India Vegan Food Market

Market Overview 2024-2032:

The India vegan food market size reached US$ 1,468.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,474.8 Million by 2032, exhibiting a growth rate (CAGR) of 10.04% during 2024-2032. The increasing awareness about the health benefits of plant-based diets, the increasing vegan population in the country, and the availability and accessibility of vegan food products are some of the major factors propelling the market.

Vegan food refers to food products and dishes that are entirely plant-based and do not contain any animal-derived ingredients or by-products. A vegan diet excludes all animal meats such as beef, poultry, seafood, and game, as well as animal by-products like eggs, dairy, milk, cheese, butter, honey, and gelatin. Vegan food primarily consists of plant-based ingredients, including fruits, vegetables, legumes beans, lentils, chickpeas, whole grains, rice, quinoa, oats, nuts, seeds, and plant-based oils. These ingredients form the basis for a wide variety of vegan recipes and dishes such as vegetable stir-fries, grain bowls, salads, plant-based burgers, vegan pizzas, dairy-free ice creams, and much more.

The market is primarily driven by the expanding food and beverage industry and the proliferation of vegan quick service restaurants (QSRs) and cafes. Moreover, the increasing interest in sustainable food production is escalating the demand for vegan food as consumers are becoming more aware of the environmental impact of animal agriculture. Besides, the easy availability of vegan food through organized distribution channels and offline retail outlets represents another major growth-inducing factor. In addition, the Government of India has taken steps to promote veganism and encourage the consumption of plant-based foods. For instance, initiatives like the Green India Mission and the National Mission on Sustainable Agriculture focus on promoting sustainable agriculture practices and increasing the production of plant-based foods. Furthermore, rapid urbanization, the increasing number of masses with lactose intolerance and inflating disposable income levels of individuals are other factors creating a favorable market outlook across the country.

India Vegan Food Market Trends/Drivers:

The increasing vegan population in India

Presently, as more people are shifting toward veganism, there is an increased demand for plant-based food products, driving the growth of the market. In addition, the expanding vegan population has attracted investments and encouraged innovation in the vegan food industry. Startups and established companies are focusing on developing new plant-based alternatives and investing in research and development to enhance the taste, texture, and nutritional profile of vegan food products. Moreover, the growing vegan population has prompted restaurants, cafes, and food service providers to expand their vegan menu offerings. They are incorporating more plant-based options to cater to the increasing demand for vegan meals.

The increasing awareness about the health benefits of plant-based diets

People are becoming more conscious of their dietary choices and are actively seeking healthier alternatives. As a result, there has been a growing demand for vegan food products that are perceived as healthier and nutritionally beneficial. Moreover, plant-based diets provide a wide range of essential nutrients, including fiber, vitamins, minerals, and antioxidants. As a result, people are widely adopting vegan foods to ensure a nutrient-rich diet. Besides, health-conscious consumers are adopting whole foods and minimally processed options. They are looking for vegan food products that are free from artificial additives, preservatives, and excessive sugar or sodium content. This has resulted in a greater availability of natural and minimally processed vegan food options in the market, including fresh fruits and vegetables, whole grains, legumes, and raw or lightly processed plant-based products.

The introduction of innovative food products

The introduction of innovative vegan food products expands the variety of options available to consumers. This diversification caters to different taste preferences, dietary needs, and culinary traditions. Innovative products include vegan meat substitutes, dairy-free alternatives, plant-based cheeses, vegan desserts, and ready-to-eat vegan meals. This wider range of choices attracts new consumers and encourages existing consumers to explore and experiment with vegan food options. Moreover, the availability of ready-to-eat vegan meals, plant-based protein bars, grab-and-go snacks, and plant-based meal kits is also contributing to market growth. Besides, another aspect of innovation in the vegan food market is the development of plant-based alternatives for traditional Indian dishes. This includes vegan versions of popular foods like dairy-free paneer, plant-based ghee, vegan butter, and plant-based yogurt. These innovative products allow individuals to enjoy traditional flavors and dishes while adhering to a vegan lifestyle.

India Vegan Food Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the India vegan food market report, along with forecasts at the country and regional levels from 2024-2032. Our report has categorized the market based on product, source and distribution channel.

Breakup by Product:

• Dairy Alternatives
  • Cheese
  • Dessert
  • Snacks
  • Others
• Meat Substitutes
  • Tofu
  • TVP
  • Seiten
  • Quorn
  • Others
• Others
   

Dairy alternatives dominate the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes dairy alternatives (cheese, dessert, snacks, and others); meat substitutes (tofu, TVP, seiten, Quorn, and others), and others. According to the report, dairy alternatives represented the largest segment.

