July 21, 2024
Indian Vegan Food Market

Indian Vegan Food Market Is Estimated To Witness High Growth Owing To Rising Health Consciousness

The Indian vegan food market is estimated to be valued at US$ 1497.18 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Vegan foods are plant-based foods that do not contain any animal products such as dairy, eggs or honey, or animal by-products. The products in the Indian vegan food market include meat alternatives, dairy alternatives, vegan bakery and confectionery products, and other vegan foods. The rising health consciousness among Indian consumers is driving the growth of vegan food products as a healthy alternative to animal-based products. Vegan diets are known to reduce the risk of chronic diseases and improve overall health and well-being. Additionally, growing concerns over animal welfare and environmental sustainability are also influencing consumer preferences towards vegan food products.

Market Dynamics:-

The Indian vegan food market is expected to witness robust growth over the forecast period, owing to rising health consciousness and awareness about the benefits of plant-based diets among Indian consumers. As consumers increasingly focus on overall wellness and preventive healthcare, vegan products are emerging as a healthy food choice. Additionally, growing concerns over sustainability and animal welfare are driving the demand for vegan alternatives to conventional dairy and meat products. The changing lifestyles and busy schedules are also fueling the demand for convenient vegan snacks and packaged foods. Leading companies are innovating and launching a wide variety of vegan bakery, dairy alternatives, and savory snacks to cater to the evolving tastes and preferences of Indian consumers looking for sustainable and healthy food options.

SWOT Analysis:-

  • Strengths: The Indian vegan food market is witnessing significant growth owing to increasing health consciousness among people in India. Rising awareness about the benefits of plant-based diets is driving more consumers towards vegan food products. These foods are considered healthy alternatives as they are free from dairy, meat and eggs. The growing number of vegan restaurants and food chains in India make these foods easily accessible to people.
  • Weaknesses: The vegan food industry in India still faces challenges related to lack of proper infrastructure for production and distribution of vegan products. Due to absence of advanced technology, the production cost of vegan foods is higher compared to conventional foods. This increases the price of vegan products making them less affordable for middle and low income groups.
  • Opportunities: The growing vegan population offers new opportunities for businesses to launch customized vegan food products catering to Indian tastes. Additionally, the rising influence of social media is enhancing awareness about veganism among youth, providing growth prospects for vegan startups.
  • Threats: Stiff competition from established dairy and meat companies can pose threats to new entrants in the vegan foods segment. Uncertainty regarding long term health effects of vegan diets act as a deterrent for some consumers in completely shifting to veganism.

Key Takeaways:-

The Global Indian Vegan Food Market Demand is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing awareness about health and environmental benefits of plant-based diets. The market size is projected to reach US$ 2,562.37 Mn by 2030 from US$ 1497.18 Mn in 2023.

Regional analysis Western states of India such as Maharashtra, Gujarat and Delhi NCR dominate the vegan food market owing to rising vegan population in metro and tier I cities. These states account for over 60% of sales of vegan products led by high acceptance of vegan lifestyles in urban India. Karnataka is also emerging as promising market for vegan foods due to growing health consciousness among middle class consumers in cities like Bangalore and Mangalore.

Key players operating in the Indian vegan food market are One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it