Japanese plant-based meat company, Next Meats has recently stepped into the Indian market in partnership with New Delhi-based startup Vegan Meat India. The Japanese firm plans to open a lab and manufacturing unit in India and develop its products keeping in mind the taste buds of Indians. The company specialises in the research and development of Japanese-style alternative meat products. Its journey of product development began in 2017, and the company was officially established in 2020. In conversation with nuFFooDS Spectrum, Deepak Yadav, Chief Executive Officer, Vegan Meat India takes us through the launch of Next Meats products in the Indian market and its game-plan in the country.
How did the alternative meat products at Next Meats come about?
Next Meats has teamed up with Indian food-tech startup Vegan Meat India to launch meat-free alternatives with the motive to prioritise sustainability in food production and pare down the incremental burden on the environment using crossover technology. Our plant-based products entail non -GMO soya bean, pea protein, apple extract, spices and soya sauce and many more. The products will be at hand by March in Delhi NCR and Bangalore. Our strength lies in our R&D network. Efforts are being put to ideate innovative ways to develop taste and texture. Researchers from around the world have openly collaborated in combining ideas from various fields, including life science, food engineering and genetic engineering. We make full use of the ideas and technology gained from this process, to evolve Next Meats every day.
What will be the price bracket for your product range?
The price will approximately range from Rs 250-Rs 400 per packet.
How much revenue are you expecting with this launch in the Indian market? What kind of competition you might be facing?
We are hoping to generate a revenue of around Rs 50 crore from the initial launch year. Addressing the query pertinent to the sort of competition, there are a few competitors in the market currently but we have an unique product range, quality and taste. Therefore, we don’t anticipate any hard competitions in the Indian market.
Could you elaborate on the plans of opening a lab & manufacturing unit in India? What are the hiring opportunities in store? How much is being invested?
Currently, we are launching products which are being manufactured in Japan. However, in the near future we are planning to set up our lab and manufacturing unit in India as India has huge production of soya beans. It will help us to produce the products with India Taste and we would like to export the same to various countries. As of now, the company is investing around Rs 10 crore but we will be increasing our funds in the near future. Speaking of hiring opportunities, we are planning to open our stores with dine-in facilities across India, so hopefully it will generate good hiring opportunities.
What are the future plans for the plant-based food market in India? Would you be launching more products in the coming months?
We will be gradually introducing our new products in the Indian market. India has a huge market and so if we are able to match the tastes and the price, it is certainly going to be a great hit in the Indian market.
What challenges do you foresee regarding the growth of the plant-based food market in India?
Most Indians are suffering from nutrition deficiency and if we could create awareness about these products which are a rich source of alternative protein that too at an affordable price, it would be very beneficial. Also, it will be helpful in dieting with zero cholesterol.
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Dr Manbeena Chawla