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| Indian Vegan Food Market |
Vegan food products are gaining wider acceptance in India due to growing health consciousness and animal welfare concerns among consumers. Vegan food such as dairy-free milk made from plant-based sources like almonds, soy, oats etc. provide essential nutrients. They are lactose-free and suitable for people with dairy allergies. Meat alternatives made from plant-based ingredients like soy, wheat and jackfruit are good sources of protein. They have low cholesterol and are environment friendly.
The global
Indian Vegan Food Market is estimated to be valued at US$1497.18 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing demand for vegan food products is being driven by the growing
young demographic in India that prefers healthy and sustainable food options.
As per surveys, over 40% of young Indians aged between 18-35 years are inclined
towards vegan diets and lifestyles. Furthermore, rising awareness about animal
welfare and related health issues with consumption of meat and dairy products
has boost the growth of plant-based meat and dairy alternatives market.
Manufactures are launching innovative vegan products in the market to cater to
the diverse tastes and preferences, especially vegan junk food products like
vegan pizza, burgers and desserts. They are also emphasizing on marketing
strategies to promote vegan lifestyles. The market is expected to witness
lucrative growth opportunities over the forecast period owing to surging vegan
population in India.
Segment Analysis
The Indian vegan food market is dominated by plant-based dairy sub segment.
Soy, almond and coconut are commonly used to produce plant-based dairy products
like milk, yogurt, cheese and butter. These dairy alternatives are gaining
popularity due to increasing lactose intolerance, veganism and health
consciousness among Indians. The plant-based dairy segment holds around 35%
market share due to high demand for milk alternatives.
Key Takeaways
The Indian
Vegan Food Market Growth is expected to witness high growth over the
forecast period. The global Indian Vegan Food Market is estimated to be valued
at US$1497.18 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the
forecast period 2023 to 2030.
Northern
region currently holds the largest share of over 30% in the Indian vegan food
market. States like Delhi, Uttar Pradesh and Haryana have witnessed rising
consumption of vegan products due to growing health awareness. Western region,
which includes states like Maharashtra and Gujarat, is the fastest growing
region driven by increased adoption of veganism in metropolitan cities of
Mumbai and Ahmedabad.
Key players operating in the Indian vegan food market are PPM Industries SpA.,
Scapa, Shurtape Technologies, tesa SE, Ubis, 3M, CCT Tapes, K.L. & Ling,
Avery Dennison Corporation, CMS Group of Companies, Nitto Denko Corporation,
and TOYOCHEM Co. Ltd. These companies dominate market share owing to their
diverse product portfolio and expansion strategies to increase market reach.
For more details on the report, Read- https://www.ukwebwire.com/immunology-market-value-demand-analysis-and-forecast/
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