability of local plant-based ingredients in the country.

·         Weaknesses: Limited product diversification. Higher prices compared to non-vegan alternatives.

·         Opportunities: Growing number of health-conscious customers and younger demographic. Rising incomes improving affordability. Partnerships with food chains and QSR outlets.

·         Threats: Political and economic uncertainties impacting industries and investments. Stiff competition from conventional dairy and meat industries.

Key Takeaways:-

The Global Indian Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing health and wellness concerns among Indians.

Regional analysis: The western region of India contributes largest revenue share to the Indian vegan food market currently owing to growing vegan population in states like Maharashtra. However, southern region is expected to witness fastest growth over the coming years led by states such as Karnataka and Telangana where veganism is gaining popularity rapidly especially among millennials.

Key players operating in the Indian vegan food market are One Good, GoodDot, EVO Foods, Ahimsa Foods, 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. These leading brands are increasingly investing in new product developments, focusing on taste and variety, to cater to the diverse needs of Indian vegan consumers.

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