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

Market Overview:-

Indian plant-based foods such as soymilk, tofu, and tempeh are becoming increasingly popular among health-conscious consumers in India. Plant-based meats, dairy alternatives and other vegan products provide similar texture and taste without using animal products and are considered more sustainable and environment-friendly.

Market key trends:-

One of the major trends in the Indian vegan food market is the rising popularity of plant-based dairy alternatives like almond milk, oat milk, cashew milk and soy milk. Their low fat and cholesterol content along with various health benefits is attracting more consumers towards them. Moreover, rapid urbanization and increasing health awareness have also led to significant growth in vegan restaurants and easy availability of vegan products across modern retail formats in India. Introduction of plant-based meat and egg alternatives by key players is further expected to drive the growth of Indian vegan food market over the forecast period.

Market Key Trends:-

The Indian vegan food market has been witnessing significant growth over the past few years. One of the key trends contributing to the growth of the market has been increasing awareness about animal welfare and benefits of plant-based nutrition. There is a growing sense of compassion towards animals and recognition that a vegan diet is better for the environment as well as personal health.Moreover, changing dietary preferences of Indians and exposure to global food trends through social media and travel have boosted the popularity of veganism in the country. Indians, especially millennials and Generation Z, are increasingly adopting flexitarian or semi-vegan diets and incorporating more plant-based options in their everyday eating.

SWOT Analysis:-

• Strengths: Health and environment consciousness among Indians. Wide availability of local plant-based ingredients in the country.
• Weaknesses: Limited product diversification. Higher prices compared to non-vegan alternatives.
• Opportunities: Growing number of health-conscious customers and younger demographic. Rising incomes improving affordability. Partnerships with food chains and QSR outlets.
• Threats: Political and economic uncertainties impacting industries and investments. Stiff competition from conventional dairy and meat industries.

Key Takeaways:-

The Global Indian Vegan Food Market Size is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing health and wellness concerns among Indians.

Regional analysis: The western region of India contributes largest revenue share to the Indian vegan food market currently owing to growing vegan population in states like Maharashtra. However, southern region is expected to witness fastest growth over the coming years led by states such as Karnataka and Telangana where veganism is gaining popularity rapidly especially among millennials.

Key players operating in the Indian vegan food market are One Good, GoodDot, EVO Foods, Ahimsa Foods, 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. These leading brands are increasingly investing in new product developments, focusing on taste and variety, to cater to the diverse needs of Indian vegan consumers.

Read More - https://www.insightprobing.com/indian-vegan-food-market-size-and-trends-analysis/