Summary

India has a significant population of vegetarians, and many people follow a strictly plant-based diet due to religious or cultural beliefs. Hinduism, Jainism, and some sects of Buddhism promote non-violence and respect for all living beings, leading many followers to adopt a vegetarian or vegan lifestyle. During religious festivals and observances, it is common for people to abstain from meat and consume plant-based meals. For example, many people follow a vegetarian diet during Navratri, Pongal, and certain auspicious days of the week like Mondays. Indian cuisine incorporates a range of plant-based protein sources like lentils (dal), chickpeas (chana), beans, tofu, and paneer (Indian cottage cheese). These ingredients form the basis of many traditional Indian dishes. Plant-based foods are attracting a lot of investment, scientific attention, and media attention in India as big food companies, celebrities, cricketers, have started to support this sustainable food system. More recently, The Plant-Based Treaty received support from Bollywood actors and Imagine Meats’ founders Genelia D’souza and Riteish Deshmukh. They started their own business to manufacture sustainable and wholesome plant-based meat. In addition, Cricketer Virat Kohli and actor-wife Anushka Sharma invested in the popular alternate vegan meat brand Blue Tribe. Even though veganism is not a new concept in India, consumer choices and awareness related to the variety of alternatives and their potential usage remains limited. Retailers show an increased interest in sustainable plant-based and healthy brands. The concept of veganism emerged in India more recently, as awareness of health, the environment and animal welfare manifolded. With the rising trend, a large section of the non-vegan community also grew curious about the lifestyle and began to embrace it occasionally. In January 2022, Indian delivery giant Swiggy, the largest ordering and delivery platform in the country, announced a partnership with GoodDot to make animal-free foods easier to source.

According to the research report "India Plant Based Food Market Overview, 2028," published by Bonafide Research, the India Plant Based Food market is expected to grow at more than 17.85 % CAGR from 2023 to 2028. With increasing awareness about health and well-being, many Indians are adopting plant-based diets to reduce their intake of animal products, cholesterol, and saturated fats. This trend is driven by concerns over lifestyle diseases such as obesity, diabetes, and heart conditions. Rapid urbanization has led to changes in lifestyles, including altered dietary habits. In urban areas, there is an increasing demand for convenient and healthy plant-based food options, both in restaurants and packaged foods. Plant-based food options are increasingly finding their way into mainstream restaurants and eateries, catering to a broader customer base and helping normalize plant-based eating. The rise of plant-based fast-food options, such as plant-based burgers, nuggets, and sandwiches, has become increasingly popular in India. Quick-service restaurants and fast-food chains are incorporating plant-based options to cater to changing consumer preferences. Food companies and research institutions are investing in R&D to improve the taste, texture, and nutritional profile of plant-based products. This focus on innovation is driving product quality and acceptance.

Based on product type the market is divided into Plant-based Milk, Plant-based Meat and Seafood, Plant-based Cheese, Plant-based Desserts, Plant-based Ice Cream, Plant-based Yogurt, Plant-based Butter, Plant-based Bars, Plant-based Bakery Snacks and Confectionery, Plant-based Creamer, Plant Based Mayyonaise and Salad Dressing and Others. Among them, Plant Based Milk segment is expected to the highest Market Share. India has a significant population of lactose-intolerant individuals who have difficulty digesting dairy milk due to the lack of lactase enzyme. Additionally, there are individuals with dairy allergies. Plant-based milk, such as almond milk, soy milk, coconut milk, and oat milk, offers a suitable alternative for these individuals to consume milk without experiencing digestive issues or allergic reactions. Manufacturers have adapted plant-based milk to suit traditional Indian cuisines and recipes. For example, plant-based milk is widely used in preparing traditional Indian sweets, beverages like masala chai, and other culinary applications, making it more familiar and appealing to consumers. In addition, the adoption of vegan and vegetarian lifestyles has been increasing in India due to ethical, cultural, and religious reasons. Plant-based yogurt is a dairy-free option that caters to these dietary choices, allowing individuals to enjoy a yogurt-like product without the use of animal-derived ingredients. The plant-based yogurt market in India offers a wide range of flavors and varieties to cater to diverse consumer preferences. Different plant-based sources and flavors (e.g., strawberry, vanilla, mango, etc.) provide consumers with a plethora of choices.

