IMARC Group, a market research company, has published a report that shows the vegan food market in India is projected to grow 11.32% between 2022 and 2017. The report, titled “India Vegan Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” has concluded that the growing awareness among individuals about the harmful health effects of animal products is primarily driving the India vegan food market.
There is also an increase in the number of restaurants offering vegan options and in the number of people suffering from lactose intolerance, both of which are factors behind the report’s projections. In the report, the Indian vegan food market has been divided into almond, soy, oats, wheat, and others, and among these, soy currently exhibits a clear dominance.
The report states, “The India vegan food market is expected to exhibit a CAGR of 11.32% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.”
The Indian government has been developing policies aimed at encouraging the adoption of a sustainable diet and plant-based foods to help fight climate change caused by animal agriculture, which is likely to favour the vegan food market in India in the next five years. For instance, in July 2022, India’s Food Safety and Standards Authority (FSSAI) released new definitions, regulations, and a mandatory logo to help businesses identify what products can be labelled and sold as vegan. The regulations stipulate that the seller of vegan food must store and display the food in a way that distinguishes it from non-vegan food, and all packages of vegan food should also display the logo specified by the FSSAI to help consumers identify it as a vegan product.
