Rising health consciousness, increasing product offerings of meat substitutes, and government initiatives regarding the benefits of meat substitutes are the leading factors driving the Indian meat substitutes market during the projected period.
According to TechSci Research report, “India Meat Substitutes Market – By Region, Competition Forecast & Opportunities, 2018-2028F,” the increasing heath consciousness, growing need for sustainable eatables, rising awareness among consumers regarding the importance of food nutrition, etc., are fueling the overall sales of this market in India. Other significant factors, such as rising demand for soy-based meat products and increasing product launches by meat substitutes companies, are also contributing to the market growth.
Basically, a meat substitute is usually made from plants. It is produced to have the same texture, flavor, and appearance as traditional meat made from animals. Due to its decreased calorie and saturated fat content, this product is healthier than traditional meat. Some of the substances utilized in meat substitutes include coconut oil, vegetable protein extract, and beet juice. When taken in moderation as part of a balanced diet, meat substitute is healthier. In India, plant-based meat substitutes are widely trendy. The plant-based diet has expanded beyond only nuts and leafy greens with the addition of mushrooms, peas, jackfruits, and tempeh to kebabs, burger patties, biryani, keema, and curries. Plant-based meats have a place on the kitchen shelves, ready to be steaked, minced, and turned into tikkas.
Currently, e-commerce platforms, hotels, restaurants, and grocery stores in India sell meat alternatives. Due to the increasing awareness of these foods and the significant increase in the population living in cities, these food products are likely to gain some solid traction in India. Moreover, celebrities and social media influencers have contributed significantly to raising awareness of the value of plant-based meat. The future of plant-based meat in India is being supported by an increase in health-related issues as well as the rising acceptance of healthy substitutes. In turn, this can lead to significant development potential in the ensuing years.
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In addition to vegetarians and vegans, hard-core non-vegetarians are experimenting with the textures and flavors of meat substitutes while still sticking to their preferred meats. However, the health advantages of eating these foods and sustainable eating have emerged as the main drivers of this shifting preference. The health advantages of plant-based diets, such as consuming fewer calories, avoiding harmful fats, boosting immunity, improving heart health, and controlling blood pressure, are prompting more people to consider giving up meat.
The main issue in the market for meat alternatives is that consumer awareness of how eating meat affects the environment is growing slowly. Hence, the government has also been taking several initiatives to promote the concept of meat substitutes in India. For instance, Eat Right India was established by the Ministry of Health and Family Welfare (MoHFW) with the goal of assisting individuals in making healthy decisions and establishing a sustainable diet that emphasizes plant-based alternatives to combat climate change.
The India meat substitutes market is segmented based on type, source, distribution channel, region and competitive landscape,. The distribution channel segment is divided into supermarkets/hypermarkets, convenience stores and online. The online segment is gaining popularity since it offers convenience to choose a wide variety of products. Also, the meat substitutes market is observing a significant emergence in several e-commerce websites such as Urban Platter, VeganDukan, etc. These factors are projected to fuel the market growth in the forecast period.
Regarding source, the market is segregated into soy, wheat, peas, mycoprotein others (rice, etc.)). Among which, the soy segment holds a significant share in the India meat substitutes market as soy meat is extremely nutrient-dense and contains approximately double the amount of protein as chicken breast. Additionally low in calories, dried soybean meat is a rich source of minerals like potassium, magnesium, iron, zinc, and manganese as well as vitamins B1, B6, pantothenic acid, folic acid, and vitamin B1.
Key market players in the India meat substitutes market include:
- Gurmi Foods Private Limited
- Vezlay Foods Pvt. Ltd.
- Bizchef Ventures Private Limited
- Gooddot Enterprises Private Limited
- Imagine Foods Private Limited
- Ahimsa Food
- Mister Veg Foods Pvt Ltd
- Biotrack Foods Private Limited
- Evo Foodtech Private Limited
- Dharmic Foods Pvt. Ltd.
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“The rising awareness among people regarding the presence of various meat alternatives in the Indian market is boosting the market growth. Therefore, the market is observing a shifting preference of consumers from traditional meat to nutritionally balanced meat substitutes. Also, government initiatives are further encouraging the companies to expand their manufacturing facilities in India, to cater to the increasing demand. Also, encouraging people to opt for these products. Such factors are further anticipated to contribute to the growth of this market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
India Meat Substitutes MarketBy Type (Snacks, Meals, Raw), By Source (Soy, Wheat, Peas, Mycoprotein, Others (Rice, etc.)), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online), By Region, Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of meat substitutes market 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 meat substitutes market in India.
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