India has the potential to conquer the export market for plant-based meat with the growing trend of plant-based meat in the West and how it has reached India in recent years. Indian companies are now eyeing Western markets and have started exporting plant-based meat products.
Indian companies are exporting plant-based meat products to the United States. These products are made from ingredients such as jackfruit, soy, mushrooms, peas, lentils, and more that imitate the texture, taste, appearance, and smell of actual meat. The target customers for these products are people looking to reduce their meat consumption or give up meat entirely, as well as vegetarians seeking alternative protein sources.
According to a report by The Good Food Institute (GFI) India and Deloitte India, the export potential for plant-based meat in India is projected to increase significantly by 2030. The report estimates the export potential for plant-based meat to range from Rs 2,194 crore to Rs 6,824 crore, while plant-based dairy ranges from Rs 459 crore to Rs 1,889 crore, and plant-based eggs from Rs 266 crore to Rs 631 crore.
Indian exporters have several advantages over their American counterparts in the plant-based meat industry. India has a strong tradition of plant-based foods, and its food technology is already developed enough to create high-quality plant-based meat products. India also has a large and growing workforce, low wages, and abundant raw materials, which help keep the cost of production low. Furthermore, the growing domestic market in India, with its large population of vegetarians, provides opportunities for innovation and product range expansion.
However, there are challenges that need to be addressed. The price of plant-based meat products is often higher than that of real meat, so efforts to expand the market and achieve lower prices will be important. Taste is another challenge, as consumers in the West will be more likely to try plant-based meat if it closely resembles real meat. Indian companies will need to invest in technology and research to achieve similarity in taste, texture, and appearance.
The article also mentions the growth potential of the plant-based foods market globally, with the Asia-Pacific region expected to dominate the market due to its large population and limited food supply. The report suggests that the plant-based foods market could make up to 7.7% of the global protein market by 2030, with a value of over $162 billion.
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