From vegconomist.com
India, with one of the world’s largest populations of vegetarians and a history steeped in plant-rich food traditions, is witnessing a significant transformation in its food industry. The Indian plant-based market has experienced remarkable growth in recent years, fuelled by rising consumer demand for healthier and more environmentally friendly alternatives to traditional foods. Innovative food-tech companies have been instrumental in laying the foundation for a market set to thrive.
Currently valued at an estimated USD 468 million, the Indian plant-based market is poised for exponential growth. Sanjay Sethi, Executive Director of the Plant Based Foods Industry Association, says that India’s plant-based industry will surpass the USD 5 billion mark by 2032. This burgeoning market not only offers farmers opportunities to boost their income but also addresses pressing issues such as food insecurity, climate change, and public health.
Emerging trends and innovations
Although the plant-based meat category in India is still in its early stages, it is steadily gaining traction and consumer awareness, especially in food service venues. Textured vegetable protein remains the most consumed meat alternative, but tempeh is rapidly emerging as the fastest-growing option, thanks to India’s abundant soybean supply.
Growth potential
India’s potential for growth in the plant-based sector is underpinned by its diverse agricultural production, robust food and beverage industry, significant research and development (R&D) capabilities, and a burgeoning private equity market. The Indian government’s support, particularly the promotion of millet as a national protein crop, is also bolstering the industry. However, continued growth will require further governmental support and addressing challenges in the value chain, infrastructure, and processing sectors.
Industry initiatives
The recently formed Plant Protein Cluster initiative is a promising development in the sector. Operating across 12 Indian states, this initiative aims to establish India as the world’s ‘Ingredient Hub’ by providing partnership and co-investment opportunities to transform the food and agriculture processing industries.
Future outlook
India’s plant-based market is on the brink of significant expansion. ProVeg International’s latest New Food Hub article introduces the innovators driving this growth, from biotech scientists to alt meat producers. Read the article and meet the people creating change. For more support on your alternative protein strategy, ProVeg’s team of experts is ready to assist. Get in touch at corporate@proveg.org.
With robust foundations and promising developments, India’s plant-based sector is well-positioned for a thriving future.
https://vegconomist.com/market-and-trends/immense-potential-indias-expanding-plant-based-market/
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