The new report by Expert Market Research titled, ‘India Vegan Food Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the India vegan food market, assessing the market based on its segments, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 15.4 billion
- Forecast CAGR (2023-2028): 8.6%.
In the Asia Pacific area, India is one of the most important vegan food markets. The demand for vegan fast-food alternatives such as chips, biscuits, muffins, chocolates, soymilk ice cream and shakes, and bakery items is expected to increase, propelling the business forward. Growing consumer awareness of healthy lifestyles, such as how to eat a healthier diet, lose weight, and lower cholesterol and fat, can aid the growth of vegan food products, such as plant-based vegan foods, within the market.
Vegan chocolates are becoming more popular as a result of their multiple health benefits, including the reduction of plaque and fat in arteries and the strengthening of the immune system against a wide range of bacterial and viral diseases, which could help the vegan food market grow in India. In addition, industry players are launching a selection of high-quality vegan food products in a variety of flavours and appealing packaging to appeal to a wider customer base, which is projected to promote market growth.
India Vegan Food Industry Definition and Major Segments
Veganism refers to a vegetarian diet that excludes meat, dairy, eggs, and other animal-derived components such as honey, collagen, and gelatin. Animal products and by-products such as fat, stock, caviar, roe, eggs, milk, cheese, and meat are all avoided in a vegan diet.
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By product type, the industry is segmented into the following:
- Dairy Alternatives
- Meat Substitutes
- Egg Alternatives
- Vegan Bakery
- Plant-Based Snacks
The distribution channel for the India vegan industry includes the following:
- Convenience Stores
- Speciality Stores
The report also covers the Indian regional markets like:
- South India
India Vegan Food Market Trends
Plant-based foods are well-positioned to bridge socio-cultural divides in India, thanks to a growing middle class, increased knowledge of global trends, and the need for protein transitions for human and planetary health, as well as deep-seated cultural views on meat consumption among India’s diverse population. The expansion of the vegan market in India is projected to be aided by a rise in eateries catering to the vegan community. Market growth is likely to be aided by the increasing penetration of global companies in the region.
Key Market Players
The major players in the market are VegaLyfe, The Hershey Company, Piperleaf, Good Dot, Ahimsa Food (Veggie Champ) and Soft Spot Foods. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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