Indian Vegan Food Market Growing Consumer Awareness and Health Consciousness Driving the Market
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| Indian Vegan Food Market |
The Indian Vegan Food Market is estimated to be valued at US$ 16.5 Bn in 2022 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Indian Vegan Food Market refers to the market for plant-based food
products that do not contain any animal-derived ingredients. These products are
gaining popularity among consumers due to their numerous health benefits and
ethical considerations. Indian consumers are increasingly adopting vegan diets
to not only improve their health but also to contribute towards animal welfare
and environmental sustainability. This market offers a wide range of vegan food
products such as dairy alternatives, meat substitutes, snacks, and desserts.
The market is driven by the growing consumer awareness about the health risks
associated with a non-vegan diet and the increasing demand for sustainable and
cruelty-free food options.
Market Key Trends:
One key trend observed in the Indian Vegan Food Market is the rise of
innovative plant-based meat substitutes. Companies like GoodDot and EVO Foods
are developing meat alternatives that closely mimic the taste and texture of
animal-based meat. These products are made from ingredients such as soy, wheat,
and pea protein and offer a sustainable and cruelty-free alternative to
traditional meat. The market for vegan meat substitutes is expected to witness
significant growth as more consumers are adopting flexitarian or meat-reducing
diets. This trend highlights the potential for innovation and growth in the
Indian Vegan Food Market as companies strive to meet the evolving consumer
demands for healthier and more sustainable food options.
Porter's Analysis:
Threat of New Entrants: The Indian Vegan Food Market faces a medium threat of
new entrants. While the market is witnessing high growth and is expected to
continue growing at a CAGR of 8.1% from 2022 to 2030, the entry barriers are
relatively low. This could lead to more players entering the market and
increasing competition.
Bargaining Power of Buyers: The bargaining power of buyers in the Indian Vegan
Food Market is relatively high. With a growing number of vegan food options
available and an increasing awareness of health and environmental benefits,
buyers have more choices and can easily switch brands if they are not
satisfied. This puts pressure on companies to provide high-quality products at
competitive prices.
Bargaining Power of Suppliers: The bargaining power of suppliers in the Indian
Vegan Food Market is also high. As the demand for vegan products increases,
suppliers of key ingredients such as plant-based proteins and dairy
alternatives have the ability to dictate prices and terms. This can impact the
profitability of companies operating in the market.
Threat of New Substitutes: The threat of new substitutes in the Indian Vegan
Food Market is relatively low. Vegan food products are unique in their
offering, catering specifically to individuals who follow a plant-based diet.
While there are alternatives available, such as vegetarian options or
conventional dairy products, the growing popularity of veganism suggests a strong
demand for dedicated vegan food products.
Competitive Rivalry: The competitive rivalry in the Indian Vegan Food Market is
high. There are several key players operating in the market, including One
Good, GoodDot, EVO Foods, Ahimsa Food, and Wakao Foods, among others. These
companies compete for market share by offering innovative and high-quality
products, expanding their distribution networks, and engaging in marketing and
promotional activities.
Key Takeaways:
The
Indian Vegan Food Market Demand is expected to witness high growth,
exhibiting a CAGR of 8.1% over the
forecast period. This growth can be attributed to the increasing adoption of
vegan lifestyles and the growing awareness of the health and environmental
benefits of vegan food.
In terms of regional analysis, India is the fastest-growing and dominating
region in the Indian Vegan Food Market. The country has a large vegetarian
population and a cultural inclination towards plant-based diets. This, coupled
with the rising trend of veganism, creates a favorable market environment for
vegan food products.
Key players operating in the Indian Vegan Food Market include One Good
(formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, and Jus
Amazin, among others. These companies are at the forefront of product
innovation, catering to the evolving preferences of consumers. They are also
expanding their distribution networks to reach a larger customer base.
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