The global Indian Vegan Food Market is estimated to be valued at US$ 1497.18 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
The Indian vegan food market includes a wide range of plant-based and animal-free products such as plant-based dairy, vegan bakery and confectionery, meat substitutes, snacks, and others. Vegan food products are becoming increasingly popular among Indian consumers due to rising awareness about health and nutrition and growing concerns over animal welfare.
Market key trends:-
One of the major trends in the Indian vegan food market is the growing availability of innovative and indulgent vegan alternatives for everyday foods. Various companies are coming up with products that accurately mimic the taste and texture of regular food items while being animal-free. Another major trend is the increase in demand for plant-based protein foods and beverages. Consumers are looking for vegan foods that can provide similar nutrition as meat and dairy products. This has led to an increase in demand for vegan meat and dairy alternatives like soy milk, almond milk, veggie burgers, sausages, plant-based ice-creams etc. The rising health and fitness consciousness is also driving the demand for high-protein vegan foods.
Segment Analysis:-
The Indian vegan food market is dominated by the dairy alternatives sub segment. Dairy alternatives such as plant-based milk like soy milk, almond milk and oat milk are high in demand owing to rising lactose intolerance and milk allergies among Indians. Moreover, with growing awareness about animal welfare and benefits of plant-based diets, the demand for dairy alternatives is increasing rapidly.
Key Takeaways:-
The Global Indian Vegan Food Market Demand is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing awareness about health benefits of vegan food and growth of flexitarian population in India.
Regional analysis
Western India dominates the Indian vegan food market due to large vegan population in states like Maharashtra. However, Southern India is expected to be the fastest growing market due to significant large number of health conscious young consumers adopting veganism.
Key players analysis
Key players operating in the Indian vegan food market are One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food, Vega Lyfe, The Hershey Company, Sun Opta Inc., Living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company. One Good is currently the leading player in the dairy alternatives segment in India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it