According to the latest report from the IMARC group, entitled “Indian vegan food market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the Indian vegan food market is expected to grow at a CAGR of 11.32% during the period 2022-2027. Vegan foods include various edible food products prepared from plant-based ingredients, including soybeans, oats, wheat, almonds, tofu, rice, and coconuts. Some commonly eaten vegan foods include fruits, vegetables, grains, legumes, seeds, nuts, and beans. It is free from animal products, such as milk, eggs, honey and gelatin and contains low amounts of cholesterol and saturated fat. It is a rich source of fiber, antioxidants, potassium, magnesium, folic acid, protein, iron and vitamins A, B1, C and E. As a result, vegan food has gained immense popularity. popularity in India as a healthy alternative to dairy products. , meat and meat products due to its similar taste, texture and flavor.
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Indian Vegan Food Market Trends and Drivers:
Changing dietary habits and growing health consciousness among the masses are the major factors driving the market in India. This can be attributed to the increasing incidence of lifestyle-related chronic diseases, such as obesity, diabetes, cardiovascular disorders and cancer. Moreover, the Indian government is taking favorable initiatives to promote the adoption of sustainable plant-based diets to help combat climate change and other environmental problems caused by animal agriculture and fisheries. With this in mind, growing concerns about animal cruelty and growing awareness of the nutritional benefits of vegan foods have increased the demand for products.
Additionally, several key players are launching premium packaged non-dairy vegan food products, such as chocolates, milk, cheese, breakfast cereals and unsweetened soy beverages. Additionally, increasing adoption of innovative packaging solutions and aggressive promotional activities such as athlete and celebrity endorsements have propelled the growth of the market. Additionally, with the introduction of ready-to-eat (RTE) vegan foods with exotic flavors, several restaurants and fast-food chains across the country are offering a vegan-friendly menu, thereby contributing to product sales. Other factors, including the emerging trend towards veganism, the growing prevalence of lactose intolerance, swelling consumer spending capacities, rapid urbanization and changing lifestyle preferences, are also creating positive outlook for the market.
Key Market Segmentation:
The report has segmented the Indian vegan food market on the basis of product, source, distribution channel and region.
Breakdown by product:
- Dairy alternatives
- Meat substitutes
Breakdown by source:
Breakdown by distribution channel:
- Supermarkets and Hypermarkets
- convenience stores
- Specialty stores
- Online stores
Breakdown by region:
- North India
- West and Central India
- South India
- Eastern India
Competitive landscape with key players:
The competitive landscape of the industry has also been reviewed along with the profiles of key players.
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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