The world plant-based meals market is predicted to achieve $162 billion by 2030, up from $29.4 billion in 2020 with a CAGR of 18.60% from 2020 to 2030, in line with a joint report by Plant Based Foods Industry Association (PBFIA) and EY India.
India stood at a vantage point, with its various agriculture and plentiful uncooked materials availability, comparable to legumes, cereals, fruits, and greens, which may very well be used to create a extensive number of plant-based merchandise, the report steered.
Plant-based meals are those who change animal-based meals/substances comparable to plant-based meat, plant-based dairy, plant-based eggs and plant-based seafood, as per the report.
The challenges that must be addressed to make India a feeding bowl for the world for plant-based meals included enhancing the style and texture of plant-based protein sources, rising consciousness and schooling about plant-based proteins, and addressing points comparable to restricted availability, manufacturing, and processing, and allergenicity, in line with the study.
The report additionally really useful that an inclusive technique was required to spice up the business and open alternatives for present market gamers and new entrants. Democratising know-how by giving incentives to corporations to convey manufacturing items in India and catalysing R&D by establishing state-of-the-art Centre of Excellence and so on., might enhance the plant-based meals business at the nationwide degree, it steered.
Sanjay Sethi, Executive Director, PBFIA mentioned, “India has the potential to become a major supplier of plant-based proteins globally. It is critical for India to fully embrace and engage in this expanding industry, seeking cost-effective supply sources and developing an innovative environment.”
Amit Vatsyayan, Leader GPS-Agriculture, Livelihood, Social and Skills, EY India, mentioned, “The world is grappling with the problems of hunger, malnutrition and climate change. Also, in the last decade, food preferences have undergone multiple and diverse changes impacting the market share of different categories of foods. Plant-based foods are emerging as a substitute that not only addresses these challenges but also provides a range of business opportunities.”
