India Plant Protein Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food And Beverages, Pharmaceuticals, Animal Feed), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Indian plant protein market is projected to grow at a CAGR of 9.86%, from US$66.679 million in 2020 to US$128.796 million in 2027.

The growing incidence of lactose intolerance in the country will aid market growth

There is a rising prevalence of lactose intolerance and gluten allergies among the geriatric population and the middle-aged population in India, which is encouraging these individuals to adopt and consume proteins sourced from plants such as peas and soy, which are particularly well-known in Indian dishes and provide health benefits. Therefore, the consumption and demand for plant proteins are surging, accelerating the market's growth over the forecast period. In addition, the rising trend of following a sedentary lifestyle among the younger generation is decreasing and acting as a contributor to market growth.

Major developments by key companies and increased benefits of plant protein will further propel market expansion.

Furthermore, major market players are coming up with new and enhanced measures such as offering top-quality products in order to cater to the general population effectively and continuously contribute to the market's growth. For example, Kerry Inc., a leading provider of plant protein, has two plant protein products in its product portfolio called ProDiem and ProDiem Refresh. ProDiem Plant Protein is a product that is able to offer optimized nutrition and taste. It makes use of unique flavours by Kerry to deliver an enhanced mouthfeel. It is made using a combination of pea protein and rice protein and is able to facilitate the delivery of complete proteins and all essential amino acids required for improved and effective protein digestibility and faster absorption, which is essential to improving the Protein Digestibility Corrected Amino Acid Score (PDCAAS), thus completing the daily protein intake requirements.

In addition, it has benefits such as being soy and dairy-free, being a vegan-friendly alternative, having a cleaner flavour, aiding in weight management, among others, and can be used in different food and beverages. The ProDiem Refresh, on the other hand, is a protein product that is allergen-free and specially developed for use in low-pH beverages. It is a pea protein hydrolysate and offers a clean taste coupled with a lighter texture and is ready to be used in a variety of applications such as waters, juices, and energy drinks. Some of the key benefits of this product are that it is completely free of dairy, collagen, gluten, and soy, it is non-GMO, it adheres to Kosher and Halal standards, and there is no requirement for stabilizers for its consumption.

Dietary supplements hold a significant share

By application, the market has been segmented on the basis of dietary supplements, food and beverages, pharmaceuticals, and animal feed. Dietary supplements are projected to hold a notable share in the market owing to the fact that there is an increase in the number of individuals among the middle-aged population and young population joining and going regularly to fitness centres in order to get fit and build muscles. The major requirement for this is the consumption of abundant proteins in order to meet the daily-recommended protein levels.

The increasing investments in plant-based foods are bound to propel market growth.

Leveraging the growing demand for plant-based foods, multinational food giants like Kellog's, Unilever, and Nestle, among a few others, are foraying into the market with innovative offerings. In January 2022, ITC, an FMCG giant, entered into plant-based meat products amid the growing interest in meat alternatives, with the launch of pea-based plant-based nuggets and patties. The brand deemed India to hold the potential to occupy a significant plant-based protein market. Likewise, in November 2021, India-based restaurant chain, Haldiram introduced new offerings made from plant-based proteins, Keema Pao and Keema Samosa, in partnership with BVeg Foods, a leading manufacturer of plant-based foods. The latest offerings were introduced across all 80 restaurants in northern India. Similar developments are anticipated to increase the demand for plant-based proteins in the country.

Key Developments in the market:

• In May 2022, leading seasonings, natural food colours, and flavours producer Symega Food Ingredients announced the opening of a factory in Kochi, India. Through these developments, the firm aims to focus on developing and producing plant-based proteins to cater to the demand of Indian consumers. The facility is said to be equipped with sophisticated equipment with a 150MT monthly capacity.
• In September 2021, a home-grown food brand launched Veeba, a kids' health food brand. With 21 important nutrients at its core and a foundation built on feedback from young Indian moms, Provee strives to provide youngsters with nutritious nutrition that supports a sharp mind, improved immunity, and full growth for growing children. The formula used by Provee contains plant-based protein.

COVID-19 Insights

COVID-19 had a positive impact on the Indian plant-based protein market. The emergence of the pandemic led to increased health consciousness among consumers. Subsequently, the demand for plant-based proteins increased in India due to high protein and low-fat concentrations.

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline