India Meat Substitutes Has Seen a Soaring ~6.2% Growth and was valued at USD 435.4 Million in 2032, Projects Univdatos Market Insights
- Himanshu Patni
- October 25, 2024
- CONSUMER GOODS, NEWS
- 0 Comments
Key Highlights of the Report:
- The key factors that are basically triggering the desire for products with meat substitutes include improved health awareness, environmental awareness, and consideration of the ethical point of view.
- There is an emerging awareness of consumer preferences due to the increase in consumption of plant-based foods occasioned by the change brought by urbanization.
- The increased prevalence of chronic diseases is forcing consumers to look for a healthier substitute for meat products.
According to a new report by Univdatos Market Insights, the India Meat Substitutes Market is expected to reach ~USD 435.4 Million in 2032 by growing at a CAGR of ~6.2%. Soy-and wheat-based products that mimic the savory taste, and fibrous feel of animal-based meats currently targeting a population that embraces healthier food items whose production has a minimal impact on the environment. Such alternatives may be prepared using soy, peas, lentils, different grains, and other types of plant proteins and basically, such a diet gathers all the necessary nutrients needed by the body without causing harm to the environment in terms of animal farming. The increase in the number of flexitarian, vegetarian, and vegan consumers provides demands for improved taste and lower fat, cooked appearance, and texture of meat analogs.
KEY GROWTH DRIVERS:
The Indian meat substitutes market is in a state of transformation due to changing factors like concern for health, awareness of the environment, and a change in the eating habits of the populace. Since a large part of the population has become vegetarians, there is increasing demand and interest in new plant-based substitutes for traditional meat. The market has thus diversified in product differentiation in that it now contains a wide variety of soy, legumes, and newer smart protein forms such as pea protein. In parallel with the focus on health and business sustainability, brands are offering several products with a focus on nutritional value and, at the same time, taste.
- In October 2022, Licious announced its foray into the alternative protein sector with the launch of Uncrave which is India’s first D2C plant-based meat brand. It aims to be a market leader in the 1st year of its launch and create relevance for the larger set of meat-eating consumers.
- In July 2022, Tata Consumer Products (TCP), the food and beverage arm of the Tata Group, announced its foray into plant-based meat alternative products area under a new brand name, “Tata Simply Better.” The company has stated that it is expanding its product line into a new area with this new brand, aiming to appeal to consumers who want to use more plant-based ingredients for health, the environment, or other factors.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=67756
The report suggests that Rising Health Consciousness is a significant factor driving the growth of the meat substitute market in the coming years. The awareness of healthy consumption among consumers has gone up in India which is one of the drivers of the meat substitutes market. With the increased population’s incentive for healthier food choices, people are actively on the lookout for better sources of protein than those found in conventional meat. Such factors as increased indicators of such diseases as obesity, diabetes, and cardiovascular diseases in people, have increased this awareness. With studies that associate red and processed consumption with different diseases, consumers are now changing their eating habits. Besides, changing the population’s preferences in food, with a new emphasis on plant-based products that are healthier than meat – has contributed to the search for meat substitutes that would contain necessary nutrients such as fiber, vitamins, and essential fatty acids. Such a shift is more significant among young consumers and urbanites who are more receptive to the new, unique edible products. With the changing health consciousness being the part of the new generation of people or the changing trend of global consumption patterns, the demand for low-fat, nutritional, and high-protein meat substitutes will also increase and the above points will also catalyze the growth of the market for the meat substitutes in India.
Veg Fish SegmentGaining Maximum Traction in the Market
The market for the vegetarian fish segment in the meat substitutes market in India is growing at a steady pace led by growing consumer consciousness about nutritional benefits, ecological system, and animal welfare. With many folks starting to turn to vegetarianism or reducing their meat intake, solutions that mimic the texture and flavor of fish are gradually appearing on the market. The brands are using seaweed, and beans, and incorporating them into a fish form that not just vegetarians but even flexitarians and people who are conscious of their diets. Also, the effects of overfishing that are pushing the number of fish in the seas downwards make the consumers look for other versatile fish to consume. This segment is further backed by growing trends and preferences in the global food and beverages industry, changes in flexitarian eating patterns, and shifts in consumers’ expectations that reflect people’s concern for healthy choices and easily commutable flexitarian diets as influenced by social networking systems. Therefore, the vegetarian fish segment has been projected to have a high future growth rate and will play a significant role in the growth of the overall meat substitute market in India.
Explore the comprehensive research on report here:- https://univdatos.com/report/india-meat-substitutes-market/
Conclusion
The Indian meat substitutes market is rapidly growing, with growing adoption of these products. The rising population of vegan people is creating a surge in the demand for meat alternatives. Companies are offering a wide product portfolio comprising different types of meat alternatives which is leading to the growth of the market. Considering these scenarios, the meat alternative market is expected to grow significantly in the upcoming years.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2024−2032F.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product Type, Source Type, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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