The new report by Expert Market Research titled, ‘India Plant Based Protein Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the India plant-based protein market, assessing the market based on its segments like source, type, applications and distribution channel.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2013-2028)
• Historical Market Size (2022): USD 689.7 million
The India Plant based protein market is being driven by the thriving health & fitness and food & beverages sectors. As far as application for health and fitness is concerned, the youngsters and middle age population are getting more conscious with respect to their health, therefore they are hitting gymnasiums and health club more than ever.
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This has also increased the demand for lactose free and gluten free products. Similarly, the food and beverages segment is also very important for plant base protein market. There is high demand for protein rich diet among athletes, bodybuilders and the sports community. In India, maximum percentage of population is vegetarian which is a significant opportunity for players in this market to develop products such as protein-rich juices, smoothies, shakes, drinks, and flavored drinks to target their protein requirement.
The rising investments from key players towards India protein-based market is expected to aid the market growth in the forecast period. Following the COVID epidemic, as various industries recover from the pandemic’s detrimental effects, the product is likely to see an increase in demand, bolstered by government efforts.
Industry Definition and Major Segments
Plant protein is simply a useful source of protein derived from plants as a diet. These proteins are derived from plant-based food such as pulses, tofu, soya, nuts, seeds, tempeh and peas. Plant nutrient not just only a source of protein however it also provides other necessary nutrients such as vitamins, fibre and minerals.
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The India Plant based market, on the basis of source, can be segmented into:
• Soy Protein
• Pea Protein
• Wheat Protein
• Rice Protein
On the basis of Industry, the market can be categorised into:
• Protein Bars
• Protein Powder
On the basis of Applications, the market can be categorised into:
• Health and Fitness
• Food and Beverages
• Pharmaceutical
• Others
On the basis of Distribution Channels, the market can be categorised into:
• Online
• Retailer
• Gym Instructor
• Dieticians
• Chemist
• Direct to Customers
• Others
The regional markets for the Indian Plant based protein market include:
• West India
• South India
• North India
• East India
Among these, North India represents a significant share for the Indian Plant based protein market.
Market Trends
The food and beverage segment is estimated to account for the largest share during the forecast period. The key reason for fastest expected growth for this segment is the demand for ingredients that are pure and natural are also growing. In India, most of the population is still in the middle and lower economic classes. The rate of employment and disposable income is increasing as economic development and industrialization progress.
As a result, there has been a shift in dietary patterns, resulting in increased consumption of protein-rich foods and beverages. The rapid technological advancements and increasing investments by the key players to develop innovative solutions with the latest features are anticipated to significantly contribute to the market growth.
Key Market Players
The major players in the market are Mister Veg Foods Pvt Ltd., Zywie Ventures Private Limited (Oziva), Plantpower.fit, Plant Vita, Nutrazee, HealthOxide, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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