Friday, March 31, 2023

Demand for meat substitutes is on the rise thanks to the rising number of flexitarians, and the market is expected to reach $500 million

For countries and consumers concerned about the environmental impact of livestock rearing, plant-based meat is already a hot commodity. Mock meat is made from plant-based substances including soy, jackfruit, peas, beans, wheat gluten (seitan), etc., and then flavoured and textured to appear, taste, and feel like animal meat.

The success of plant-based meat alternatives in the Indian market attests to the existence of a discerning subset of shoppers who yearn for variety. Some Indians are opting for more exotic options like bean sliders and beetroot kebabs instead of the traditional lamb burger and galouti kebab. An analysis by Euromonitor found that fake meats made from plants only made up 6% of the plant-based food market in 2017.

Nirmal Bang, a retail brokerage firm, estimates the Indian PBM (plant-based meat) market to be $30–$40 million, with the consumer (packaged food) sector constituting the largest single segment, followed by HORECA (Hotel, Restaurant, and Catering). Again propelled by the consumer (packaged) food sector, the size of the market in India is projected to hit $500 million (excluding exports, which is a multi-billion dollar business) in three years.

According to the survey, there is evidence that PBM consumption is also evident in interior parts of India, where people are open to trying these goods and are making recurrent purchases, contradicting the idea that PBM consumption is only a metro-centric phenomenon.

Many new food companies, like GoodDot, BlueTribeFoods, Imagine Meats, Vegetable Champ, Wakao Foods, and many more, sell either fully cooked meals or the ingredients you need to make them at home. Kerry, a business specialising in flavour and nutrition, has discovered that India is a promising market for plant proteins.

A third of the population is vegetarian, and the other 70% of non-vegetarians frequently consume plant proteins. This group of consumers, known as flexitarians, is responsible for pushing vegetarianism out of the fringes and into the mainstream in the region. Kerry found that 41% of Indians eat six or more different types of plant proteins every day, with most meals consisting of pulses, salads, lentils, or cooked vegetables.

Imagine Meats, the latest business initiative by Genelia and Riteish Deshmukh of Bollywood, was developed in response to rising demand, particularly in more wealthy regions. GoodDot is a vegan and vegetarian food brand that is busting the idea that vegan and vegetarian cuisine have to be expensive. Vegan packaged foods don’t have to cost more than their non-vegan counterparts. The keema pav, a top seller at GoodDot, costs just $29, while the most costly item costs $189. In an effort to expand their market share, ITC Ltd. has announced its intention to introduce a variety of vegan meat alternatives, including chicken-flavored nuggets and burger patties.

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