Vegan foods are plant-based products that do not contain dairy, eggs, or any other animal products. They include fruits, vegetables, nuts, legumes, whole grains, plant-based milks, and meat alternatives made from plants. Vegan foods offer several health benefits such as lower risk of heart disease, type 2 diabetes, and cancer. They are rich in dietary fiber, vitamins, and minerals and low in saturated fat and cholesterol.

The global Indian vegan food market is estimated to be valued at US$ 1724.76 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of the Indian vegan food market is the rising health consciousness among individuals. There has been increasing awareness regarding the link between diet and various health conditions such as obesity, diabetes, and heart disease. Many people are opting for vegan foods to lead a healthier lifestyle and lower their risk of chronic diseases. Vegan foods are rich in nutrients, low in calories and fat, contain no cholesterol or hormones, thus promoting overall well-being.

The growing consumer preference for plant-based, sustainable, and ethical food options is another factor augmenting market growth. People are adopting veganism to address issues such as animal welfare, environmental protection, and health of the planet. Several surveys have indicated a rise in the number of individuals reducing or eliminating animal products from their diets. As a result, there is a proliferation of vegan food options across Indian restaurants, cafes, and supermarkets catering to this burgeoning consumer segment. Innovation and new product launches in plant-based meat and dairy alternatives will further expand market reach and drive revenues in the coming years.

SWOT Analysis
Strength: The Indian vegan food market benefits from increasing awareness about health and wellness trends in India. The rapidly growing middle class with rising disposable incomes is driving demand for superior quality ready-to-eat and ready-to-cook vegan food products. Furthermore, vegan options help address issues of land and water usage and greenhouse gas emissions from meat and dairy farming.

Weakness: Options in the vegan food market are currently quite limited in India compared to western markets. Many Indian consumers prefer traditional cuisine containing dairy or meat products. High costs of vegan substitutes also remain a barrier.

Opportunity: Younger Indians, especially millennials, are increasingly preferring veganism due to health, ethical, or environmental reasons. This presents an opportunity to cater to this demand through new product launches. Internationally, the COVID-19 pandemic has boosted demand for healthy, plant-based diets in India as well.

Threats: increasing input costs such as for soy, wheat etc. can squeeze margins. Furthermore, expansion of large fast food chains promoting meat and dairy poses marketing challenges. Lack of formal regulations regarding use of "vegan" claim on products is another threat.

Key Takeaways
The Global Indian Vegan Food Market Demand is expected to witness high growth over the forecast period of 2024 to 2030. The market size is projected to reach US$ 2857.63 Mn by 2030 from US$ 1724.76 Mn in 2024, witnessing a CAGR of 5.2%.

Regional analysis shows that western states like Maharashtra account for the highest demand currently due to growing health consciousness in urban areas. Gujarat is another fast emerging market.

Key players operating in the Indian vegan food market are PPI Adhesive Products, PPM Industries SpA., Scapa, Shurtape Technologies, tesa SE, Ubis, 3M, CCT Tapes, K.L. & Ling, Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation, and TOYOCHEM Co. Ltd. International brands are entering strategic partnerships with regional players to market plant-based milk, meat analogs, and other vegan convenience products. Rising preference for vegan packaged food and beverages among young Indians is attracting several new entrants as well.

For more details on the report, Read- https://www.marketwebjournal.com/indian-vegan-food-market-trends-size-and-share-analysis/

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