Plant-based products to lead meat substitutes market in India: GlobalData

Nearly two in five of Indians see plant-based items as vital to their religious practice.

The Indian meat substitutes market saw significant growth with a compound annual growth rate (CAGR) of 6% to 8% over 2022–27.

In a report by GlobalData, the sector has thrived from its small base, despite the financial position of the market from job losses and high inflation.

With India being a major vegetarian market due to being a dominant religious practice, vegetarian food outpaces meat products. The recent pandemic also propelled the prominence of vegetarian diets and vegan trends, leading to the demand for plant-based meat.

Sustainability also contributed to the demand for plant-based products. Around 37% of Indians see plant-based features as important, whilst 42% reveal that it is good to have plant-based items.

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Awareness of the environmental effects of meat consumption and production, such as red meat, has also contributed to the demand for plant-based items. With ethical consumerism and environmental consciousness affecting consumer choices, the meat substitutes market reflects a more critical market, even if 30% prefer moving away from expensive products.

As a response, key players showcased plant-based offerings that capture the taste, texture, and nutritional value of meat products. One example is major label company CCL introducing high-protein plant-based meat alternatives under the brand “Continental Greenbird”.

“To build consumer trust, food manufacturers must provide information about the ingredients used in their products, including the provenance of these ingredients through their packaging. Thanks to India’s rich culinary landscape, the country represents lucrative opportunities for leading players,” Francis Gabriel Godad, Consumer Business Development Manager at GlobalData, said.