As a mainstream lifestyle choice focused on ethics, sustainability, and health, veganism is less of a cutting-edge concept and more of a mainstream lifestyle option. Veganism is more popular than ever, as seen by the rapid spread of plant-based diets across various regions of the globe. However, if you give it some thought, where did this come from? A greener, cleaner way of life, a middle class that is becoming more educated, a better understanding of global trends, and a rising emphasis on both individual and planetary health are what make this place so alluring. Veganism is a trend that the younger generation is driving, despite the fact that it transcends all age groups and cultural distinctions. Indian vegan food is keen to follow as veganism booms around the world. Over half of India’s population is under the age of 30.
A complete analysis of the industry, including information on market share, is provided in the most recent study from IMARC Group, “India Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” Anyone getting ready to enter the sector in any position, including investors, researchers, consultants, and marketing strategists, can gain a lot from this analysis. We succinctly provide you with a sneak preview of their findings.
Predictions for the future
The report analyzes recent market advances as elements that impact their growth estimates in addition to rivalry and geographic research. It shows that a CAGR of 11.32% is predicted for the vegan food market in India between 2022 and 2027. Meat and dairy alternatives made from plants are referred to as vegan food. They include cheese, TVP (textured vegetable protein), seitan, quorn, tofu, etc. These vegan foods are a fantastic source of vitamins, minerals, fiber, protein, antioxidants, complex carbohydrates, potassium, folate, magnesium, as well as other nutrients including vitamin A, vitamin C, and vitamin E.
They help with a variety of things, including lowering cholesterol levels, managing type 2 diabetes, reducing the risk of cancer and heart disease, easing arthritis pain, boosting energy, promoting weight loss, and enhancing skin health. India has a big market for vegan diet items as a result.
Common Market Trends
The growing public knowledge of the health benefits of vegan food over foods produced from animals is one of the key factors boosting the vegan food business in India. A positive effect on the sector is also being had by the rising trend of fast food chains and restaurants selling vegan pizza, waffles, burritos, ice cream, cookies, and brownies. Other significant growth-promoting elements include the rising number of people who are lactose intolerant and the introduction of packaged dairy-free milk, chocolates, cheese, fat spreads, breakfast cereals, unsweetened soy drinks, etc. by leading market players who have added vitamin D.
What lies ahead
In addition, it is projected that the government authorities’ introduction of a number of supportive policies aimed at promoting the adoption of a sustainable diet that emphasizes plant-based meals will boost the vegan food market in India in the years to come. By encouraging the adoption of a diet that combats climate change and other environmental problems brought on by fishing and animal agriculture, these programs hope to improve the environment.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
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