Discover how vegan food product businesses are disrupting the Indian market

January 8th, 2023

We can all agree that the widespread change to veganism is being fueled by evolving lifestyles, animal rights, rising disposable budgets, and an increase in the number of consumers in the area who are lactose intolerant. In fact, the line separating the vegan food aisle from the rest of the grocery store will become increasingly hazy as plant-based food products spread to every shelf. But first, it's important to define veganism precisely before we look at the data and the actual situation of the global and Indian vegan markets. The term "vegan," which was first used in 1944, has come to mean "non-dairy vegetarians," who abstain from all consumption and exploitation of animals.

Many people have switched in recent years to a variety of plant-based food substitutes that offer tremendous taste and health advantages. Peruse through this article for a closer look at how vegan food product businesses are disrupting the Indian market.

What convinces people to choose veganism?

The main factors behind the "Going Vegan" movement include rising lifestyle diseases and allergy disorders, technological breakthroughs, climate change, and shifting attitudes toward sustainability. According to studies, a vegan diet that is balanced is very high in magnesium, potassium, folate, and the vitamins A, C, and E. Additionally, they include fibre, antioxidants, and advantageous plant chemicals that meet all the requirements for essential nutrients for a healthy lifestyle. Hence, one only needs to glance at a well-known vegan product to see that the main goals of "Going Vegan" in India are to lower cholesterol, lose weight, and ultimately change to a better lifestyle.

According to reports, the companies that produce plant-based foods are currently thriving in Europe and North America. While India is one country where vegan food has started to disrupt the food sector, the West may be a little behind.

India’s booming vegan food market

Indians, like those in other nations, are interested in food industry advancements, with vegan cuisine being viewed as a better alternative to meat. This is mostly due to the use of antibiotics on meat-producing animals and the rising cholesterol and diabetes rates in India. Now, it must be stated that vegan cuisine is gradually gaining appeal even if it is still much less common than in the West. India currently has the lowest meat consumption rate in the world, according to a research by the United Nations Food and Agriculture Organization (UN FAO), in large part because 44 percent of its 1.3 billion people identify as Hindu. Additionally, India had 500 million vegetarians and five million hardcore vegans in 2020.

Although veganism is still in its infancy in India, it is anticipated to present significant growth potential. The market for plant-based proteins has seen a lot of investment and technological development in just over a decade. Due to its numerous health and environmental advantages, the Go-Vegan Movement has become a significant element of Western countries. However, India has recently seen a booming vegan food market, and the Asian country is predicted to see a CAGR of 11.32% from 2022 to 2027.

Image source: Modern Bazaar

Vegan product businesses in the post-Covid era

The demand for vegan food products has recently increased as a result of the numerous health advantages and immune system support they provide. In the post-Covid era, this consistently aids consumers in their fight against a variety of viral and bacterial diseases. Local plant-based product businesses in India provide a wide range of goods in a variety of categories, including food, cosmetics, clothing, leather, and much more. Brands have received a lot of positive feedback from customers who are progressively searching for healthier and planet-friendly substitutes.

For instance, beyond meat, dairy, and natural foods, the movement for plant-based food is anticipated to expand into new areas. Some examples include snacks and even condiments like salad dressing or mayo as well as baking ingredients like sugar and chocolate that aren't made from animals.

What the future holds for plant-based product businesses in India

The market for vegan products is anticipated to develop as a result of rising customer demand for vegan fast food alternatives such cheese, chocolates, muffins, biscuits, soymilk, shakes, ice cream, and other bakery items. Things have improved now even though vegan products were once thought to be quite pricey in India. Before now, major vegan businesses in India had significant challenges related to price and recreating the same taste in vegan alternatives. However, as the market has developed, businesses are now able to use economies of scale to offer vegan goods affordably in India.

Because of this and the availability of a premium product with numerous health benefits, the vegan food business in India appears to have a very bright future.