India’s plant-based meat market likely to touch $500 million in three years

India’s plant-based meat market is likely to touch $500 million in three years. Experts call people ‘closet’ non-vegetarians who like a non-vegetarian food experience but are restricted in indulging in real “meat” because of health, family, lifestyle or religious reasons.

According to a Euromonitor report, plant-based meats are estimated to be just six percent of total plant-based foods. Even if it’s a niche in India, the plant-based meat category is a growth driver given the increasing options in the space, say industry observers.

Growing demands for plant-based meat

Reportedly, the plant-based meat market size in India is likely to touch $500 million three years from now, excluding exports which is a multi-billion dollar market. It will be largely driven by the consumer (packaged) food category.

Earlier, Bollywood couple Genelia and Riteish Deshmukh’s also launched a new food venture, Imagine Meats, based on the new consumer demand, especially coming from the affluent markets.

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Plant-based meat market in India

According to a September 2021 study by retail broking company Nirmal Bang, the plant-based meat market in India is estimated at $30-40 million, largely driven by a consumer (packaged) food category, followed by a small share of HORECA (Hotel/Restaurant/Catering).

The study claimed that there is evidence that plant-based meat consumption is being seen in interior parts of India. Reportedly, consumers are open to trying these products and are making repeated purchases.

Earlier, ITC Ltd said that it will launch a host of plant-based meat products, in anticipation of the ongoing demand for meat substitutes and vegan meals in India. The company will launch plant-based burger patties and nuggets which will mimic the taste of chicken.

Earlier, Chirag Kenia, founder and managing partner of Mumbai-based direct-to-consumer brand, Urban Platter, said that meat alternatives as a category are growing because the innovation is consumer-led.