According to the latest report by IMARC Group, titled "India Plant-Based Meat Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India plant-based meat market is expected to grow at a CAGR of 26.3% during 2023-2028. Plant-based meat is generally prepared from peas, soy, beans, mung beans, mushrooms or wheat gluten. Additionally, it is added with oils and natural pigments that enhance the flavor and appearance of the product to appear like real meat. Besides this, several binding agents and yeast are also mixed that provide a meatier, more distinctively umami flavor. It is a rich source of essential nutrients, such as zinc, iron, protein and vitamin B12, that provide adequate nutrition to the vegetarian and vegan population. Due to the changing dietary patterns of the masses, there has been a considerable rise in the adoption of plant-based meat across the country.
India Plant-Based Meat Market Trends:
The market in India is primarily driven by the increasing consumption of plant-based meat among the masses. This can be attributed to ethical reasons, the shifting preference toward plant-based diets and the growing vegetarian and vegan population across India. Along with this, the rising product utilization in the preparation of numerous foods, including burgers, pizza and pasta, is creating a positive market outlook. Moreover, numerous leading players are focusing on launching plant-based meat in frozen variants and canned packaging, which is impacting the market favorably. Furthermore, the proliferation of quick service restaurants (QSR) and cafes is providing a boost to the sales of plant-based meat across the country. The market is further driven by the easy product availability via online and offline organized distribution channels, the advent of home delivery models, the emerging food and beverage industry, inflating disposable income levels of individuals and rapid urbanization.
- On the basis of the product type, the market has been segmented into burger patties, sausages, nuggets and strips, ground meat, meatballs and others.
- Based on the source, the market has been segregated into soy, wheat, peas and others.
- On the basis of the meat type, the market has been categorized into chicken, beef, pork and others.
- Based on the distribution channel, the market has been classified into restaurants and catering industry, supermarkets and hypermarkets, convenience and specialty stores, and online retail.
- On the basis of the region, the market has been divided into North India, West and Central India, South India and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Product Type, Source, Meat Type, Distribution Channel, Region
||North India, West and Central India, South India, East India
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