Many individuals in India avoid dairy products due to religious beliefs, lactose intolerance, or personal dietary choices. Dairy alternatives provide a suitable option for these individuals to replace dairy-based products while adhering to their cultural or dietary preferences, which is accelerating their demand. Moreover, there is a rising awareness of the potential health issues associated with consuming excessive dairy products. As a result, people are seeking healthier options, and dairy alternatives provide them with plant-based alternatives that are free from animal-based saturated fats and cholesterol. Dairy alternatives have become more accessible and widely available in India. Supermarkets, health food stores, and online retailers now offer a variety of dairy-free options, including plant-based milks such as soy, almond, coconut, and oat milk, dairy-free yogurt, cheese alternatives, and vegan butter. This increased availability has made it easier for consumers to incorporate dairy alternatives into their diets.

Breakup by Source:

• Almond
• Soy
• Oats
• Wheat
• Others
   

Soy holds the largest share in the market

A detailed breakup and analysis of the market based on the source has also been provided in the report. This includes almond, soy, oats, wheat, and others. According to the report, soy accounted for the largest market share.

Soy-based products have been a part of traditional Indian cuisine for centuries. Soybeans and soy-based ingredients have long been used in various dishes, such as soy milk, tofu, and soy-based curries. This familiarity with soy products has made it easier for consumers to accept and incorporate soy-based alternatives into their diets. Moreover, soy milk is a popular dairy alternative, and tofu is widely used as a substitute for paneer or meat in various Indian recipes. Additionally, soy protein isolates are used to create vegan meat substitutes, such as soy-based sausages, burgers, and nuggets. This versatility allows soy to cater to diverse culinary preferences and provides a foundation for the development of innovative vegan food products. Besides, soy-based products, including soy milk, tofu, soy protein, and soy-based meat substitutes, are readily available in the Indian market. They are often priced competitively compared to other plant-based alternatives, making them accessible and affordable for a wide range of consumers.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others
   

Vegan food items are widely distributed through supermarkets and hypermarkets

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. According to the report, supermarkets and hypermarkets represented the largest segment.

Supermarkets and hypermarkets stock and display a wide variety of products, including vegan alternatives. They also accommodate a range of plant-based products such as vegan meat substitutes, dairy-free milks, plant-based cheeses, vegan desserts, and packaged vegan meals. This diverse product range allows consumers to explore different options and choose from a variety of vegan offerings. Moreover, these stores are widely accessible to consumers, with multiple locations in urban and suburban areas. Their extended operating hours and convenient shopping experience make it easier for individuals to find and purchase vegan food items. Besides, supermarkets and hypermarkets provide a platform for brands to showcase their vegan food items to a larger audience. These retailers invest in marketing and promotional activities, highlighting the availability and benefits of vegan products, thus increasing their popularity.

Breakup by Region:

• North India
• West and Central India
• South India
• East India
   

North India exhibits a clear dominance, accounting for the largest market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, West and Central India, South India, and East India. According to the report, North India was the largest market for vegan food.

North India is known for its rich vegetarian culinary traditions. Traditional North Indian cuisine, such as Punjabi, Rajasthani, and Uttar Pradesh cuisine, includes a wide variety of plant-based dishes that are naturally vegan or can be easily modified to be vegan. This heritage contributes to the availability of diverse and flavorful vegan food options in the region. Moreover, North India is witnessing rapid urbanization and has a significant urban population. Urban areas tend to have higher disposable incomes, which allows individuals to explore and adopt specialty diets like veganism. The presence of a larger urban population with higher purchasing power contributes to the growth of the vegan food market in North India. Besides, the region has seen significant market development in terms of the availability and accessibility of vegan food products. Supermarkets, health food stores, and specialty vegan stores have expanded their presence in major cities in North India, making it easier for consumers to access a wide range of vegan options.

Competitive Landscape:

The competitive landscape of the market is characterized by the presence of various players, including both domestic and international companies. Nowadays, key players are prioritizing local flavors to cater to regional preferences and specific needs of the Indian market. They are also diversifying their product portfolios by offering plant-based milk alternatives, vegan ice creams, and vegan spreads. Moreover, key manufacturers are adopting aggressive marketing strategies, promotional campaigns and celebrity endorsements to create brand awareness. They are also introducing innovative product variants and investing in the launching of packaged vegan foods, ready-to-eat meals, and cooking premixes to expand their consumer base.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.

India Vegan Food Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India vegan food market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the India vegan food market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India vegan food industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.