Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

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.                

India Plant Based Protein Market Report Summary Description Value
Base Year USD Million 2023
Historical Period USD Million 2018-2023
Forecast Period USD Million 2024-2032
Market Size 2023 USD Million 733.15
Market Size 2032 USD Million 1270.55
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 6.3%
CAGR 2024-2032 - Market by Region North Region 8.2%
CAGR 2024-2032 - Market by Source Pea Protein 7.1%
CAGR 2024-2032 - Market by Application Health and Fitness 7.2%

India Plant Based Protein Market

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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.

India Plant Based Protein Market by Segment

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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
  • 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. 

CAGR 2024-2032 - Market by Region
North Region 8.2%
East and Central Region XX%
West Region XX%
South Region XX%

India Plant Based Protein Market Report and Forecast

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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 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Source
  • Application
  • Region
Breakup by Type
  • Concentrates
  • Isolates
  • Textured
Breakup by Source
  • Soy Protein
  • Pea Protein
  • Wheat Protein
  • Rice Protein
  • Others
Breakup by Application
  • Health and Fitness
  • Food and Beverage
  • Pharmaceutical
  • Others
Breakup by Region
  • North Region
  • East and Central Region
  • West Region
  • South Region
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the India plant based protein market attained a value of about USD 733.15 million.

The market is projected to grow at a CAGR of 6.3% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 1270.55 million by 2032.           

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.

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