India is emerging as one of the leading hubs for plant-based protein products. The growing awareness and demand for plant-based protein are creating opportunities for the ever-growing startup ecosystem in India. The plant protein market is still in a nascent stage in its development and therefore several startups are entering into space. To establish their presence in the Indian plant protein market, small businesses are moving faster and raising funds for product innovation and development.

The growing sales of plant-based meat and dairy products in restaurants and foodservice channels are also supporting the market. Retailers like Reliance Fresh, D-Mart, and Big Bazaar are already providing shelf space to plant-based products from different brands including Chetran Foods.

Over the last few years, different venture capital firms including New Crop Capital have shown interest in the Indian alternative protein market. Several firms have invested in plant-protein startups because of the substantial growth opportunities in the Indian market. As a result of this, competitiveness in the market is increasing along with the increasing number of players. The expected market growth along with the rising trend of alternative sources of protein is expected to trigger more investment in the Indian plant protein market.

To increase the market share, plant-based startups are focused on their product innovation and development. The competition is expected to intensify further as large food processing companies such as Nestle are looking at India as a viable market for investment in the alternative protein sector.

Food-tech start-ups are driving the rate of innovation

Food-tech startups such as Evo Foods and Good Dot are driving the rate of innovation in the Indian plant protein market. For instance,

• Evo Foods analyzed two plant proteins extracted from legumes which offered the same nutrition, texture, and taste as that of a traditional egg. The startup was able to create a liquid egg replacer that is lower in fat and contains zero cholesterol. The startup is also working to create an effective replacement for traditional egg in baking.

• Good Dot is another Indian startup that has produced vegetarian meat using plants. The company offers meat alternatives, which are being retailed out through their website and Amazon.

• Like the western markets, Indian celebrities are also adopting and promoting plant-based protein products in the country. On July 23, 2020 Bollywood celebrities Genelia and Riteish Deshmukh announced the launch of ‘Imagine Meats’, a plant-based meat venture. Imagine Meats collaborated with the US-based Archer Daniels Midland Company (ADM) for ingredients.

Regularly updating food offerings with new products and creating new retail partnerships will allow these startups to offer strong competition in the Indian market.

To know more and gain a deeper understanding of strong growth, rising demand enticing start-ups in the Indian plant-protein market, send us an email on info@consumerintel360.com.