December 29th, 2022
Veganism is becoming less of an avant-garde idea and more of a mainstream lifestyle choice based on ethics, sustainability, and health. We are more than ever in the age of veganism, as seen by the explosive growth of plant-based diets in many parts of the world. But if you stop to think about it, where did this come from? The allure rests in an appeal of a greener, cleaner way of life, a growing educated middle class, more knowledge of global trends, a growing focus on personal and planetary health. Even if it crosses all ages and cultural boundaries, veganism is a trend that the younger generation is driving. India, a young nation with over half of its people under the age of 30, is eager to follow as veganism soars around the world.
The most recent study published by IMARC Group, titled “India Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” provides a thorough analysis of the sector, including details on market share. Right from investors, researchers, consultants and marketing strategists or anybody else preparing to enter the industry in any capacity can benefit greatly from this analysis. We offer you a sneak peek at their findings in a concise manner.
Projections for the coming years
Along with competition and geographical research, the study also covers recent market breakthroughs as factors that determine their growth projections. It indicates that during the years 2022–2027, the vegan food market in India is anticipated to grow at a CAGR of 11.32%. Vegan cuisine describes meat and dairy substitutes made from plants. They consist of seitan, quorn, tofu, TVP (textured vegetable protein), cheese, etc. These vegan food items are a great source of minerals, fibre, protein, potassium, folate, magnesium, antioxidants, complex carbohydrates, vitamin A, vitamin C, and vitamin E, among other nutrients.
They aid in lowering cholesterol levels, controlling type 2 diabetes, lowering the risk of cancer and heart disease, reducing arthritis pain, boosting energy, encouraging weight loss, and improving skin health, among other things. As a result, there is a huge market for vegan diet products in India.
Prevalent Market Trends
One of the main drivers propelling the vegan food industry in India is the rising public awareness of the health advantages of vegan cuisine over foods derived from animals. Additionally, the growing trend of fast food restaurants and restaurant chains serving vegan pizza, waffles, burritos, ice cream, cookies, and brownies is having a beneficial impact on the industry nationwide. In addition, the growing population of people who are lactose intolerant and the launch of packaged dairy-free milk, chocolates, cheese, fat spreads, breakfast cereals, unsweetened soy drinks, etc. supplemented with vitamin D by top market players are important growth-inducing factors.
What the future holds
Additionally, it is anticipated that the launch of several supportive policies by the government bodies aimed at encouraging the adoption of a sustainable diet featuring plant-based foods will spur the India vegan food market in the upcoming years. These policies aim to promote the adoption of a diet that helps fight climate change and other environmental issues brought on by fishing activities and animal agriculture. Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
