The plant-based seafood products include tuna, salmon, caviar, scallops, squid, crab and shrimp. The seafood is made from some common ingredients like soy, legumes, seaweed and various vegetable oils and starches. As we know that today many consumers are becoming vegan and shifting to plant-based foods, so the consumers are asking for healthy meat alternatives. The plant-based fish is mercury-free and a healthy alternative to fish with necessary proteins. The new plant-based seafood provides lots of environmental benefits, such as alleviating pressures on rapidly depleting fisheries and also reducing the impact of fishing nets on the ocean plastic problem.
According to this report published by Actual Market Research titled “India Plant-Based Meat Market Research Report, 2027”, the market is expected to reach more than 15% CAGR by the forecasted period. The plant-based meats are mostly made from soy, wheat and peas. These contain lots of vitamins, minerals, fibres and many other healthier nutritious values.
With the increase in the consumption of plant-based products, many leading manufacturers have also started introducing plant-based seafood for seafood lovers in the market. Before the arrival of plant-based meat and its products, the market was only limited to beef, pork and poultry. However, now you can find healthy alternatives to these animal-based food products. Although plant-based products are new to the market but are still gaining huge popularity in the market today. Therefore, it has been researched that plant-based fish products are expected to grow with the highest CAGR by the end of the forecasted year 2026.
Today consumers choose to eat more plant-based products, due to various reasons to improve their overall health like weight management, a desire for clean eating and to eat more sustainable products. The main reason behind consuming these products can be for reducing the consumption of animal meats. As per some researchers, it is said that more consumption of meat can be directly linked to the rise of obesity and also to an increase in cancer, stroke, and cardiovascular diseases in the body.
Plant-based burger patties are the most savoured alternative by consumers across the world as burgers are a quick and satiating food to indulge in. Plant-based burger patties have replaced chicken burgers. It is a burger pattie that looks, tastes, and appears like beef. It is juicy, meaty, and delicious in taste. Burgers are the most loved fast food option among today’s Millennials, irrespective of age. Since soy is mainly used as a basic ingredient, it is gluten-free, GMO-free, and has no animal protein. It is assumed the first plant-based burger originated in 1980 in the Gardenhouse restaurant in Oregon. It started to pick up trend in 2012 in the United States.
Chicken is the most consumed meat form as it is easy to find and cheaper than other types. It tastes good and goes well with a variety of flavours, cooking methods, and recipes. It is also rich in iron, zinc, protein, and vitamin B and low in fat. Hence, chicken is the most consumed plant-based meat form by consumers. It can be made from pea, wheat, or soy protein with oils and other flavours. It is high in fibre, and iron and low in cholesterol and saturated fats. However, it is suggested that you consume it in moderation as part of a balanced diet. Vegan chicken can be formed as burger patties, nuggets, sausages, or other snacking items.
The pandemic affected the food industry and food manufacturing and processing industries with imposed lockdowns. However, apart from the unavailability of raw materials and labour, it increased the demand for plant-based meat as consumers demanded faux meat. They wanted to avoid any products of animal origin due to the fear of the pandemic. Since consumer movements were restricted and food could be delivered to their door, sales through the online sales channel increased twofold. Also, consumers wanted to boost their immunity power by enriching their diets with fibres, vitamin C, iron, and foods that contained low levels of saturated fats. After the pandemic, with the rise in demand, the manufacturers started innovating more to launch new varieties in the market and promote plant-based meat products more.
Considered in this report
Base year: 2021
Estimated year: 2022
Forecast year: 2027
Aspects covered in this report
India plant-based meat products market with its value and forecast along with its segments
Various drivers and challenges
On-going trends and developments
Five force models
Top profiled companies
By Source in the report
Others (quinoa, oats, hemp, others)
By Product in the report
Strips & Nuggets
By Type of meat in the report
Others (lamb & turkey)
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analysing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have to start verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the plant-based meat industry, food and other related industries and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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List of Figures
Figure 1: India Plant-Based Meat Product Market Size By Value 2016 to 2027F (In USD Million)
Figure 2: India Plant-Based Meat Product Market Share By Source (2016, 2021 & 2027F)
Figure 3: India Plant-Based Meat Product Market Share By End User (2016, 2021 & 2027F)
Figure 4: Market Attractiveness Index, By Source
Figure 5: Market Attractiveness Index, By End-User
Figure 6: Market Attractiveness Index, By Product
Figure 7: Market Attractiveness Index, By Type
Figure-8: Porter's Five Forces Meter of Plant-based Meat Industry in India
List of Table
Table 1: India Plant-Based Meat Product Market Share By Application (2016, 2021 & 2027F)
Table 2: India Plant-Based Meat Product Market Share By Type (2016, 2021 & 2027F)
Table 3: India Plant-Based Meat Market Size of Soy (2016 to 2027F) in USD Million
Table 4: India Plant-Based Meat Market Size of Pea (2016 to 2027F) in USD Million
Table 5: India Plant-Based Meat Market Size of Wheat (2016 to 2027F) in USD Million
Table 6: India Plant-Based Meat Market Size of Others (2016 to 2027F) in USD Million
Table 7: India Plant-Based Meat Market Size of Retail (2016 to 2027F) in USD Million
Table 8: India Plant-Based Meat Market Size of HoReCa (2016 to 2027F) in USD Million
Table 9: India Plant-Based Meat Market Size of Burger Patties (2016 to 2027F) in USD Million
Table 10: India Plant-Based Meat Market Size of Sausages (2016 to 2027F) in USD Million
Table 11: India Plant-Based Meat Market Size of Others (2016 to 2027F) in USD Million
Table 12: India Plant-Based Meat Market Size of Beef (2016 to 2027F) in USD Million
Table 13: India Plant-Based Meat Market Size of Chicken (2016 to 2027F) in USD Million
Table 14: India Plant-Based Meat Market Size of Pork (2016 to 2027F) in USD Million
Table 15: India Plant-Based Meat Market Size of Fish (2016 to 2027F) in USD Million
Table 16: India Plant-Based Meat Market Size of Others (2016 to 2027F) in USD Million
Table 17: Key Facts of Company 1
Table 18: Key Facts of Company 2
Table 19: Key Facts of Company 3
Table 20: Key Facts of Company 4
Table 21: Key Facts of Company 5
Table 22: Key Facts of Company 6
Table 23: Key Facts of Company 7
Table 24: Key Facts of Company 8