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India Plant Based Protein Market Share, Size, Growth, Analysis, Forecast: By Type: Concentrates, Isolates, Textured; By Source: Soy Protein, Pea Protein, Wheat Protein, Rice Protein, Others; By Application: Health and Fitness, Food and Beverage, Pharmaceutical, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2023-2028
India Plant Based Protein Market Outlook
The India plant based protein market reached a value of about USD 689.7 million in 2022 and expected to grow at a CAGR of 6.3% in the forecast period of 2023-2028 to reach a value of around USD 995.08 million by 2028.
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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
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Source |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Plant-based Protein Market Overview
8.1 Key Industry Highlights
8.2 Global Plant-based Protein Historical Market (2018-2022)
8.3 Global Plant-based Protein Market Forecast (2023-2028)
8.4 Global Plant-based Protein Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 India Plant-Based Protein Market Overview
9.1 Key Industry Highlights
9.2 India Plant-based Protein Historical Market (2018-2022)
9.3 India Plant-based Protein Market Forecast (2023-2028)
10 India Plant-based Protein Market by Type
10.1 Concentrates
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Isolates
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 Textured
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
11 India Plant-based Protein Market by Source
11.1 Soy Protein
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Pea Protein
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 Wheat Protein
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 Rice Protein
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Others
12 India Plant-based Protein Market by Application
12.1 Health and Fitness
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Food and Beverage
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Pharmaceutical
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 India Plant-based Protein Market by Region
13.1 North Region
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 East and Central Region
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 West Region
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Region
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Archer Daniels Midland Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 International Flavors & Fragrances Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Kerry Group plc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Glanbia plc
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Cargill, Incorporated
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Ingredion Incorporated
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Roquette Frères.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Titan Biotech Ltd
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Taj Agro International
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Pioneer Industries Private Limited
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Plant-based Protein Market: Key Industry Highlights, 2018 and 2028
2. India Plant-based Protein Market: Key Industry Highlights, 2018 and 2028
3. India Plant-based Protein Historical Market: Breakup by Source (USD Million), 2018-2022
4. India Plant-based Protein Market Forecast: Breakup by Source (USD Million), 2023-2028
5. India Plant-based Protein Historical Market: Breakup by Type (USD Million), 2018-2022
6. India Plant-based Protein Market Forecast: Breakup by Type (USD Million), 2023-2028
7. India Plant-based Protein Historical Market: Breakup by Application (USD Million), 2018-2022
8. India Plant-based Protein Market Forecast: Breakup by Application (USD Million), 2023-2028
9. India Plant-based Protein Historical Market: Breakup by Region (USD Million), 2018-2022
10. India Plant-based Protein Market Forecast: Breakup by Region (USD Million), 2023-2028
11. India Plant-based Protein Market Structure
Key Questions Answered in the Report
In 2022, the India plant based protein market attained a value of about USD 689.7 million.
The market is projected to grow at a CAGR of 6.3% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 995.08 million by 2028.
The major drivers of the market include the growing protein-rich diet awareness, the rising shift away from conventional animal-based products, increasing health consciousness, increasing technological advancements in the food and beverage industry, increasing raw material availability, growing food demand, and the increasing government investment in the food research and development sector.
The changing dietary preferences among consumers and the rising shift toward a more nutritional diet are the key industry trends propelling the growth of the market.
The major regions in the industry are North Region, East and Central Region, West Region, and South Region.
The leading sources of plant based protein in the market are soy protein, pea protein, wheat protein, and rice protein, among others.
The major application segments in the industry are health and fitness, food and beverages, and pharmaceutical, among others.
The leading types of plant based protein in the market are concentrates, isolates, and textured.
The major players in the market are 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, and Pioneer Industries Private Limited, among others.
Analyst Review
The India plant based protein market attained a value of about USD 689.7 million in 2022, driven by the changing dietary preferences among consumers. Aided by the growing protein-rich diet awareness and increasing health consciousness, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.3%. The market is projected to reach value of around USD 995.08 million by 2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on source, the market is categorised into soy protein, pea protein, wheat protein, and rice protein, among others. By type, the market is divided into concentrates, isolates, and textured. On the basis of application, the market is segmented into health and fitness, food and beverages, and pharmaceutical, among others. The significant distribution channels in the market include online, retailer, gym instructor, dieticians, chemist, and direct to customer, among others. The major regional markets for plant-based protein are North Region, East and Central Region, West Region, and South Region. The key players in the above market are 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, and Pioneer Industries Private Limited, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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