India Plant Protein Market Import Shipment Trend (2020-2024)
The India plant protein market import shipment demonstrated a strong growth trend with a CAGR of 13.6% from 2020 to 2024. However, the growth rate slightly slowed to 2.6% between 2023 and 2024, indicating a stabilization in the market expansion towards the end of the period.
India Plant Protein Market Size & Growth Rate
The India Plant Protein Market is projected to grow at a CAGR of 13.3% during 2023-2029, driven by increasing consumer awareness about health, the rise in veganism, lactose intolerance, and the expansion of production facilities to meet growing demand.
India Plant Protein Market Synopsis
India plant protein market is anticipated to witness significant growth during the forecast period, on the back of government initiatives and campaigns such as mechanization in agriculture, Fit India movement (2019), Eat India Right Movement (2018) to promote increased productivity and yield of crops and healthy lifestyle and living across India. Such initiatives are aiding plant protein foods demand across India which would directly provide impetus for growth to the India plant protein industry during the forecast period.
In 2020, the outburst of coronavirus positively impacted the growth of the India plant protein market as the demand for plant protein surged owing to the changing food habits of consumers and their inclination towards plant-based foods to avoid zoonotic diseases. Moreover, the temporary closure of meat processing plants during the period and the spread of bird flu further promoted the growth of the market.
According to 6Wresearch, India Plant Protein Market size is projected to grow at a CAGR of 13.3% during 2023-2029, attributing to the expansion of production facilities such as the one set up by B Veg foods with a capacity of 4000 metric tons per year which is expected to expand further up to 12000 metric tons per year to cater the plant protein demand would augment the growth of the plant protein market. Moreover, protein intake is increasing owing to rising awareness for health and fitness, due to increasing veganism and altruistic factors, further rising lactose intolerance, especially in youngsters would lead to a shifting of consumers from whey protein to plant protein, due to which plant protein market is expected to grow in the forthcoming years.
Market Segmentation by Source Types
Consumer preference has been highest towards soy protein owing to complete protein having all essential amino acids and a higher protein content ratio with economical prices among other products on account of the easy availability of raw material from Chinese vendors at lower cost.
Market Segmentation by Form Types
Dry plant protein is the majorly used form in India plant protein market on the back of having more protein and easy absorption rate, lower cost and higher shelf life accompanied by easy transportability factor. Further, it is anticipated to show a similar thrive in the forecast period.
Market Segmentation by Sales Channels
The B2B mode has been the topmost shareholder to the revenues and revenue share in the India plant protein market as consumers don’t prefer to consume the protein in the raw form. Hence, the vendors from India such as Synthite, Titan Biotech & Proeon as well as Chinese vendors sell the end product to organizations such as Oziva, Muscle blaze & AS-IT-IS who then sell it to consumers in various consumable forms.
Market Segmentation by Applications
Increasing fitness and health awareness in the country with the rising population of vegetarians having significant inclination towards veganism, swinging majorly in Nutraceuticals and supplements for daily nutritional fulfilment which leads to the dependence on protein powder due to their better absorption in the body and higher protein concentration.
Market Segmentation by Regions
The presence of maximum fitness and sports zealous in the Northern region with more awareness towards plant protein makes the northern region a pre-eminent share holder in the India plant protein market and a similar forecast is anticipated in the forecast period.
Key Attractiveness of the Report
- 10 Years of Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India Plant Protein Market Overview
- India Plant Protein Market Overview, By Source Types
- India Plant Protein Market Overview, By Form Types
- India Plant Protein Market Overview, By Applications
- India Plant Protein Market Overview, By Sales Channel
- India Plant Protein Market Overview, By Region
- Historical Data and Forecast of India Plant Protein Market Revenues for the Period 2016-2029F
- Historical Data and Forecast of Global Plant Protein Market Revenues for the Period 2016-2029F
- COVID-19 Impact Analysis
- Market Drivers and Restraints
- Industry Life Cycle
- India Plant Protein Market – Porter’s Five Forces
- India Plant Protein Market Key Manufacturing Analysis
- Comparison Between the Global and India Plant Protein Market
- Government Initiatives and Regulations
- Raw Material Analysis
- India Plant Protein Market Opportunity Assessment
- India Plant Protein Market Key Performance Indicators
- India Plant Protein Market Competitive Landscape
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Source Types
- Soy
- Wheat
- Pea
- Others (Rice, Hemp, Potato etc.)
By Form Types
- Dry
- Liquid
By Sales Channels
- B2B
- B2C
By Applications
- Nutraceuticals/Supplements
- Baker Products
- Dairy Alternative
- Convenience Foods
- Meat/Poultry/Seafood And Meat Alternative Products
- Others (Confectionary, Beverage, Baby Food, etc.)
By Regions
- North
- West
- South
- East
