Executive Summary
The market for plant-based food and dairy products in India is experiencing substantial growth and is currently in its expansion phase. In recent years, there has been a notable increase in the demand for plant-based foods in India. This surge can be attributed to shifting consumer preferences, a heightened awareness of health and environmental issues, and the availability of plant-based alternatives. As a result, significant investments from both domestic and international companies have been directed towards this sector, aiming to leverage the growing trend. This influx of investment has led to a diverse range of plant-based products now being accessible to consumers.
“Even though there are close to 500 million people vegetarians in India, the number of vegan populations is very less, they account for only 1% of overall vegetarian population.”
This comparison emphasises how low the penetration is, while also highlighting the market's anticipated development potential for plant-based food & dairy market. The government has also been working on strategies to increase the penetration of plant-based food, as a result, demand is rising.
Growth Potential of India Plant based Food Market: According to Makreo research, Plant based food players are having huge market to expand, with the increasing number young techie generation and Gen “I” population, adoption rate of plant-based food is expected to rise in coming future. Furthermore, India boasts a considerable and continuously growing vegetarian demographic, presenting a significant prospect for the plant-based food industry. Conversely, the Indian government has shown increasing backing for the advancement of the plant-based food sector, recognizing its potential for expansion and job generation. Additionally, India has a substantial and expanding export market for plant-based products due to escalating demand, particularly in countries with large vegetarian populations.
Lack of Cold Chain Creating Obstacle to the Growth: One of the biggest barriers to the growth of this industry is the lack of cold chain logistics in the country. Retailers in India are still adjusting to a wide range of products that require temperature-controlled spaces. Alternative dairy products lack access to affordable, temperature-controlled transportation, particularly plant-based ice creams. This frequently makes it difficult for businesses to expand into new states and smaller retail locations, owing to this availability of plant based food to the nearby stores are limited which is hindering the market growth.
Performance of Segmentation
By Type: The India Plant based food and dairy market is highly organized led by emerging companies, Plant based dairy product holds the major market share accounting for more than 55% followed by plant-based protein and others. The enormous share of the market of plant based dairy category is linked to a number of factors, including the rising prevalence of lactose intolerance, consumer concern over animal maltreatment in contemporary dairy farming practices, and the nutritional advantages of plant-based dairy alternatives.
By Source: India Plant based Food Market by Source is divided into Soy, wheat, pea, coconut, almond, cashew, and others. Soy holds the major market share. The soy category is expanding as a result of the growing acceptance of soy protein as a vegetarian source of protein and the addition of compounds like glutamine and BCAAs, which promote quick absorption and muscle regeneration. On the other hand, adoption rate of pea and wheat protein is increasing Vegetarians, vegans, and people sensitive to dairy and egg proteins are just a few of the consumers who are increasingly embracing pea protein.
By Region: In India Plant based food market by region, Northern part of India holds the major market share followed Western India and others. Due to cultural and religious influences, there is a sizable vegetarian community in North India. Common plant-based foods include lentils, legumes, vegetables, and dairy substitutes including soy-based goods and paneer (cottage cheese). Numerous plant-based dishes, such dal makhani, chole (chickpea curry), and aloo gobi (potato and cauliflower curry), are available in North Indian cuisine, which is renowned for its robust flavors.
Future Outlook
India has one of the strongest innovative capacities for developing plant-based alternatives because of its culinary heritage and expertise of food science and culinary arts. It is a terrific enterprise from a business aspect and offers a huge export opportunity. Given the size of India's population, plant-based products have a bright future. Large portions of the population switching to a plant-based diet would have a severe negative influence on the ecology and the lives of animals.
In India, the market for plant-based meat is growing abroad as a result of agreements with big overseas corporations. For instance, Imagine Meats, an Indian producer of plant-based meat, and Archer Daniels Midland (ADM) have collaborated.
Scope of the Study
Makreo research has published study on Plant based food Market titled, “India Plant-based Food and Dairy Products Market-Future Outlook to 2028”. Market assessment has been carried out using qualitative and quantitative methods and have combined the impact of macroeconomic and micro economic scenario. The market has witnessed many shifts in recent past years. Future outlook has been assessed keeping various influencing factors into consideration and also to assess the expected opportunities in the market.
