A comprehensive study shows that people are slowly shifting focus to protein-rich plant foods rather than poultry products. The global food industry is projected to cross the US$ 11 trillion mark by 2027.
According to a survey carried out by Indian Market Research Bureau (IMRB) in 2015, India, which has most of its population eating vegetarian food, has found that 9 out of 10 people are protein deficient. The recent pandemic has made the public aware of clean and healthy eating habits, hence the shift to protein-rich plant foods.
People are becoming more aware of protein necessities and are searching for clear proteins in their food. Hence, food companies are now capitalizing on science and technology to get vegan meat and egg alternatives into the market.
Statistics of the protein-rich plant food in India
According to a Business Standard report, Universal data shows the current trend of people consuming more protein-rich plant food. It will help the food market trade reach US$342 billion by 2027.
In 2019, the Indian food industry was estimated at Rs 28,936 crore, which is expected to grow to Rs 186,819 by 2025. Thus, it shows an increase of 39% in Compound annual development charge (CAGR) between 2021 to 2025.
This data shows that in 2022, food industries are looking to satisfy this starvation through nutrient-filled protein-rich plant foods. A worldwide diet firm, Kerry, has acknowledged India as a market for plant-based meals.
63% of Indians are moving towards buying vegan food regularly, and 60% are ready to pay immediate cash. All of the above is making it compulsory for food companies to label clear proteins on all protein-rich plant meals.
Initiatives of various vegan companies for plant-based protein alternatives
Shraddha Bhansali, co-founder of Mumbai-based food company EVO Meals, which manufactures pesticide and cholesterol-free plant-based egg substitutes made of legumes, told the journalists of Business Standard that food shoppers give preference to quality.
She further communicated that her company is thus all set to start the production of a plant-based alternative protein firm based in India to cater to global needs. Her mission is to take away animal content from meals.
Dibyendo Bindal, CEO of Mighty Foods, expressed his desire to Business Standard to provide the public with protein-rich food habits. So, their plant-derived ready-to-cook protein food company is working towards giving priority to avoiding meat and focusing on a taste-first policy.
Priyanka Srinivas, the founder and CEO of Live Green Company, a Chile-based start-up that uses artificial intelligence to conduct research and development on plant-derived food products, stated that ‘clean label’ is the newly set standard in the current food markets.
She also said that clean protein alternatives made inroads in the food market revolution. Although this food movement has kick-started in a good way, these new protein-based food products have to match the taste and convenience of the customers and look out for their health.
Clean products are vegan, fully plant-based, chemical and insecticide-free, and eco-friendly. The current generation is ready to shift to healthier food options as it helps maintain taste and gut health. The Covid-19 pandemic has made people prioritize their health and increase their immunity levels. So, people are turning towards protein-rich diets free of animal products to maintain a healthier lifestyle.