India Plant Based Protein Market Report and Forecast 2024-2032

India Plant Based Protein Market Outlook

The India plant based protein market reached a value of about USD 733.15 million in 2023 and expected to grow at a CAGR of 6.3% in the forecast period of 2024-2032 to reach a value of around USD 1270.55 million by 2032.                

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Rising Awareness About the Benefits of Plant Based Protein Positively Influenced the Market Growth

The increased demand due to the rising awareness about the benefits of plant based proteins and the rising focus on the drawbacks of animal proteins have been propelling the growth of plant based protein market in India. The rising health awareness due to the onset of the COVID-19 pandemic has put a light on the drawbacks of animal proteins and surged the demand for plant based protein products. Furthermore, the ubiquity of diseases like the Bird Flu is providing a further impetus to the plant based protein industry in India. Veganism is becoming more popular in the region, which is also propelling the plant based protein products into the mainstream, thus, aiding the market growth.

Some of the other major factors driving the growth of this regional market include the growing demand for protein-rich diet, the increasing awareness about the benefits of proteins, the growing health and wellness trends, increasing consumer focus on meat alternatives, and the growing demand from the food and beverage industry. The stable economic condition and changing lifestyle of the population in India has placed the nutrition and health segments at the forefront, which has further supported the growth of the plant based protein market in India. The growing issues related to the environment and animal farming has also led to the rising demand for sustainable protein sources such as plant based protein.

Plant Based Protein: Market Segmentation

Plant based protein is a significant food source of protein that is derived from plants like pulses, tofu, soy, tempeh, seeds, seitan, almonds, some cereals, and even peas. Plant proteins are nutrient-dense because they are high in protein, and additionally include vitamins, fibre, and minerals.

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By type, the market is divided into:

• Concentrates

• Isolates

• Textured

On the basis of source, the industry is segmented into:

• Soy Protein

• Pea Protein

• Wheat Protein

• Rice Protein

• Others

The major application segments of the market include:

• Health and Fitness

• Food and Beverages

• Pharmaceutical

• Others

The regional markets for plant-based protein can be divided into North Region, East and Central Region, West Region, and South Region. 

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Changing Dietary Preferences Among the Consumers Augmenting the Market Growth of Plant Based Protein in India

Consumer preferences are shifting, indicating a rising shift towards a more nutritional diet centred on a more sustainable lifestyle and a lower reliance on animal proteins, which could drive the plant based protein market growth in India. India's millennial generation is moving away from conventional animal based products and toward organic and plant based food products as an optimum food solution. Consumer tastes and preferences are shifting as people becoming more aware of meat sourcing practices, their environmental impact, and animal-borne diseases. As a result, an increasing number of people are avoiding meat intake. These factors have contributed to the growth of the plant based protein industry in India. The growing protein-rich diet awareness, increasing health consciousness, increasing technological advancements in the food and beverage industry, increasing raw material availability, growing food demand, and increasing government investment in the food research and development sector are also contributing to this market's rapid growth. The rise in the number of people suffering from lactose intolerance is further expected to boost the plant protein industry in India.
 

Key Industry Players in the India Plant Based Protein Market

The report gives a detailed analysis of the following key players in the India plant based protein market,covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Archer Daniels Midland Company

• International Flavors & Fragrances Inc.

• Kerry Group plc.

• Glanbia plc

• Cargill, Incorporated

• Ingredion Incorporated

• Roquette Frères.

• Titan Biotech Ltd

• Taj Agro International

• Pioneer Industries Private Limited

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report