With shifting consumer preferences and growing awareness towards health, ethical concerns and sustainability in India, plant-based entrepreneurs and startups have struck gold.
While plenty of Indians have already been living a vegan or plant-based lifestyle for many decades, the recent transition towards plant-based diets and the subsequent growth has accelerated rapidly over the last 5 years.
How Innovation Has Played a Key Role
From the introduction of mock-meat and dairy alternatives to vegan leather being used for clothes, phone cases and journals, the possibilities are endless and the future is bright.
For instance, Motorola recently launched two mobile phones boasting a vegan leather back instead of plastic which has proven to be a big hit among the youngsters. Motorola also managed to make sure that apart from targeting vegans being concerned for the environment, the vegan leather back actually looks and feels aesthetically-pleasing in a bid to grab the attention of fashion and tech-savvy consumers.
Innovations in the food industry have enabled middle-class consumers to gain access to a wide variety of plant-based alternatives at affordable prices. This in turn has made it easier for plant-based startups to attract huge investments and favourable rules and support from the Indian government.
With India boasting one of the fastest growing economies and a young population that is increasingly becoming conscious towards their personal habits and the planet, this is the perfect time for plant-based startups to really establish a foothold in this industry.
According to Research and Markets, the Plant-Based Alternatives Market is estimated to reach over $47.57 million in value terms by the end of FY2026.
Why Do People Switch to a Plant-Based Diet in India?
In late 2023, Rakuten Insights conducted a survey in India to find out the various reasons behind so many people transitioning to a plant-based diet. While 47.54% of the participants chose plant-based foods for ethical concerns, 41.76% chose it to improve their health or manage pre-existing health conditions. Furthermore, an astonishing 24.36% of the participants started following a plant-based diet to follow the trends from Europes and the West.
Talking about trends and forecasts, here is Bloomberg’s region-wise prediction for the plant-based industry’s worth globally by 2030.
What Does the Future Hold for the Plant-based Industry?
- A Shift Towards Prioritising Clean and Environment-Friendly Labels and Packaging
- Increased Demand for Dairy Alternatives and the Mainstream Use of Mock-Meat and Plant-Based Seafood
- Easy Availability of Budget-Friendly Plant-Based Alternatives For Middle and Lower-Middle Class Consumers
- Rise in Production of Foods that are not Heavily-Reliant on Natural Resources
- A Surge in B2B Models which will also enable Legacy Brands to Switch to Plant-Based Offerings from Products and Services to Packaging and Distribution
