Friday, June 14, 2024

Rise in Demand for Plant-Based Diets; Expected to Reach USD 36 Billion by 2030

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Consumer awareness of plant-based foods is gaining momentum in the country. Evolving food preferences and a shift towards healthier lifestyles have expanded the market size of the plant-based food industry. According to a report by PBFIA and EY, the market size of the plant-based industry is expected to reach USD 36 billion by 2030.

The plant-based food industry, particularly the substitutes for meat, eggs, and poultry, has a market size of USD 468 million in 2023-24, as per the report titled “Shaping India’s Future Food Landscape.” By 2030, this domestic demand is expected to increase by USD 500 million from the current figure, reaching USD 968 million, according to the 3rd Plant-Based Food Summit in Delhi.

The surge in plant-based diets is driven by growing health awareness and the rapid adoption of plant-based culinary concepts. These trends are especially popular among young adults who are eager to experiment with and experience new products and food concepts.

In recent years, particularly during and after COVID-19, Indian consumers have adopted a range of plant-derived alternative brands offering nut milk, coconut cheese, vegan chicken and patties, and vegan eggs made from plant protein sources. These products have sparked consumer interest, which continues to grow.

A recent survey conducted by Renub Research in collaboration with PBFIA found that over 67% of respondents are consuming plant-based foods to prevent animal cruelty and promote animal welfare.

As a result, the plant-based meat category has seen significant consumption growth. The plant-based dairy category is also expected to grow, reaching USD 64 million, according to the report.

Recognizing the vast growth potential of the sector, many prominent FMCG brands like Tata Consumers, ITC, and Nestlé India, as well as many emerging startups, have entered the market.

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