India Meat Substitutes Market By Type (Snacks, Meals, Raw), By Source (Soy, Wheat, Peas, Mycoprotein, Others (Rice, etc.)), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online), By Region, Competition Forecast & Opportunities, 2018-2028F
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization| Forecast Period | 2024-2028 |
| Market Size (2022) | USD301.42 Million |
| CAGR (2023-2028) | 14.56% |
| Fastest Growing Segment | Online |
| Largest Market | South India |
India meat substitutes market is anticipated to project robust growth in the forecast period on account of health benefits offered by such products, which include the reduction of non-communicable diseases, digestive disorders, and obesity, among others. Other factors such as government initiatives, new product launches by meat substitute companies, etc. are also contributing to the rising demand for meat substitutes in the country.
Lately, it seems like more and more people are going vegetarian or at least warming up to the idea. And for those big meat-eaters trying to make the switch to a plant-based diet, meat alternatives can be a real lifesaver! Did you know that India, with its 1.38 billion people as of March 2021 (that's about 18% of the world!), has the highest percentage of vegetarians? According to a Government of India (GOI) census, around 30% of the population is vegetarian, often influenced by religious customs and moral beliefs. Now, the other 70% aren't strictly vegetarian, but they often only eat a little meat each week. You might call these folks "flexitarian" – mostly vegetarian but occasionally enjoying some meat or fish.
Moreover, there are many appetizing and healthy plant-based dietary options found at to consumers presently. And more and more of them are choosing vegan diets, making it crucial to cater to this growing population. Evolved Foods, Veggie Champ, Good Dot, Vezlay, Vegetagold, and other mock meat companies are attempting to provide healthy and economical meat substitutes in India by utilizing grains and plant proteins. For instance, Mumbai-based Evo Foods has produced a plant-based liquid egg that is free of cholesterol, salmonella risk, and animal cruelty.
Rising Health Consciousness Fueling the Market Growth
Post-pandemic, we're all thinking a lot more about what we eat – like, really looking at the protein, vitamins, and good stuff in our food. That's why meat substitutes are becoming so popular! They're often healthier, with more fiber and less bad fat, plus they give us some variety. So, companies are stepping up, making sure these alternatives pack a punch of protein. Take Beyond Meat, for example – Allana Consumer Products brought them to India, and they use simple peas and moong beans for their protein. We're seeing everything from burger patties and sausages to kebabs and tikkas made from plants. And let's not forget, many people are ditching meat for ethical reasons – we're just more aware of animal welfare these days. Because more and more of us are eating plant-based and imitation meat, industries are working hard to keep up. Plus, mock meat gives vegetarians a way to enjoy meaty flavors without compromising their values. All these things are pushing people to choose meat substitutes, which is only helping the market grow.
Government Initiatives Boosting Market Growth
The Indian government is really pushing for people to eat more protein, especially from plants! They're doing this through things like Eat Right India (run by the Ministry of Health), Right to Protein, and even a cool food innovation challenge called The Plant Factor from the Federation of Indian Animal Protection Organizations. What's really neat is that in 2022, the Ministry of Food Processing Industries (MOFPI) and APEDA held the very first plant-based foods summit! The Plant Based Foods Industry Association (PBFIA) and the Good Food Institute India (GFI) helped organize it. The idea was to give companies in the plant-based food world a chance to connect, learn about new technologies, talk about challenges, and get support from important people. All this activity is expected to make the meat substitutes market in India grow even more in the coming years.
Market Segmentation
The India meat substitutes market is segmented based on type, source, distribution channel, region, and competitional landscape. In terms of type, the market is fragmented into snacks, meals, raw. Based on source, the market is segmented into soy, wheat, peas, mycoprotein, others (rice, etc.). Based on distribution channel, the market is segmented into supermarkets/hypermarkets, convenience retailers and online. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North India, South India, East India and West India.
Company Profiles
Gurmi Foods Private Limited, Vezlay Foods Pvt. Ltd., Bizchef Ventures Private Limited, Gooddot Enterprises Private Limited, Imagine Foods Private Limited, Ahimsa Food, Mister Veg Foods Pvt Ltd, Biotrack Foods Private Limited.
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Type· Source· Distribution Channel· Region |
| Regional Scope | North India, South India, West India, East India |
| Key Companies Profiled | Gurmi Foods Private Limited, Vezlay Foods Pvt. Ltd., Bizchef Ventures Private Limited, Gooddot Enterprises Private Limited, Imagine Foods Private Limited, Ahimsa Food, Mister Veg Foods Pvt Ltd, Biotrack Foods Private Limited. Ltd., Evo Foodtech Private Limited, Dharmic Foods Pvt. Ltd. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
Report Scope
In this report, the India meat substitutes market has been segmented into the following categories, in addition to the industry trends which have also been detailed below
- India Meat Substitutes Market, By Type
- Snacks
- Meals
- Raw
- India Meat Substitutes Market, By Source
- Soy
- Wheat
- Peas
- Mycoprotein
- Others
- India Meat Substitutes Market, By Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
- India Meat Substitutes Market, By Region
- North India
- South India
- West India
- East India
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