The Food Safety and Standards Act is the primary legislation that regulates all matters related to food safety and standards in India. It aims to ensure the availability of safe and wholesome food for human consumption. Plant-based food products must comply with the standards set by this act. FSSAI has specific regulations governing food labeling in India. Plant-based food products must comply with the labeling requirements, including declaring the list of ingredients, nutritional information, and other mandatory labeling details. FSSAI has established standards for certain plant-based products, such as plant-based milk analogs, under the Food Safety and Standards (Food Products Standards and Food Additives) Regulations. These standards outline the composition and quality requirements for these products. In 2017, FSSAI issued a draft notification for the labelling of plant-based milk analogs. According to this notification, plant-based milk alternatives were not allowed to use the term "milk" on their labels, emphasizing the need for clear differentiation from dairy milk. However, this regulation has been a topic of debate and is subject to potential updates or changes.

E-commerce platforms had a notable impact on the distribution of plant-based food products in India. Online marketplaces and dedicated e-commerce websites allowed consumers to explore a wide array of plant-based options, including products that might not be as readily available in physical stores. Popular e-commerce platforms in India, such as Amazon India, Flipkart, and Grofers, likely offered plant-based food alternatives. In addition, Hypermarkets and supermarkets were major players in the distribution of plant-based food products in India. These retail outlets offered a variety of plant-based alternatives, including meat substitutes, dairy alternatives, plant-based snacks, and other plant-based food items. Popular hypermarkets and supermarkets in India, such as Big Bazaar, Reliance Fresh, D-Mart, and Spencer's, were likely to carry plant-based food options.

Considered in this report
• Geography: India
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• India Plant-based Food with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type
• Plant-based Milk
• Plant-based Meat and Seafood (Tofu, Quorn, Seitan, Fish, TVP, Burger Patties, Tempeh, Hot Dogs and Sausages, Meatballs, Ground Meat, Nuggets, Crumbles, Shreds, Crab, shrimp, Others)
• Plant-based Cheese
• Plant-based Desserts (Cakes, Pastries, Custard, Pudding, etc.)
• Plant-based Ice Cream
• Plant-based Yogurt
• Plant-based Butter
• Plant-based Bars (Protein Bars, Energy Bars, Cereal Bars, Fruit & Nut Bars, etc.)
• Plant-based Bakery Snacks and Confectionery (Biscuit and Cookies, Bread and Rolls, Chocolate, etc.)
• Plant-based Creamer
• Plant Based Mayonnaise and Salad Dressing
• Others

By Distribution Channel
• Hypermarkets and Supermarkets
• Convenience Stores
• E-Commerce
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Plant-based Food industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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Table of Contents

