AgroSpectrum - March 2023

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IT'S GO TIME for Plant-based Meat Industry
The plant-based food sector presents an incredible opportunity to India for the long term by effectively and efficiently utilising natural resources and adding value through processing. It can cater towards the populations living and working in cities as well as those in rural settings, who increasingly have access to cold chains and upermarkets. It can leverage the unique strengths and qualities of its indigenous crops. The export market for India’s plant-based sector is projected to be significant by 2030, with the plant-based meat market expected to be larger than that of milk, as per a report by the Agricultural and Processed Food Export Development Authority(APEDA). The plant-based meat market is projected to range from $283 million to $880 million (Rs 2194 crore to Rs 6824 crore). Although the Indian plant-based meat market is currently in its nascent stage, it has already established its position in the market. The market is still small at around Rs 300 crore, but it has the potential to grow 8-10 times and reach Rs 3,500 crore by 2026. Let's take a closer look at the buoyant plant-based meat space.