Rising disposable income and growing health consciousness among people to drive the India meat substitutes market through FY2026.
According to TechSci Research report, “India Meat Substitutes Market By Product (Quorn, Tempeh, Tofu, Seitan and others), By Source (Soy, Wheat, Pea and Others), By Type (Concentrates, Isolates, Textured), By Form (Solid Vs Liquid), By Region, Competition, Forecast & Opportunities, FY2026”, India meat substitutes market is forecast to grow at a rate of over 7% and reach over USD47.57 million by FY2026. Meat substitutes are designed and developed as a direct replacement for animal meat. The similar characteristics of meat substitutes such as taste, texture, and appearance of meat products are some of the factors leading to the demand for these products. A wide range of plant based ingredients are increasingly used for the processing of meat substitute products. The India meat substitutes market is driven by rising wellbeing concerns combined with developing mindfulness about different diseases caused by the absence of proteins among consumers. Additionally, expanding vegetarian populace in India relies upon the reinforcement of developed market over the following years.
Developing interest in plant based meat items among the populace is anticipated to support the development of India meat substitutes market throughout the next few years. The rise in meat substitute sales is primarily attributed to the flexitarian trend where people are not only turning into vegetarians but are also considering alternatives for nutrition due to the recognition of the impacts of meat consumption. Increasing incidences of such health disorders boosts consumer awareness about health and fitness, which in turn is expected to drive market growth. Moreover, the rapid development of the food service industries and the attractive marketing and promotional strategies of meat substitute companies have positively impacted the India meat substitutes market. The rising health awareness has insisted the customers to consume vegetarian food, which is further providing market players with lucrative opportunities to launch innovative meat substitute products.
The COVID-19 pandemic and rising concerns related to various diseases such as bird flu, have led to a shift in the consumption towards meat substitute. People are now more concerned about their health and hygiene and are willing to switch to meat alternatives for a better and healthy lifestyle.
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The India meat substitutes market is segmented based on product, source, type, form, company, and region. Based on form, the market can be categorized into solid and liquid. Out of which, the solid segment dominated the India meat substitutes market until FY2020 and is expected to maintain its lead during the forecast period as well, attributing to high preference by food manufacturers owing to their ease of usage and their ability to preserve flavor and color of food products. A majority of plant-based protein powders and chunks are used in making patties, sausages, and nuggets, therefore solid form accounted for the largest market share in the meat substitute industry. The liquid form does not offer many advantages as compared to the solid form, as solid form can be stored easily and can be used with most of the food applications, has a higher shelf life, making them more profitable for the producers of meat substitute products. As a result, it is projected that the solid form is more preferred than the liquid form and is expected to achieve the highest growth rate during the forecast period.
In the India meat substitute market, soy-based ingredients are the leading source of meat substitutes due to their easy availability and nutritional properties. Other factors attributing to the popularity of soy ingredients include the rise in the adoption of safe and vegetarian diets. In comparison to animal protein foods, soy-based foods are cholesterol-free and function as a healthy fiber source, due to which the segment is expected to witness a healthy growth rate in the forecast period.
Sonic Biochem Limited, DuPont India, ADM Agro Industries Pvt Ltd. and Kerry Ingredients are the leading players operating in the India meat substitutes market.
The variety of flavors offered by meat substitute providers has likewise prompted an increment in the development of this market. Lack of similarity in taste and texture offered by meat providers acted as a key barrier in the India meat substitute industry, therefore, further product innovation in providing similar tastes and flavors like meat products is expected to drive the market. As numerous organizations are coming up with new innovations in the meat substitutes market, meat purchasers are shifting towards the consumption of meat substitutes.
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“Plant based meat substitutes are emerging as a viable consumer choice that not only tackles food security, but also guarantees food safety. The growth of meat substitutes market in India is backed by government’s initiative to promote the awareness of healthy eating, rising concerns over health and wellbeing of people.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Meat Substitutes Market, By Product (Quorn, Tempeh, Tofu, Seitan and others), By Source (Soy, Wheat, Pea and Others), By Type (Concentrates, Isolates, Textured), By Form (Solid Vs Liquid), By Region, Competition, Forecast & Opportunities, FY2026” has evaluated the future growth potential of meat substitutes in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India meat substitutes market.
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