The increasing awareness around health and environmental benefits

Market Overview:
The Indian vegan food market comprises products that provide complete nutrition while excluding all animal-derived ingredients such as meat, dairy, honey, and eggs. Rapid urbanization coupled with rising disposable incomes has increased the demand for convenient and healthy snacks and ready-to-eat food items in India. This has propelled the growth of packaged vegan products such as plant-based milk, butter, cheese, mayonnaise, snacks, and others. Moreover, growing health consciousness and inclination towards ethical dietary lifestyles that avoid cruelty towards animals is boosting the popularity of veganism among Indian consumers.
Market Dynamics:-
The growing awareness around health and environmental benefits associated with vegan diets is primarily driving the Indian vegan food market growth. Emerging evidence from nutrition studies indicates that vegan diets lower the risk of chronic diseases such as heart disease, type-2 diabetes, and certain cancers. Moreover, flexitarian and vegetarian diets reduce India’s carbon footprint from agricultural activities and minimize deforestation driven by animal agriculture. Additionally, rising incidence of lactose intolerance in India has increased consumer shift towards plant-based alternatives of dairy products such as plant milk. Furthermore, increasing vegan population, especially among millennials and Gen Z, coupled with evolving tastes favoring Indian spices and tropical flavors is encouraging indigenous vegan food companies to innovate and launch new product varieties tailored for local palates. However, limited awareness about vegan products and their benefits in rural India acts as a restraint for market players vying to expand their footprint nationally.
Segment Analysis:-
The Indian vegan food market is dominated by the dairy alternatives segment, accounting for over 30% share. Soy milk is the largest sub-segment within dairy alternatives, due to increasing awareness about the health benefits of soy products such to reducing risks of heart diseases, breast cancer and menopause issues. With rising lactose intolerance in India, the demand for soy and other plant-based milk is rising rapidly.
PEST Analysis:-

  • Political: The growth of the vegan food industry is positively impacted by supportive government policies regarding food safety, certification and labelling of vegan products.
  • Economic: Rising income levels and health consciousness are major drivers of the vegan food market in India. People are willing to pay premium prices for healthy and ethical foods.
  • Social: Younger demographics are driving the trend towards “flexitarian” diets which are motivating companies to launch innovative vegan options. Social media further promotes veganism as an ethical lifestyle choice.
  • Technological: Advancements in ingredient sourcing, processing and product formulations help companies launch multi-varietal vegan options for evolving consumer preferences.

Key Takeaways:-
The Indian Vegan Food Market Growth is expected to witness high, exhibiting a CAGR of 9.1% over the forecast period of 2023 to 2030, driven by rising health consciousness among Indian consumers and proliferation of vegan dining options. The market size is projected to reach US$ 2568.36 Mn by 2030 from US$ 1497.18 Mn in 2023.
Regional analysis: South India dominates the market currently due to social and cultural trends favoring veganism and a strong distribution network of dedicated vegan brands. However, West and North India are emerging as high growth markets propelled by extensive expansion of vegan cafes and restaurants in metro and tier I cities.
Key players: 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, Vega Lyfe, The Hershey Company, Sun Opta Inc., Living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company. One Good is the dominant player in vegan dairy and Evo Foods has wide offering across categories.
 
Read More  – ​https://www.newsstatix.com/indian-vegan-food-market-demand-and-share-analysis/

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