India Meat Substitutes Market Analysis by Size, Share, Growth, Trends, Opportunities and Forecast (2024-2032)
India’s meat substitutes market is new, highly competitive, and rapidly growing due to a constantly increasing demand for healthy and tastefully made non-meat products. This sector is also backed by government measures towards making food security sustainable, including established brands with a focus on investing in plant-based products as a new line of production in their portfolios.
According to the UnivDatos Market Insights Analysis, rising health consciousness, growing environmental concerns, and increasing dietary shifts will drive the scenario of the Indian meat substitutes market. As per their “India Meat Substitutes Market” report, the market was valued at ~USD 253.4 million in 2023, growing at a CAGR of about 6.2% during the forecast period from 2024-2032 to reach USD million by 2032.
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Most funding is directed towards the development of products that mimic the sensory characteristics of meat with efforts being made to make them more environmentally friendly. The structure of Meat substitutes’ investment in India is shifting with the rising demand for meatless products and the customers’ awareness of their health and sustainability. Here’s a detailed overview of the investment scenarios:
1. Increasing Interest in Venture Capital Companies
The interest from venture investors in plant-based and alternative protein companies has been rising lately. It is due to full awareness of the fact that high growth is possible here besides its perfect compatibility with modern tendencies of sustainable and healthy nutrition all over the world. Startups such as GoodDot, Imagine Meats, and others, have managed to raise funding rounds for growth, both in terms of products, and geographic markets.
2. Roles of Government in Terms of Support and Initiatives
The Indian government is encouraging measures to raise food safety and productiveness that also include encouraging cruelty-free protein sources. The species-specific programs related to government promotion of innovations in rural areas are also indirectly helping the sector by encouraging the development of plant-based meat alternatives.
3. Corporate Investments
Real meat and dairy businesses are expanding their plant-based products to their product offering lines. These are areas such as research and development, marketing, and the supply channels of the product. Joint ventures between local and over-arching global firms are increasingly taking place, thus making it easy to transfer technology and gain access to new markets.
4. Market Analysis and Consumer Demand
As the number of people living in urban areas rises and people change their perception of what they should eat the market for meat substitutes is poised for large growth and this will attract investors who want to produce in large quantities and distribute to meet the demand. It is now evident that both the concern for health and global sustainability is high among consumers, and this opens a great opportunity for investors to back firms in this direction.
5. Product Innovation and New Product Development
A lot of resources have been put into trying to come up with food produced in such a way that it can feel like meat, taste like meat, and has the protein qualities that people associate with it. These are such areas as progress in fermentation technology and utilization of new ingredients. Sustainability has now become an important factor for investors since they consider sources and manufacturing that focus on sustainable production.
Recent Developments in the market are:
· In April 2021, Jubilant Ingrevia Ltd – a global integrated life sciences products and innovative solutions provider part of the Jubilant Bhartia Group – announced an investment of Rs 4,25,00,000 (USD 570,000) in Faridabad plant-based meat startup Mister Veg Foods Pvt Ltd.
· In June 2023, Evolved Foods, a Bengaluru-based plant protein startup, announced the successful closure of its seed round of Rs 7.30 crore. Evolved Foods entered the heat-and-serve food category, aimed at celebrating the rich regional culinary heritage of India – with curated dishes such as Hyderabadi Dum Biryani, Chettinad Fry, Dhaba Style Tandoori Tikka, Bhuna/Achari Samosa, Kashmiri Rogan Josh Curry, etc. which are 100% plant-based, and an authentic Mangalorean Ghee Roast, which is 100% Vegetarian.
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Conclusion
In conclusion, the investment prospects of the Indian meat substitutes markets are positive owing to the growing customer interest in this specific food category, endorsement of this market by the Indian authorities, and trailing by new-age entrepreneurs and investors seeking new business opportunities in this lucrative food segment for the future.
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