India Plant-Based Meat Market Expects to Exhibit a Growth CAGR of 27.80% during 2022-2027

IMARC Group’s latest research report, titled “India Plant-Based Meat Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The India plant-based meat market is expected to exhibit a CAGR of 27.80% during 2022-2027. Plant-based meat offers a similar kind of nutrient composition to conventional meat for people who don’t want to consume meat or meat-based products. These products are processed via two simple methodologies, viz. thermoplastic extrusion, and fiber spinning. It is sourced from vegan sources, not using any meat, but providing similar functionality and taste. It is designed to counter the significant consumption of meats that drastically impact the environment. It is made up of naturally cultivated products, like soy, potato, mung bean, peas, wheat, rice, and many other plants. It contains lower levels of saturated fat, cholesterol, and calories and higher levels of micronutrients, such as zinc, iron, and calcium.

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Covid-19 Outbreak:

The outbreak of the COVID-19 pandemic has adversely impacted the demand and growth of the plant-based meat market in India. This downfall is due to the disruption in supplies of vital raw materials, restricted access to production spaces, and interrupted distribution channels. Food products channel distribution was severely impacted, and pantry stocking and panic buying were at the highest point across different retail sales during the initial phase of the pandemic. However, the imposition of lockdowns encouraged consumers to buy products through online mediums, further motivating distributors to shift to the online distribution channel. The pandemic has raised awareness among consumers regarding the importance of maintaining healthy food patterns and lifestyles, which has positively influenced the demand for healthy food substitutes, including plant-based meat products.

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Industry Trends:

The market in India is majorly driven by the shifting inclination of consumers towards plant-based diets. In line with this, the rising consciousness regarding animal rights through various welfare organizations is creating a positive outlook for the market. Furthermore, individuals are adopting a vegetarian lifestyle devoid of animal-based foods, thereby positively influencing the market. Apart from this, increasing demand for plant-based chicken, pork, and seafood is catalyzing the market. Moreover, the round-the-clock efforts of manufacturers to create a product with a longer shelf life, better texture and aroma, and better nutritional profiles are expected to propel the demand for the product in India. Besides this, growing awareness about the health benefits offered by plant-based meat over animal meat is strengthening the market. 

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Key Market Segmentation:

Breakup by Product Type:

• Burger Patties
• Sausages
• Nuggets and Strips
• Ground Meat
• Meatballs
• Others

Breakup by Source:

• Soy
• Wheat
• Peas
• Others

Breakup by Meat Type:

• Chicken
• Beef
• Pork
• Others

Breakup by Distribution Channel:

• Restaurants and Catering Industry
• Supermarkets and Hypermarkets
• Convenience and Specialty Stores
• Online Retail

Breakup by Region:

• North India
• West and Central India
• South India
• East India

Competitive Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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