India Meat Substitutes Market: Current Analysis and Forecast (2024-2032)

Report Description

India Meat Substitutes Market Size & Forecast

The India Meat Substitutes market was valued at USD 253.4 million in 2023 and is expected to grow at a strong CAGR of around 6.2% during the forecast period (2024-2032) owing to rising health consciousness and growing environmental concerns in the nation.

India Meat Substitutes Market Analysis

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.

Recent Developments in the Market

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.

India Meat Substitutes Market Trends

This section discusses the key market trends that are influencing the various segments of the pet perfume market, as identified by our team of research experts.

The Veg Fish Segment Transforming Industry

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.

West India is Expected to Grow with Significant CAGR During Forecast Period

The meat substitutes market in West India is growing at a rapid pace due to healthy living, improved environmental conditions, and the huge importance of vegetarian options in the climactic region. There is a gradual shift of the population to healthier and environment-friendly products and the two states of Maharashtra and Gujarat have a decent number of vegetarians and flexitarians. Metro cities like Mumbai and Pune are becoming potential outlets for such products as the consumers here are willing to convert to products that resemble meat taste and/or texture. Similarly, local rising ventures and famous meat brands are producing unique and various meatless products such as soy-based and lentil-based, to conquer the local market. The availability of these products through new retail outlets supermarkets and e-commerce is also contributing to increased market demand. With increased awareness of the benefits of meat substitutes, the West India market presents a good prospect in the next few years.

In November 2022, based on industry research and growth potential, Continental Coffee (CCL), a home-grown coffee brand, launched its plant-based brand ‘Continental Greenbird’ in India. Continental Greenbird enables its consumers to make choices that are sustainable to the globe without losing the taste of meat. The brand Continental Greenbird was first launched in Hyderabad in July 2022 and is now available in Pune.

India Meat Substitutes Industry Overview

The India Meat Substitutes market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Veggie Champ; Tata Consumer Products Limited; Gooddot; Imagine Foods Pvt. Ltd; BlueTribe; Vezlay Foods Pvt Ltd; Bizchef Ventures Pvt Ltd. (Evolved Foods); Mister Veg Foods Pvt Ltd; BIOTRACK FOODS PRIVATE LIMITED; Shri Balaji Agro Food Products Pvt. Ltd. (Desi Treat).

India Meat Substitutes Market News

In September 2024, Indian meat alternatives brand Blue Tribe expanded its range with the launch of a new product, plant-based chicken momos.

In July 2024, Plantaway introduced two new additions to its meat alternatives range Pepperoni and Sausages, on the heels of launching India’s first plant-based Chick’n Fillet.

India Meat Substitutes Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The India meat substitutes market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the India Meat Substitutes Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India meat substitutes market were the three major steps undertaken to create and analyze the adoption of India meat substitutes in major states. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India meat substitutes market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertaining to detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the India meat substitutes market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India meat substitutes market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, source type, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India meat substitutes market. Further, we conducted factor analysis using dependent and independent variables such as the product type, source type, and regions of the India Meat Substitutes market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in India meat substitutes market sector across the country

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India Meat Substitutes market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:

The industry’s market size, in terms of revenue (USD) and the adoption rate of the India Meat Substitutes market across the major markets domestically

All percentage shares, splits, and breakdowns of market segments and sub-segments

Key players in the India Meat Substitutes market regarding products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India meat substitutes market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, source type, and regions in the India meat substitutes market.

The main objective of the India Meat Substitutes Market Study

The current & future market trends of the India Meat Substitutes market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a state level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India meat substitutes market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of product type, source type, and regions.
• Define and analyze the regulatory framework for the India meat substitutes
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the India meat substitutes market for the major region.
• Major Regions in India studied in the report include North India, South India, East India, and West India.
• Company profile of the India meat substitutes market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive state-level analysis of the industry

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