Plant-Based Meat that don't contain any components of animal origin
The meat and seafood merchant Licious started promoting "fake" chicken and mutton last week under the name "UnCrave." Additionally, cricketer M.S. Dhoni acquired an undisclosed ownership position in plant-based meat firm Shaka Harry, and Beyond Meat, the industry pioneer based in California, teamed up with India's largest buffalo meat exporter Allana Group to market its goods there. Imagine Meats was established by actor couple Riteish and Genelia Deshmukh in September 2021. Additionally, in February of this year, Blue Tribe, a company that produces alternative proteins, signed Virat Kohli and his wife Anushka Sharma on as investors and brand ambassadors. Additionally, it is supported by groups like the FICCI and government agencies in India.
A plant-based food is a finished product composed from components derived from plants, such as fruits, vegetables, whole grains, nuts, seeds, and legumes. Foods that don't contain any components of animal origin, either during processing or as part of the completed product, are included in the market for plant-based foods and are utilised as substitutes for foods that would otherwise contain such ingredients. For instance, switching to plant-based meat substitutes produced in a humane and sanitary manner can help stop issues with animal husbandry such as disease outbreaks. Utilizing plant-based meat substitutes promotes sustainability, saves the lives of farm animals, and reduces greenhouse gas emissions. These facts are understood by the majority of people.
In comparison to 48.7% who would pick domesticated meat, data from 2020 found that 62.8% of Indians were very or highly likely to purchase plant-based meat substitutes. The development of plant-based meat substitutes is mostly influenced by the west and may not necessarily provide Indian consumers with diversity or convenience. Additionally, there are numerous tastier and more sustainable vegetarian sources of protein accessible in India, a nation that generally supports vegetarianism. The Indian plant-based meat industry, albeit still in its infancy, has already made its imprint on the industry. The market, which is currently only worth about Rs 300 crore, has the potential to increase by 8 to 10 times by the year 2026 and reach Rs 3,500 crore. With a wide range of start-ups entering the market and offering varied product lines, this business is expanding. Along with these, several established businesses are joining the tribe, including Tata and ITC. Some of the top brands include Good Dot, Blue Tribe, Veggie Champ, and Urban Champ.
There has been an incredible increase in plant-based dairy alternatives in India as a result of growing awareness of lactose sensitivity and a broader shift towards higher wellbeing. One of the markets with the quickest growth rates in the functional and specialty beverage category of more recent food product development is the market for plant-based or non-dairy milk substitutes. The leading candidate for this transformation is plant-based milk, and consumers have responded incredibly well to almond and oat milk. Offering plant-based alternatives to animal-based goods like dairy and meats is becoming increasingly important. Given our legacy and knowledge of cuisine, food science, and culinary arts, India has one of the best innovation capacities for creating plant-based substitutes. It presents a large export prospect and is a fantastic enterprise from a business standpoint. It is anticipated that soon consumers everywhere will choose goods with superior value, clean-label components, and straightforward/uncomplicated products.
Plant-based products have a bright future because of India's vast population. The ecology and the lives of animals would be significantly impacted if large segments of the people switched to a plant-based diet. Companies that cater to plant-based consumer bases will need to work hard to duplicate that experience in their products if they intend to compete in the market because the flavour, feel, and attractiveness of meat are already deeply ingrained in the non-vegetarian populace. The emergence of brief commerce has further sped up this process, which has been made easier and more efficient by the dissemination of e-commerce. Both new firms and established companies have a great chance to quickly increase their market share. As a result, plant-based food products that are nutritious and affordable are now more widely available than anyone could have imagined a few years ago. The vegan revolution is here to stay, especially given India's development trajectory, which is anticipated to inspire the next large wave of FDI.