Table of Contents

1. Executive Summary
2. Market Structure
2.1. Market Considerate
2.2. Assumptions
2.3. Limitations
2.4. Abbreviations
2.5. Sources
2.6. Definitions
2.7. Geography
3. Research Methodology
3.1. Secondary Research
3.2. Primary Data Collection
3.3. Market Formation & Validation
3.4. Report Writing, Quality Check & Delivery
4. India Macro Economic Indicators
5. Market Dynamics
5.1. Key Findings
5.2. Key Developments - 2021
5.3. Market Drivers & Opportunities
5.4. Market Restraints & Challenges
5.5. Market Trends
5.6. Covid-19 Effect
5.7. Supply chain Analysis
5.8. Policy & Regulatory Framework
5.9. Industry Experts Views
6. India Plant-based Food Market Overview
6.1. Market Size By Value
6.2. Market Size and Forecast, By Product Type
6.3. Market Size and Forecast, By Distribution Channel
7. India Plant-based Food Market Segmentations
7.1. India Plant-based Food Market, By Product Type
7.1.1. India Plant-based Food Market Size, By Plant-based Milk, 2017-2028
7.1.2. India Plant-based Food Market Size, By Plant-based Meat and Seafood, 2017-2028
7.1.3. India Plant-based Food Market Size, By Plant-based Cheese, 2017-2028
7.1.4. India Plant-based Food Market Size, By Plant-based Desserts, 2017-2028
7.1.5. India Plant-based Food Market Size, By Plant-based Ice Cream, 2017-2028
7.1.6. India Plant-based Food Market Size, By Plant-based Yogurt, 2017-2028
7.1.7. India Plant-based Food Market Size, By Plant-based Butter, 2017-2028
7.1.8. India Plant-based Food Market Size, By Plant-based Bars, 2017-2028
7.1.9. India Plant-based Food Market Size, By Plant-based Bakery Snacks and Confectionery, 2017-2028
7.1.10. India Plant-based Food Market Size, By Plant-based Creamer, 2017-2028
7.1.11. India Plant-based Food Market Size, By Plant Based Mayonnaise and Salad Dressing, 2017-2028
7.1.12. India Plant-based Food Market Size, By Others, 2017-2028
7.2. India Plant-based Food Market, By Distribution Channel
7.2.1. India Plant-based Food Market Size, By Hypermarkets and Supermarkets, 2017-2028
7.2.2. India Plant-based Food Market Size, By Convenience Stores, 2017-2028
7.2.3. India Plant-based Food Market Size, By E-Commerce, 2017-2028
7.2.4. India Plant-based Food Market Size, By Others, 2017-2028
8. India Plant-based Food Market Opportunity Assessment
8.1. By Product Type, 2023 to 2028
8.2. By Distribution Channel, 2023 to 2028
9. Competitive Landscape
9.1. Porter's Five Forces
9.2. Company Profile
9.2.1. Company 1
9.2.1.1. Company Snapshot
9.2.1.2. Company Overview
9.2.1.3. Financial Highlights
9.2.1.4. Geographic Insights
9.2.1.5. Business Segment & Performance
9.2.1.6. Product Portfolio
9.2.1.7. Key Executives
9.2.1.8. Strategic Moves & Developments
9.2.2. Company 2
9.2.3. Company 3
9.2.4. Company 4
9.2.5. Company 5
9.2.6. Company 6
9.2.7. Company 7
9.2.8. Company 8
10. Strategic Recommendations
11. Disclaimer

List of Figures

Figure 1: India Plant-based Food Market Size By Value (2017, 2022 & 2028F) (in USD Million)
Figure 2: Market Attractiveness Index, By Product Type
Figure 3: Market Attractiveness Index, By Distribution Channel
Figure 4: Porter's Five Forces of India Plant-based Food Market

List of Table

Table 1 : Influencing Factors for Global Plant-based Food Market, 2022
Table 2 : India Plant-based Food Market Size and Forecast, By Product Type (2017 to 2028F) (In USD Billion)
Table 3 : India Plant-based Food Market Size and Forecast, By Distribution Channel (2017 to 2028F) (In USD Billion)
Table 4: India Plant-based Food Market Size of Plant-based Milk (2017 to 2028) in USD Million
Table 5: India Plant-based Food Market Size of Plant-based Meat and Seafood (2017 to 2028) in USD Million
Table 6: India Plant-based Food Market Size of Plant-based Cheese (2017 to 2028) in USD Million
Table 7: India Plant-based Food Market Size of Plant-based Desserts (2017 to 2028) in USD Million
Table 8: India Plant-based Food Market Size of Plant-based Ice Cream (2017 to 2028) in USD Million
Table 9: India Plant-based Food Market Size of Plant-based Yogurt (2017 to 2028) in USD Million
Table 10: India Plant-based Food Market Size of Plant-based Butter (2017 to 2028) in USD Million
Table 11: India Plant-based Food Market Size of Plant-based Bars (2017 to 2028) in USD Million
Table 12: India Plant-based Food Market Size of Plant-based Bakery Snacks and Confectionery (2017 to 2028) in USD Million
Table 13: India Plant-based Food Market Size of Plant-based Creamer (2017 to 2028) in USD Million
Table 14: India Plant-based Food Market Size of Plant Based Mayonnaise and Salad Dressing (2017 to 2028) in USD Million
Table 15: India Plant-based Food Market Size of Others (2017 to 2028) in USD Million
Table 16: India Plant-based Food Market Size of Hypermarkets and Supermarkets (2017 to 2028) in USD Million
Table 17: India Plant-based Food Market Size of Convenience Stores (2017 to 2028) in USD Million
Table 18: India Plant-based Food Market Size of E-Commerce (2017 to 2028) in USD Million
Table 19: India Plant-based Food Market Size of Others (2017 to 2028) in USD Million