India Plant Protein Market Industry Trends, Share, Report 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Plant Protein Market size by value at USD 427.9 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Plant Protein Market size to expand at a CAGR of 5.9% reaching a value of USD 629.9 million by 2030. The Plant Protein Market in India is propelled by abundant and diverse protein sources like soybeans, rice, peas, and wheat. The surge in the market growth is further amplified by the rising popularity of vegan and vegetarian lifestyles, particularly among internet-savvy youth influenced by vegan influencers. Over a million Indians have adopted plant-based diets, and younger generations increasingly opt for plant-protein-fortified foods over dairy products. A 2019 survey indicated that 63% of Indian respondents were open to replacing meat with plant-based alternatives. Companies like Evolved Foods and Schouten are introducing innovative products, such as vegan alternatives and tempeh, to meet the growing demand for plant protein.
Sample Request: https://www.blueweaveconsulting.com/report/india-plant-protein-market/report-sample
Opportunity – Government’s Increasing Support and Regulations
Government of India increasing support for alternative proteins, including plant-based proteins, presents a significant growth opportunity for the Plant Protein Market. At a recent food safety summit, Health Minister JP Nadda emphasized the need for regulatory reform to accommodate novel foods like cultivated meat, which could pave the way for broader acceptance and innovation in the sector. The Food Safety Standards and Authority of India (FSSAI) is actively working on a regulatory framework for these products, which will facilitate their market clearance. Additionally, India’s BioE3 policy, which focuses on supporting R&D and innovation in smart proteins, highlights the government’s commitment to advancing the plant-based protein industry. This policy, along with the establishment of dedicated research hubs and labs for alternative protein development, strengthens the market’s potential by addressing challenges in nutrition, price, and taste parity. With growing government interest and regulatory support, the Indian Plant Protein Market is well-positioned to expand rapidly over the forecast period.
North India Leads India Plant Protein Market
North India's strong agricultural foundation, particularly in the production of soy, wheat, and peas, positions it as the dominant player in India Plant Protein Market. The region's favorable climate, advanced irrigation systems, and government-backed farming initiatives contribute to high production levels. Coupled with a growing awareness of plant-based diets and a surge in demand for protein-enriched foods, North India's urban centers are witnessing increased adoption of plant protein products, driven by health-conscious consumers and the availability of innovative products. This trend is projected to continue, solidifying North India's dominance in India Plant Protein Market over the forecast period.
Impact of Escalating Geopolitical Tensions on India Plant Protein Market
India Plant Protein Market may face significant challenges from intensifying geopolitical tensions across the world. Disruptions in global supply chains could incentivize domestic sourcing and innovation, fostering local production and reducing reliance on international markets. However, increased tariffs, sanctions, and transportation delays could elevate production costs, and shifting consumer preferences may impact demand for plant-based products.
Competitive Landscape
India Plant Protein Market is highly fragmented, with numerous players serving the market. The key players dominating India Plant Protein Market include Conch Lifescience, Himalaya, Prime Herbonix Health Products, Chemvera Specialty Chemicals, Nutricore Biosciences, Kailash Dhanya Bhandar, Vencora Healthcare, Vv Farm, and Srimantha Medicos. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
Contact Us:
BlueWeave Consulting & Research Pvt Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662