Period of Study 2018-2022 : Past and Present Scenario
2022: Base Year
2023-2028 : Future Outlook of the industry
Segmentation Covered-
By Type:
By Source:
By Region:
Key Questions Answered
Table of Content
Report Synopsis
Industry At a Glance
Categories of Plant-based Consumers
1. Research Methodology
1.1. Objective of the Study
1.2. Market Definition
1.3. Research Process
1.4. Data Collection Methods
1.5. Analytical Framework
2. India Plant-based Food Market : EPTD Analysis
2.1. India Overview : EPTD Analysis
2.1.1. EPTD Analysis : India Economic Overview
2.1.2. EPTD Analysis : India Political Overview
2.1.3. EPTD Analysis : India Technological Overview
2.1.4. EPTD Analysis : India Demographic Overview
3. India Plant-based Food Market : Regulatory Framework
3.1. Policy and Vegan Logo : FSSAI
4. India Plant-based food Market : Past and Present Performance
4.1. India Plant-based Food Market Structure
4.2. India Plant-based Food Market Evolution and History
4.3. India Plant-based Food and Dairy Products : Industry Overview
4.3.1. Distribution of Vegetarians and Non Vegetarians in India
4.3.2. India Plant-based Food Market : Influx of New Players
4.3.3. India Plant-based Food Market : Untapped Opportunity
4.4. India Plant-based Food Market : Funding Scenario
4.5. India Plant-based Food Market : Challenges in Accessibility
4.6. India Plant-based Food Market : Past and Present Analysis
4.6.1. India Plant-based Food Market : By Type (Plant based Dairy, Meat, Protein, Seafood)
4.6.2. India Plant-based Food Market : By Source (Soy, Wheat, Pea, Coconut, Almond, Cashew)
4.6.3. India Plant-based Food Market : By Region (North, East, West, South)
5. India Plant-based Food Market Segmentation
5.1. India Plant-based Meat Market
5.1.1. India Plant-based Meat Market : Consumer Preferences
5.2. India Plant-based Protein Market : Production Facts
5.2.1. India Plant-based Protein Market : Protein Clusters
5.2.2. India Plant-based Protein Market : Investment Scenario
5.3. India Plant-based Dairy Market : Consumption Facts
5.3.1. India Plant-based Dairy Market : Consumer Awareness
5.4. India Plant-based Food Market : By Region
5.4.1. India Plant-based Food Market : Access to Pant-based Food by Region
6. India Plant-based Food Market : Future Outlook
6.1. India Plant-based Food Market : Future Outlook
6.2. Factors to Drive the India Plant-based Food Market in Future
7. India Plant-based Food Market : SWOT Analysis
7.1. India Plant-based Food Market : SWOT Analysis
7.1.1. India Plant-based Food Market : Strengths & Weakness
7.1.2. India Plant-based Food Market : Opportunities & Threats
8. India Cold Chain Market
8.1. India Cold Chain Market : An Overview
8.2. India Cold Chain Market : Challenges to Overcome
8.3. State/UT wise Distribution of Cold Storage in the Country : 2020 vs 2022
9. India Plant-based Food Market Dynamics
9.1. Recent Trends & Development
9.2. Market Dynamics : Drivers
9.3. Market Dynamics : Challenges
10. India Plant-based Food Market : Funding Timeline
10.1 India Plant-based Food Market : Funding Timeline
11. India Plant-based Food Market : Emerging Startups
11.1. India Plant Based Market Emerging Start Ups
12. India-Plant Based Food Market : Company Profile
12.1. Company Profile : Ahimsa Foods
12.2. Company Profile : Good Dot
12.3. Company Profile : One Good
12.4. Company Profile : Evo Foods
12.5. Company Profile : Bveg Foods
12.6. Company Profile : Imagine Meats
12.7. Company Profile : Vezlay
12.8. Company Profile : Wakao Foods
12.9. Company Profile : Shaka Harry
Analyst Recommendations
Limitations of the Study
List of Figures and Tables
GDP Growth (Annual %) of India, 2018-2023
Consumer Inflation Rate of India, 2018-2023
FDI Flows in India, 2018-2021
Political Framework Parameters of Developed Economies
Political Framework Parameters of Emerging Economies
Population of India, 2018-2021
Population of India between 15 - 64 age (% of the total population), 2018-2021
The Price Imparity Between Traditional Products vs Price for Plant Based Food Products
India Plant-based Food Market Revenue, 2018-2022
India Plant-based Food Market by Type, 2022
India Plant-based Food Market by Source, 2022
India Plant-based Food Market Demand by Region, 2022
Plant based Meat vs. Regular Meat
% of Consumers Very or Extremely Likely to Purchase Plant based Meat regularly
% of Consumers Very or Extremely Likely to Purchase Cultivated Meat regularly
Plant based Meat vs. Regular Meat
Plant Protein Cluster Across 12 Indian States
Alternative Protein Investment Summary, 2010-2020
Consumption of Plant-based Dairy Product out of Overall Plant Based Food Market
Consumer Awareness of Plant-based Foods in India
India Plant-based Food Market Revenue, 2023-2028F
State/UT Cold Storage Distribution in the Country, 2020
State/UT Cold Storage Distribution in the Country, 2022