Indian Market: Plant-Based Meat 

Plant-based meat is a substitute for animal-based meat. It has no content of animal products like dairy or meat but has a similar amount of protein in it. India is blessed to have a variety of crops. It is home to more than 45,000 protein based plant species. Production of plant-based meat can be seen as an opportunity to leverage the country’s crop diversity. India is one of the topmost producers of protein-rich crops and has the potential to supply domestic and global food industries. 

Recently, the shipment for jackfruit-based plant meat has been exported to USA. It included products of processed jackfruit like BBQ, indian gravy, continental burger patties, american herb sausages, teriyaki as well as raw jackfruit. Soya products are another source of rich protein which is mostly consumed by the premium class of society. 

India is the fifth largest economy after Germany, and the most developed commercial economy in South Asia. Down the line in the next five years from 2024 to 2029 South Asian Countries will raise their demand for plant-based meat up to 200 per cent. According to the Good Food Institute (GFI) India and Deloitte India, the export potential for India of plant-based meat in 2030 ranges from Rs.2,194 (USD 278 Million) crores to Rs.6,824 crores (USD 864 million). 

Sustainability: There are multiple approaches to decreasing the environmental effects of animal agriculture that don’t require giving up the animal products entirely. One way is to decrease the consumption of animal products by either eating them less often or choosing more environmentally friendly alternatives. 

According to Food and Agriculture Organization of United Nation, 14.5% of greenhouse gas emission is from human interference. The animal agricultural industry causes land degradation, deforestation, release of methane gas, etc. This Industry is the second largest contributor of environmental pollution. Cultivated meat has a much lower carbon footprint than conventionally produced meat. 

Consumer behavior: Indian consumers are open to try plant-based meat products, with the early adopter market showing a particularly high level of positive attitude. On the other hand, lab grown meat still faces hesitation due to its unproven long-term effects. Consumers are motivated to try the new alternatives due to different reasons like animal rights and sustainability. But the top reasons for choosing plant-based food are ethics (47%), health, food allergies, following a vegetarian or vegan diet. 

Target Consumer Groups for plant-based meat are vegetarians and flexitarians, millet eaters and other young urban, middle-class consumers, health-conscious and ethical consumers, protein deficient consumers, pro farmers and “guilty” meat eaters. 

Food security and health: Companies like Ben & Jerry, Unilever, Nestle have introduced a range of plant-based products. This includes vegan burgers and plant-based milk (almond, soya), vegan mayonnaise etc. 

Growing demand for plant-based meals offers farmers a tremendous opportunity to boost their income while addressing issues like food insecurity, hunger, climate change, and public health risks. The government has announced 100 per cent FDI into food security industries. The market for plant-based foods in India has already attracted hundreds of SMEs and FMCGs, who are producing vegan alternatives to seafood, pet food, milk etc. 

Looking at the bigger picture the objective is to drive food fortification and reduce India’s malnutrition. Plant-based products can be fortified with essential nutrients such as folic acid, iron and zinc. 

Way Ahead: Consumer demand is high, private sector businesses are entering the market quickly, and the agricultural sector’s strength offers a solid platform for expansion. A solid foundation needs to be built for the relatively new industry by substantially stronger research and development investment for both product attributes and manufacturing methods including machinery. Industry projections point to a much bigger market in the next few given years. 

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