January 8, 2023
We can all agree that the widespread shift towards veganism is fueled by changing lifestyles, animal rights, increased budgets available and an increase in the number of consumers in the region who are lactose intolerant. In fact, the line separating the vegan food aisle from the rest of the grocery store will become increasingly blurred as plant-based food products spread across shelves. But first, it is important to define veganism precisely before looking at the data and the actual situation of the global and Indian veganism markets. The term “vegan”, which was first used in 1944, has come to mean “dairy-free vegetarians”, who abstain from the consumption and exploitation of animals.
Many people have turned to a variety of plant-based food substitutes in recent years that offer tremendous taste and health benefits. Browse this article to get a closer look at how vegan food companies are disrupting the Indian market.
What convinces people to choose veganism?
Major factors driving the “Going Vegan” movement include the rise in lifestyle diseases and allergic disorders, technological breakthroughs, climate change and changing attitudes towards sustainability. According to studies, a balanced vegan diet is very high in magnesium, potassium, folate, and vitamins A, C, and E. Plus, it includes fiber, antioxidants, and beneficial plant chemicals that meet all nutrient requirements. essential. for a healthy lifestyle. Therefore, one only has to look at a well-known vegan product to see that the main goals of “Going Vegan” in India are to lower cholesterol, lose weight and ultimately move to a better way of life.
According to reports, companies that produce plant-based foods are currently thriving in Europe and North America. While India is one country where vegan food has started to disrupt the food industry, the West may be a little behind.
India’s booming vegan food market
Indians, like those in other countries, are interested in the progress of the food industry, with vegan cuisine being seen as a better alternative to meat. This is mainly due to the use of antibiotics on meat-producing animals and rising cholesterol and diabetes levels in India. From now on, it is clear that vegan cuisine is gradually gaining in popularity even if it is still much less widespread than in the West. India currently has the lowest meat consumption rate in the world, according to a study by the Food and Agriculture Organization of the United Nations (UN FAO), largely because 44% of its 1 .3 billion people identify as Hindu. Moreover, India had 500 million vegetarians and five million diehard vegans in 2020.
Although veganism is still in its infancy in India, it is expected to have significant growth potential. The plant protein market has seen many investments and technological developments in just over a decade. Due to its many health and environmental benefits, the Go-Vegan movement has become an important part of Western countries. However, India has recently seen a booming vegan food market, and the Asian country is expected to see a CAGR of 11.32% from 2022 to 2027.
Image Source: Modern Bazaar
Vegan product companies in the post-Covid era
The demand for vegan food products has recently increased due to the many health benefits and immune system support they provide. In the post-Covid era, this routinely helps consumers in their fight against various viral and bacterial illnesses. Local herbal companies in India offer a wide range of products in various categories including food, cosmetics, clothing, leather, and more. The brands have received a lot of positive feedback from customers who are gradually looking for healthier and planet-friendly substitutes.
For example, beyond meat, dairy and natural foods, the plant-based food movement should expand into new areas. Some examples include snacks and even condiments like salad dressing or mayonnaise as well as baking ingredients like sugar and chocolate that aren’t made from animals.
What the future holds for herbal companies in India
Vegan products market is expected to grow owing to growing customer demand for vegan fast food alternatives such as cheese, chocolates, muffins, cookies, soy milk, shakes, ice cream and other products of bakery. Things have improved now, although vegan products were once considered quite expensive in India. Previously, large vegan companies in India had significant challenges related to price and recreating the same taste in vegan alternatives. However, as the market has grown, companies are now able to use economies of scale to bring affordable vegan products to India.
For this reason and the availability of a premium product with numerous health benefits, the vegan food industry in India seems to have a very promising future.