Market potential and viability assessment of plant-based meat category in India

Abstract

the world is moving at a faster pace, and so are consumer preferences and buying behaviors. People are constantly trying to find alternatives to existing practices, all the way from renewable sources of energy to vegan food as a way of becoming more sustainable. One such trend is the plant-based meat segment also known as ‘mock meat’, ‘faux meat’, ‘mimic meat’, ‘vegan meat’ etc. which refers to meat-like food items that are sourced mainly from plant materials. There are many reasons why this trend is catching up and why it’s an important area to research, understand and develop further. There is a dire need for more sustainable forms of protein. Even though meat is of high protein value, it is not sustainable. Harvesting meat involves high costs and consumption of meat on a regular basis also has its own downsides in terms of health. Moreover, owing to the internet, all kinds of data are easily available. People are trying to explore and understand the options available for them to have a healthier and more satisfactory lifestyle. In terms of the adoption potential, plant-based meat alternatives are considered to be the future. This could be because these food products are said to offer the same taste, texture, etc. as meat products while providing benefits such as improving weight loss, reducing the risk of cardiovascular disease and cancer, and even improving gut microbes and digestion. These claims are further brought to the public eye with the help of celebrity endorsements and unique campaigns. One example is ‘Veganuary’, a campaign that started in the UK aimed at promoting veganism among the population which has also had an impact on the Indian diaspora. Another example is the brand ‘Blue Tribe’ endorsed by celebrities like Virat Kohli and Anushka Sharma, who recently created a trending hashtag on social media called “#viratapproved”. The market for plant-based meat alternatives also seems to be on the upside. In 2020, meat replacements seem to have captured 11% of the global meat and alternatives market. There has also been a 37% increase in mock meat adoption in certain countries of the world. Food items like ‘Tofu’ and ‘Soy milk’ are gaining popularity among Western cultures which has naturally permeated into Indian food habits as well.