Vegan food products offer a healthy and ethical alternative to dairy and meat-based foods by not using any animal-derived ingredients and avoiding animal testing. These products contain high nutritional value from proteins derived from plant-based sources like legumes, nuts, and soy. Rising health issues like diabetes, obesity, and cardiovascular diseases have prompted many people to shift towards a plant-based vegan diet. The global Indian Vegan Food Market is estimated to be valued at US$ 1724.76 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising health consciousness among consumers is one of the major trends driving the growth of the Indian vegan food market. With growing knowledge about the link between diet and various lifestyle diseases, consumers are increasingly preferring vegan food products that are cholesterol-free, gluten-free, and contain higher nutritional value. Vegan diets are known to reduce the risk of type 2 diabetes, heart disease, stroke, and certain cancers. Consequently, more Indians are adopting a vegan lifestyle and opting for plant-based protein alternatives like soy, nuts, and legumes to meat. The demand for vegan snacks, beverages, cheese, and desserts is surging in India as they provide similar taste and texture as conventional animal-based products but are much more healthy and environment-friendly. This rising preference for vegan foods on health grounds is expected to strongly support market growth over the forecast period.
Segment Analysis
The Indian vegan food market is dominated by the plant-based milk sub segment. Plant-based milk accounts for over 30% of the vegan food market in India as lactose intolerance and dairy allergies are common among Indians. Growing awareness about the benefits of plant-based diets and animal welfare has further increased the adoption of plant-based milk like soya milk, almond milk and coconut milk in the country.
Key Takeaways
The Global Indian Vegan Food Market Demand is expected to witness high growth owing to growing population of health conscious millennials and rising awareness about environmental sustainability.
Regional analysis: The Western region holds the largest share in the Indian vegan food market owing to growing vegan populaton in states like Maharashtra and Gujarat. Cities like Mumbai and Pune have witnessed high demand for vegan food products over the years. Eastren region is expected to record fastest growth during the forecast period due to increasing health consciousness among middle class population in West Bengal and Odisha.
Key players: Key players operating in the Indian Vegan Food Market are PPI Adhesive Products, 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. PPI Adhesive Products and PPM Industries SpA are the dominant players due to their wide distribution network and innovative plant-based dairy and meat alternative products.
For more details on the report, Read- https://www.rapidwebwire.com/indian-vegan-food-market-growth-demand-and-overview/
Get more insights on this topic: https://coolbio.org/understanding-shared-services-streamlining-operations-and-reducing-costs/
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