Radicle™ by Kerry plant-based solutions can meet India’s rising consumer calls for meat alternatives
New research produced by Ireland-based food company Kerry has revealed that India is a unique market for plant proteins, where vegetarians comprise one third of the population and the remaining 70% of non-vegetarians also consuming plant protein regularly in their diet. 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.
In India, 41% of the population already consume six or more types of plant proteins, with most meals comprising pulses, salads, lentils or cooked vegetables.
Said Gunjan Pandey, Marketing Director for Kerry Southwest Asia, “The opportunity and potential for plant protein foods in India is promising. Currently, the region’s alternative meat market is valued at $171 million, and is expected to grow at 8.5% CAGR by 2025. The past five years have also seen consistent new launches with the number of meat substitute launches rising year-on-year.
The numbers indicate a huge paradigm shift towards plant-based meat alternatives in India. While still at an early stage, this is fast catching up to the rest of the world, largely due to the fact there are already many vegetarians and vegetarian options in India. And while non-vegetarians prefer meat, they, along with vegetarians and vegans, are willing to try plant-based alternatives and experiment with its textures and flavours.
In India, the top three top reasons for this shift to meat alternatives are health benefits, the desire for variety and growing awareness of the importance of sustainable eating. In fact, 63% of Indian consumers are very or extremely likely to purchase plant-based meat regularly. They are willing to try plant proteins in familiar formats, both Indian and western, and an estimate 60% are ready to pay a premium for it.”