Plant-based meat is already a rage in international markets that are looking to reduce the carbon footprint linked to animal farming. Also known as mock meat, it is prepared from vegetarian sources such as soya, jackfruit, peas, beans, wheat gluten (seitan), etc., by adding other ingredients such as nuts, and giving it a certain texture so as to resemble, or mimic, the look, taste and textural appeal of animal meat. The emergence of plant-based meat brands in India indicates there is a niche and well-aware consumer group that is hungry for more options on their plates. Choosing a bean slider over a lamb burger or beetroot kebabs over classic galouti kebabs are some of the choices Indians are making. Plant-based meats are estimated to be just six percent of total plant-based foods, according to a Euromonitor report.
According to a 2021 study by retail broking company Nirmal Bang, as of today, the PBM (plant-based meat) market in India is estimated at $30-40 million, largely driven by the consumer (packaged) food followed by a small share of HORECA (Hotel/Restaurant/Catering). The market size in India is likely to touch $500 million (excluding exports which is a multi-billion dollar market) three years from now, again driven by the consumer (packaged) food category. The report says, contrary to the belief that consumption of PBM is just a metro-centric phenomenon, there is evidence that consumption is also being seen in interior parts of India where consumers are open to trying these products and are making repeat purchases.
Start-ups such as GoodDot, BlueTribeFoods, Imagine Meats, Veggie Champ, Wakao Foods and many others offer either ready-to-eat products or raw material that you can take home and cook. Taste and nutrition company, Kerry, has revealed India as a unique market for plant proteins. Vegetarians comprise one third of the population and the remaining 70 per cent of non-vegetarians are also consuming plant proteins regularly. Defined as ‘flexitarians’, this consumer segment enjoys both meat and meat alternative and vegetarian foods, and is driving the plant-based shift from niche to mainstream in the region. According to Kerry’s research, 41 per cent of the population in India already consume six or more types of plant proteins, with most meals comprising pulses, salads, lentils or cooked vegetables.
Bollywood couple Genelia and Riteish Deshmukh's new food venture, Imagine Meats was launched based on the new consumer demand, especially coming from the affluent markets. GoodDot, plant-based meat and vegan food company, is also breaking price-related myths. Packaged vegan food need not come with a premium price tag. GoodDot’s bestselling item keema pav sells at ₹29, and the most expensive item on the menu is priced at ₹189. ITC Ltd plans to launch a host of plant-based meat products, plant-based burger patties and nuggets which mimic the taste of chicken and are the two largest non-vegetarian frozen food categories.