Soy Based Meat Demand to Boost the India Meat Substitutes Market
Rising
health consciousness, increasing product offerings of meat substitutes, and
government initiatives regarding the benefits of meat substitutes are the
leading factors driving the Indian meat substitutes market during the projected
period.
According to TechSci Research report, “India Meat Substitutes
Market – By Region, Competition Forecast & Opportunities, 2018-2028F,”
the increasing heath
consciousness, growing need for sustainable eatables, rising awareness among
consumers regarding the importance of food nutrition, etc., are fueling the
overall sales of this market in India. Other significant factors, such as
rising demand for soy-based meat products and increasing product launches by meat
substitutes companies, are also contributing to the market growth.
Basically,
a meat substitute is usually made from plants. It is
produced to have the same texture, flavor, and appearance as traditional meat
made from animals. Due to its decreased calorie and saturated fat content, this
product is healthier than traditional meat. Some of the substances utilized
in meat substitutes include coconut oil, vegetable protein extract, and
beet juice. When taken in moderation as part of a balanced diet, meat
substitute is healthier. In India, plant-based meat substitutes are
widely trendy. The plant-based diet has expanded beyond only nuts and leafy
greens with the addition of mushrooms, peas, jackfruits, and tempeh to kebabs,
burger patties, biryani, keema, and curries. Plant-based meats have a place on
the kitchen shelves, ready to be steaked, minced, and turned into tikkas.
Currently,
e-commerce platforms, hotels, restaurants, and grocery stores in India sell
meat alternatives. Due to the increasing awareness of these foods and the
significant increase in the population living in cities, these food products
are likely to gain some solid traction in India. Moreover, celebrities and
social media influencers have contributed significantly to raising awareness of
the value of plant-based meat. The future of plant-based meat in India is being
supported by an increase in health-related issues as well as the rising
acceptance of healthy substitutes. In turn, this can lead to significant
development potential in the ensuing years.
In
addition to vegetarians and vegans, hard-core non-vegetarians are experimenting
with the textures and flavors of meat substitutes while still sticking to
their preferred meats. However, the health advantages of eating these foods and
sustainable eating have emerged as the main drivers of this shifting
preference. The health advantages of plant-based diets, such as consuming fewer
calories, avoiding harmful fats, boosting immunity, improving heart health, and
controlling blood pressure, are prompting more people to consider giving up
meat.
The
main issue in the market for meat alternatives is that consumer awareness of
how eating meat affects the environment is growing slowly. Hence, the
government has also been taking several initiatives to promote the concept of
meat substitutes in India. For instance, Eat Right India was established by the
Ministry of Health and Family Welfare (MoHFW) with the goal of assisting
individuals in making healthy decisions and establishing a sustainable diet
that emphasizes plant-based alternatives to combat climate change.
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The
India meat substitutes market is segmented based on type, source, distribution channel,
region and competitive landscape,. The distribution channel segment is divided
into supermarkets/hypermarkets, convenience stores and online. The online
segment is gaining popularity since it offers convenience to choose a wide
variety of products. Also, the meat substitutes market is observing a
significant emergence in several e-commerce websites such as Urban Platter,
VeganDukan, etc. These factors are projected to fuel the market growth in the
forecast period.
Regarding
source, the market is segregated into soy, wheat, peas, mycoprotein others
(rice, etc.)). Among which, the soy segment holds a significant share in the India
meat substitutes market as soy meat is extremely nutrient-dense and contains
approximately double the amount of protein as chicken breast. Additionally low
in calories, dried soybean meat is a rich source of minerals like potassium,
magnesium, iron, zinc, and manganese as well as vitamins B1, B6, pantothenic
acid, folic acid, and vitamin B1.
Key market players in the India meat substitutes market include:
- Gurmi
Foods Private Limited
- Vezlay
Foods Pvt. Ltd.
- Bizchef
Ventures Private Limited
- Gooddot
Enterprises Private Limited
- Imagine
Foods Private Limited
- Ahimsa
Food
- Mister
Veg Foods Pvt Ltd
- Biotrack
Foods Private Limited
- Evo
Foodtech Private Limited
- Dharmic
Foods Pvt. Ltd.
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"The
rising awareness among people regarding the presence of various meat
alternatives in the Indian market is boosting the market growth. Therefore, the
market is observing a shifting preference of consumers from traditional meat to
nutritionally balanced meat substitutes. Also, government initiatives are
further encouraging the companies to expand their manufacturing facilities in
India, to cater to the increasing demand. Also, encouraging people to opt for
these products. Such factors are further anticipated to contribute to the
growth of this market.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
India Meat Substitutes MarketBy Type (Snacks, Meals, Raw), By Source (Soy,
Wheat, Peas, Mycoprotein, Others (Rice, etc.)), By Distribution Channel (Supermarkets
and Hypermarkets, Convenience Stores, Online), By Region, Competition Forecast &
Opportunities, 2018-2028F,” has
evaluated the future growth potential of meat substitutes market in India and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in meat substitutes market
in India.
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