Vegan food products including nut milks, meat alternatives, vegan snacks and sweets are gaining popularity in India due to various health and ethical reasons. These products offer various health benefits such as reduced risk of diabetes, heart diseases and certain types of cancer. They are a rich source of vitamins, minerals, fiber and antioxidants. Vegan food products are free from dairy, eggs and other animal products. The growing health consciousness and concern for animal welfare among consumers is driving the demand for vegan food products in India.
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 key trends:
Increasing popularity of plant-based diets is one of the major trends driving the growth of the vegan food market in India. The adoption of vegan or plant-based diets is on the rise due to various perceived health benefits such as weight management, diabetes management and reduced risk of certain cancers. There is a growing consumer awareness about the role of diet in prevention of chronic diseases. This has boosted the demand for healthy vegan food products without animal ingredients in the country. The market players are launching innovative vegan food products catering to this rising demand.
SWOT Analysis
Strength: Growing vegan population in India mainly due to increasing health consciousness among Indian consumers.
Weakness: Lack of awareness about vegan foods and benefits of plant-based proteins among majority of Indian population.
Opportunity: Scope to introduce innovative vegan products to attract non-vegan consumers.
Threats: Competition from regular dairy and meat based Indian food industry.
Key Takeaways
The Global Indian Vegan Food Market Demand is expected to witness high growth.
Regional analysis: The western region currently dominates the Indian vegan food market due to growing vegan population in states like Maharashtra and Gujarat. The northern region is expected to witness fastest growth during the forecast period.
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. Rising health awareness has pushed these players to offer innovative vegan product options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
