We are seeing multiple drivers fueling growth of the plant-based food market in India - the Covid-19 pandemic, rising awareness against animal welfare/ cruelty, and sustained religious push against eating meat. With these tailwinds, we expect the plant-based food industry to boom in India in the coming 5-10 years.

Globally, we have seen that about one third of meat eaters have actively reduce their meat consumption to opt for healthier, cruelty-free options such as plant-based food. Consequently, the global plant-based food market is expected to reach $480.43 billion by 2024, with a projected CAGR of 13.82% from 2019 to 2024. While India will be a small fraction of the global market, we expect it to be a rapidly growing market in the next 5 years.

In addition to plant-based foods, we are also seeing greater demand for plant-based vitamins, dietary supplements and proteins in the Indian market. This is a niche, rapidly growing segment for the next 5 years.

We are keen to partner with global players who wish to tap the opportunity in India in both plant-based foods, as well as plant-based vitamins, dietary supplements and proteins. The Indian market is at a nascent stage, and it is a good time to enter to establish oneself as a leader early, to have a lion’s share of this fast-growing market.