As more and more people are moving towards a plant-based diet and vegan foods, the demand for plant-based meat which is also known as mock meat is growing rapidly across the globe. According to a report by Grand View Research, the plant-based meat market is projected to grow at a CAGR of 19.4% between 2027, signifying the ongoing trend. With consumers becoming more aware of the health benefits of the plant-based diet, the market for plant-based meat and other plant-based food products is going to register significant growth in the future.
Plant-based Meat Market Scenario in India
Even though plant-based food is a relatively new concept in India, where the non-vegetarian population is predominant, plant-based meat products are being widely accepted by people in the country. Especially, the coronavirus pandemic helped to increase the consumption of plant-based meat which is perceived as an immunity booster by many people.
The Government of India is also encouraging the people to make the right food choices and adopt a sustainable and plant-based diet for better health through several programs like Eat Right India, etc. This in turn is opening up huge opportunities to plant-based meat start-ups and processing companies in India.
While the rural customer is segment is still cautious about the consumption of processed foods including plant-based meat, the urban customers are welcoming these food products in a big way.
Following is the list of the prospective customer segments of plant-based meat:
- Young people
- Urban middle-class people
- Health-conscious people
- People with protein deficiency
The plant-based meat industry in India is majorly dominated by large players such as Beyond Meat, Archer Daniels Midland, etc. However, there also exist several small players. Some of the domestic plant-based meat companies in India are Blue Tribe Foods, Evolved Foods, GreenestFoods, Urban Platter, GoodDot, etc.
Taking into account the growing market for plant-based meat products in the country, the industry is expected to become large attracting huge investments from foreign as well as domestic industries. Particularly, the MSMEs are expected to play a major role in the industry across the value chain right raw material processing to delivering finished products.
The major raw materials required for plant-based meat are pulses, soybean, potato, wheat, sunflower oil, coconut oil, etc. As almost all these raw materials are available abundantly in India, the opportunities for the plant-based meat industry are good in the country.
Products to Explore
Some of the major product categories in the plant-based meat segment include:
- Curry Kit
- Curry Paste
Apart from plant-based meat, the trending products in plant-based foods are plant-based milk, nut butters, plant-based milk powder, vegan spreads, vegan meat, vegan milk, instant vegan coffee and tea premix, etc.
As the plant-based meat industry is poised for rapid growth, a lot of entrepreneurs are foraying into the sector. However, starting a plant-based meat processing business is not so easy without help from food experts.
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The plant-based meat products are made up of beans, soy, peas, mushrooms, and other non-animal products that make them look and taste like the original meat.
As per the research by the U.S. National Institutes of Health, plant-based meat products cause no harm to human health. They are a very good source of fibre, Vitamin B and iron required for the proper functioning of the body.
Curry kit, curry paste, noodles, biryani, pulao, burger, sausage, meatballs, etc. are some of the major products under plant-based meat.
The demand for plant-based meat products is growing in the Indian market, particularly in the urban segments. So, the future of the plant-based meat industry in India looks optimistic.
Given the innovative nature of plant-based meat products, it is advisable to take help from the experts while formulation the product which is an essential step in starting the plant.