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Growth of plant-based could contribute to govt’s Vision 2030.
Jan 10, 2023
Plant-based meats (i.e., products which have the properties of animal-based items but are sourced purely from plants) and plant-based dairy products (i.e.,products using plant-based alternatives to derive the whole range of dairy products from milk, yogurt, cheese, paneer and so on) have been the rage all across – particularly the Western world over the last couple of years. India was not far behind; we, Indians, have been introduced to this category of food products by a number of startups that entered this arena. A lot of influence has been added using Bollywood and cricket stars, who have taken up promoting this category to the masses. In addition, major QSR brand Dominos introduced a plant-based option as part of their pizza range and ITC introduced an SKU or two as part of their frozen range. Albeit with little success.
Plant-based alternatives started to make deeper inroads during the pandemic when there was a concern for health, well-being and hygiene, and, moreover, a lot of consumption was limited to indoors, with out-of-home consumption severely impaired. Furthermore, the talk of how strong an environmental impact plant-based options have over real meat was an added selling point, particularly to the younger generation of consumers who are environmentally-conscious to a greater degree. This gave plant-based alternatives the necessary fillip with a lot of media bites and also became a strong conversation piece across all forms of media.
However, the situation in more developed markets, which saw the rapid rise in the introduction, consumption, and acceptance of plant-based alternatives,seems to be flattening out over the last two quarters. For instance, Beyond Meat Inc., a Los Angeles–based producer of plant-based meat substitutes listed on NASDAQ, lost over 75% of its share value in 2022. Particularly so with the retail-focused D2C brands in this segment. About two-thirds of the plant-based meat products are in the frozen category and the rest are in the chilled section.
Additionally,apart from the largely funded startups in this space, we have also witnessed the entry of large CPG behemoths such as Unilever, Nestle, and more, who have acquired some of the challenger brands and entered this category. Subsequently, all leading QSR brands such as Domino’s, McDonald's, Burger King and Starbucks have all been adding plant-based meat options to their menus. Ikea, which is amongst the top 10 food chains globally, has introduced a lot of plant-based options in its stores and is targeting a 50% switch to plant-based options over the next 3 to 5 years. Thus, what we can infer is that the foodservice channel is continuing its efforts to introduce the consumer to different plant-based options,with possibly a large number of trials being initiated. Notably, any major food trend initially starts off first in the out-of-home setting and then only gravitates inwards into the house kitchen or refrigerator.
Plant-based meat is made from proteins isolated from plant sources, including soy and peas, and dairy-product alternatives are derived primarily from oats, almonds, rice, and soy. Mimicking the taste and texture of what meat products actually taste like requires a whole lot of scientific engineering, processing, the addition of taste-maskers and enhancers, a whole range of chemical additives, colour, flavour, taste-enhancers and so on.
fnbnews.com
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