According to the latest report by IMARC Group, titled “India Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India vegan food market size reached US$ 1,324 Million in 2022. Vegan food is a dietary choice that completely eliminates consuming animal products, including meat, dairy, eggs, and other animal-derived ingredients. It relies on plant-based alternatives and ingredients to create a wide range of delicious and nutritious dishes. It embraces an ethical and sustainable lifestyle that aims to reduce animal exploitation. Consumers are increasingly embracing veganism as they become more aware of its health benefits, such as reduced risks of heart disease, diabetes, and certain types of cancer. Vegan diets are known for their positive impact on the environment, as they require fewer natural resources and produce lower greenhouse gas emissions compared to conventional animal-based diets. As a result, the Indian vegan food market is experiencing rapid growth and presents numerous opportunities for businesses to cater to the changing preferences of consumers seeking healthier, sustainable, and ethically conscious food choices.
India Vegan Food Market Trends:
The growing awareness of health and wellness among consumers prompting them to adopt healthier lifestyles, is one of the major factors contributing to the market growth. In line with this, the increasing consumption of vegan food, which offers nutritionally balanced and wholesome alternatives to traditional diets, is propelling the market growth. Additionally, the rising environmental consciousness among consumers about climate change and the ecological consequences of animal agriculture is encouraging them to gravitate towards plant-based products, creating a positive outlook for the market growth. Moreover, the widespread popularity of vegan food among the rising Indian millennial population, owing to their willingness to explore innovative food choices and experiment with new flavors, is supporting the market growth. In addition to this, the growing urbanization and the increasing influence of global food trends leading to a significant shift in dietary preferences as more international brands and cuisines make their way into the Indian market is fueling the market growth. Furthermore, rapid advancements in food technology and research leading to the development of products, such as plant-based meats, dairy-free alternatives, and egg substitutes that closely mimic the taste and texture of animal-based products are favoring the market growth. Looking forward, the market value is projected to reach US$ 2,463 Million by 2028, expanding at a CAGR of 10.9% during 2023-2028.
- 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. According to the report, dairy alternatives represent the largest segment.
- On the basis of the source, the market has been divided into almond, soy, oats, wheat, and others. Among these, soy accounts for the largest market share.
- Based on the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. According to the report, supermarkets and hypermarkets represent the largest segment.
- Region-wise, the market has been segmented into North India, West and Central India, South India, and East India. Among these, North India is the largest market for vegan food.
|Base Year of the Analysis
||Product, Source, Distribution Channel, Region
||North India, West and Central India, South India, East India
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