Indian plant-based meat market currently in its nascent stage has already established its position in the market. Even though the market is still small at around Rs 300 crore, it has the potential to grow 8-10x and reach Rs 3,500 crore by 2026.
According to a report by Wazir Advisors, plant-based meat is generating its own consumer base. However, the main target consumer group includes:
- Flexitarians and Vegetarians, since the product category allows them to enjoy the taste of animal meat without actually consuming animal products
- Health Conscious Consumers, since plant-based meat is healthier than regular meat, and is lower in calories and saturated fats.
- Protein Deficient Consumers, around 80 percent of Indians fall into this category.
- Non-vegetarians and Guilty Meat Eaters, since 70 percent of the country consists of non-vegetarians, plant-based meat would provide them with a healthier option while curbing their cravings.
- Ethical Consumers, the consumers aware of sustainability and the impact of meat production on the environment are more inclined to consumption of plant-based meat.
This industry is gaining more traction with a diverse set of start-ups entering the market with their vast product portfolios. Some of the leading brands being Good Dot, Blue Tribe, Veggie Champ, and Urban Champ along with these there are numerous legacy brands joining the tribe such as Tata and ITC.
The report further provides insights on how brands can hop on to the plant-based meat wagon, it suggests 3 pointers for the same:
- Adapt to the value-conscious market: while affluent health-conscious consumers may be seen as a driver of the category, India remains a price-sensitive market with a perception that a meat substitute should be priced below the conventional product.
- Regionalization of Product: Blend the flavors of local cuisines in the product. The consumer’s taste varies across regions-while kebabs are preferred in the North, Biryani is a favorite down South.
- Look beyond Metros: Tier-II cities hold the potential of becoming huge markets and can be tapped with Omni channel promotional pricing and assortments.