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Vegan Foods Rising Demand Fuels India’s Vegan Business, Check The Market And Opportunities.
Sep 15, 2023

In recent years, India has seen significant growth in its plant-based food industry, aligning with its historical embrace of principles like non-violence, vegetarianism, and vegan cuisine. The concept of plant-centric eating has deep roots in Indian culture, and this sector is now poised for substantial expansion, with projections indicating robust growth by 2030. Globally, there is a notable shift towards plant-based foods, driven by consumer awareness of environmental and health impacts.
 
The global vegan food industry is expected to grow steadily between 2022 and 2027, with a compound annual growth rate of 11.32%. In particular, the plant-based dairy sector is set to expand significantly, from US$ 21 million to US$ 63.9 million by 2024, with an impressive compound annual growth rate of 20.7%. India's substantial vegetarian population, making up about 30% of its people, and growing recognition of the health and environmental benefits of plant-based diets, are contributing to the country's plant-based food market's projected 11.8% compound annual growth rate between 2021 and 2028.
 
Rising Demand For Vegan Food In India
Plant-based foods are products made entirely from plant-derived ingredients, free from any animal components, and serve as substitutes for traditional animal-based items. The production of animal-based products has substantial negative environmental impacts, including land conversion, resource consumption, and adverse effects on communities and ecosystems. Plant-based diets offer a sustainable solution, addressing ethical concerns, animal welfare, and unsustainable agricultural practices.
 
The demand for vegan snacks and sweets is propelling India's vegan industry, with the sector potentially constituting 7.7% of the global protein market by 2030, valued at US$ 162 billion. In contrast, global animal and dairy protein demand is forecasted to reach US$ 1.2 trillion by 2030. The plant-based dairy market is expected to grow rapidly, from US$ 21 million to US$ 63.9 million, with an impressive compound annual growth rate of 20.7%.
 
India's plant-based food sector is witnessing substantial growth, with numerous startups and FMCG companies entering the market, offering alternatives to traditional animal-based products. This expansion not only presents business opportunities but also has the potential to improve farmers' incomes and address food scarcity, climate change, and public health issues. India's diverse crop production, advanced food industry, research institutions, R&D achievements, and growing private equity sector make it a promising hub for further expansion in the plant-based food industry.
 
    
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