The latest report by IMARC Group, titled “India Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the India vegan food market is expected to exhibit a CAGR of 11.32% during 2022-2027. Vegan food comprises various edible food products prepared using plant-based ingredients, including soy, oats, wheat, almonds, tofu, rice, and coconuts. Some commonly consumed vegan food includes fruits, vegetables, grains, pulses, seeds, nuts, and beans. It is free from animal-derived products, such as milk, eggs, honey, and gelatin and contains low amounts of cholesterol and saturated fats. It is a rich source of fiber, antioxidants, potassium, magnesium, folic acid, protein, iron, and vitamins A, B1, C, and E. As a result, vegan food has gained immense popularity in India as a healthy alternative to dairy, meat, and meat-based products due to its similar taste, texture, and flavor.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Vegan Food Market Trends:
The shifting dietary patterns and the growing health consciousness among the masses represent the primary factors driving the market in India. This can be attributed to the rising incidences of chronic lifestyle diseases, such as obesity, diabetes, cardiovascular disorders, and cancer. Additionally, the Government of India is taking favorable initiatives to promote the uptake of sustainable plant-based diets to help fight climate change and other environmental issues caused by animal agriculture and fishing. In line with this, the increasing concerns regarding animal cruelty and the surging awareness about the nutritional benefits of vegan food have augmented the product demand. Furthermore, several key players are launching premium-quality packaged dairy-free vegan food items, such as chocolates, milk, cheese, breakfast cereals, and unsweetened soya drinks. Besides this, the rising adoption of innovative packaging solutions and aggressive promotional activities like athlete and celebrity endorsements have propelled the market growth. Moreover, with the introduction of ready-to-eat (RTE) vegan food in exotic flavors, several restaurants and fast-food chains across the country are offering a vegan-friendly menu, thereby contributing to product sales. Other factors, including the emerging veganism trend, increasing prevalence of lactose intolerance, inflating consumer expenditure capacities, rapid urbanization, and changing lifestyle preferences, are also creating a positive market outlook.
- Based on the product, the market has been segmented into dairy alternatives (cheese, dessert, snacks, and others), meat substitutes (tofu, TVP, seiten, quorn, and others), and others.
- On the basis of the source, the market has been classified into almond, soy, oats, wheat, and others.
- The market has been divided based on the distribution channel into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
- On a regional basis, the market has been segregated into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been analyzed, along with the detailed profiles of the key players operating in the industry.
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