9th June, Mumbai: Future Market Insights (FMI) in collaboration with Plant Based Food Industry Association (PBFIA) launched a market report ‘Growth opportunities and winning imperatives in the Global and Indian Plant based Industry’ at the Inter Food Tech Conclave, held at Bombay Exhibition Center.
Considering the Indian outlook of the plant-based industry, India seems to be in early stages for plant-based meat substitutes, however, the market is opening up with significant opportunities for growth led by new product launches by homegrown companies. According to Future Market Insights market report “The Plant Based Revolution: Growth Opportunities and Winning Strategies in the Global and Indian Plant based food market”, the Indian plant based market is likely to reach US$ 400-450 Million in the next 5 years. India is a leading producer of crops rich in protein and well positioned to supply both the national and international plant-based foods sector.
The event was tossed with an exclusive panel discussion Chaired by Mr. Sanjay Sethi, Executive Director, Plant Based Foods Industry Association and few of the industry leaders like; Nandini Roy Choudhury, Client Partner, Future Market Insights; Ms. Palak Mehta, Founder & CEO, Vegan First; Mr. Ajith Dharan, Head of Consumer Foods South Asia, Buhler (India) Pvt. Ltd.; Mr. Sohil Wazir, CCO, BlueTribe Foods; Ms. Devika Suresh, Innovation Associate, The Good Food Institute India; Mr. Manish Antwal, Co-founder & Group Director, Triple Pee Solutions Pvt. Ltd; Mr. B. P. Rao, Senior Director, GEA India
The event enlightens the growth opportunities and investments in plant-based food & beverage made in the Global and Indian markets. The event also comprised of panel discussion covering significant insights like the plant-based ingredients scenario and key developments therein, key challenges and what could be the winning strategy for market players in this ecosystem for transformative and sustained growth.
The panel discussion emphasized how the consumer persona is currently influencing the market. Where nearly 70% of global consumers opine that environmental health and how their choices influence the planet, are among the primary reasons why they would want to try plant based foods. Forecast to see why plant-based foods are set develop its way in the mainstream market in the Indian as well as the global markets.
While discussing about Plant based battlefield Ms. Nandini Roy Choudhury, Client Partner, Future Market Insights states, “Given the ever-widening outreach, the global market is characterized by spawning new business ventures. The past two years have experienced an explosion of numerous manufacturers and ingredient companies offering diverse portfolios capitalizing on this growth trend”
Furthermore , Sethi Mr. Sanjay Sethi, Executive Director, Plant Based Foods Industry Association, quoted “Today, plant-based foods are attracting lot of investments, scientific focus, and media attention as a way to meet the nutritional needs and food requirements of a population of 10 billion people by the year 2050 in a healthy and sustainable way”
The marker report by Future Market Insights presents key highlights on the plant based market. Flexitarianism and Veganism is on the Rise, it is crucial to note that between 2020 and 2021, the number of vegans worldwide doubled from 0.5% of the global population to 3%.
At least 17% of consumers aged 18-24 identify as flexitarian, consuming meat or poultry, as well as vegan or vegetarian meal.
To be acquainted with Future Market Insights exclusive market report “The Plant Based Revolution: Growth Opportunities and Winning Strategies in the Global and Indian Plant based food market” read here; https://bit.ly/3NDaFNB
Media Relations Contact: Shantanu Ingale, Public Relations Manager
Mob: (+91) 7721060111 Email: Shantanu@futuremarketinsights.com