Burlingame, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Indian vegan food market was valued at US$ 16.5 Bn in 2021 and is expected to exhibit a CAGR of 8.1% during the forecast period 2022-2030.
Key Trends and Analysis of the Indian Vegan Food Market:
During the forecast period, the growing Indian vegan food market in emerging economies is expected to drive the demand for vegan food in the market. Increasing consumption of easy fast food which are made from vegatables such as sandwiches, hamburgers, pizzas, and vegan appetizers can helps to boost the Indian vegan food market growth.
Due to the wide variety of product types and tastes, vegan food has seen essential growth in the Indian vegan food market over the forecast period. Food manufacturers are continuously incorporating vegan food in a variety of processed foods such as tofu, which will boost the sales of vegan food in the coming years.
On the basis of vegan food, the increasing number of startups such as Dood Dot, EVO Dot, and others offering vegan food and the expansion of the food service industry will further drive the Indian vegan food market growth in the upcoming years. Furthermore, on August 25, 2022, Animals India Foundation, ‘Mercy’ collaborated with the Indian Railway Catering and Tourism Corporation for providing vegan food to the passenger throughout the journey.
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Key Market Takeaways
The Indian vegan food market is expected to exhibit a CAGR of 8.1% over the forecast period 2022-2030. In India, the vegan food market is expected to witness significant growth in the forecast period due to the increasing number of plant-based alternative startups such as Good Dot, EVO Dot, etc. and rising consumer demand for healthy and organic products
Competitive Landscape:
Major players operating in the Indian vegan food market include One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food, Vega Lyfe, The Hershey Company, Sun Opta Inc., living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company.
Major players are using different strategies such as mergers, acquisitions, and capacity expansion, owing to the rising demand for vegan food. For instance, in 2020, Wakao Foods a plant based meat manufacture company collaborate with Hilton a vegan food manufacture company. The aim of this collaboration is to support local producers, products and bring vegan alternatives such as jackfruit as a sustainably sourced plant-based meat substitute, to the food and beverage scene in India.
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Market Segmentation:
- Indian Vegan Food Market, By Product
- Dairy Alternatives
- Cheese
- Snacks
- Desert
- Others
- Meat Substitutes
- Tofu
- Seitan
- Quorn
- Others
- Dairy Alternatives
- Indian Vegan Food Market, By Source
- Almonds
- Oats
- Wheat
- Others
- Indian Vegan Food Market, By Distribution Channels
- Offline
- Supermarket
- Hypermarket
- Online
- Specialty Stores
- Offline
- Indian Vegan Food Market, By Sector:
- North India
- South India
- East India
- West & Central India
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