Indian Vegan Food Market on rise with growing health consciousness
The Indian vegan food market has witnessed significant growth in recent years. Vegan foods such as plant-based meat alternatives, dairy alternatives, and other vegan packaged foods are becoming increasingly popular among Indian consumers. Vegan foods provide similar nutritional profiles to their animal-based counterparts but are devoid of any animal-derived ingredients, making them a healthier and more sustainable option. Rapid urbanization and rising incomes have led to increased health awareness among Indians. More people now recognize the linkage between poor dietary habits and health issues like obesity, heart disease, diabetes, etc. In addition, concerns over animal welfare and environmental damage from industrial animal agriculture are driving some consumers towards vegan diets.
Indian vegan food market is estimated to be valued at US$ 84.43 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Indian vegan food market are CHINA TELECOM CORPORATION LIMITED, CoreSite Realty Corporation, CYRUSONE INC, CYXTERA TECHNOLOGIES, INC., DIGITAL REALTY TRUST, INC., EQUINIX, INC., Global Switch, KDDI CORPORATION, NTT Communications Corporation, and Verizon Enterprise Solutions, Inc. (US)
The rising awareness about health and nutrition is expected to drive the demand for vegan products in India. Organizations promoting veganism and increasing social media influence are also bringing vegan foods to the mainstream, significantly contributing to the Indian Vegan Food Market share as more consumers adopt plant-based diets and seek healthier food options.
The global expansion of leading vegan brands in international markets will positively impact the growth of vegan foods in India. Large multi-national companies are expected to launch specialized vegan product lines adapted to the tastes and preferences of Indian consumers.
Market Drivers
The primary driver for the growth of the Indian vegan food market is the rising health consciousness among Indians. Non-communicable diseases are a major cause of deaths in India. Studies proving the role of animal-based diets in these diseases are encouraging people to switch to plant-based options. Furthermore, issues like climate change, pollution, depletion of natural resources are highlighting the need to adopt more sustainable diets. Consumer awareness about factory farming practices and associated animal welfare issues is also increasing the appeal of veganism.
PEST Analysis
Political: The increasing promotions of veganism and healthy lifestyle choices by the government positively impacts the market.
Economic: Rising disposable incomes allows customers to invest more on premium vegan food products.
Social: Rapid growth in health consciousness and awareness about benefits of vegan diets among consumers drives the demand.
Technological: Advancement in food processing and packaging technologies aids manufacturers in developing innovative products and expanding shelf life. Digital platforms help promote vegan brands and recipes, presenting both Indian Vegan Food Market challenges and opportunities as businesses leverage these advancements to enhance product offerings while also addressing market competition and consumer preferences.
The Indian vegan food market is currently concentrated majorly in metro cities and urban regions of Western and Southern states like Maharashtra, Karnataka and Tamil Nadu due to higher health awareness and spending capacity. However, with growing health consciousness in rural areas, tier 2 and 3 cities in Central and Eastern states are also emerging as lucrative markets. States like Bihar, Jharkhand and Chhattisgarh are witnessing faster growth in demand for vegan products as people incline towards plant-based diets for religious and ethical reasons.
The vegan food market in South East Asian countries is projected to witness the highest growth during the forecast period attributed to rising influence of Western diet trends, expanding middle class and strengthening distribution channels. Countries like Vietnam, Indonesia and Philippines offer immense untapped growth opportunities for Indian vegan brands looking to extend their footprint internationally. With more companies innovating tropical fruit and spice infused vegan snacks, desserts and beverages, the Southeast Asian market will emerge as one of the fastest growing regional markets globally.
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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