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.
In September 2022, Agricultural and Processed Food Products Export Authority (APEDA) facilitated the export of first consignment of plant-based meat products under vegan food category from Nadiad in Kheda district in Gujarat to California, the United States of America (USA) in a move to boost exports of unique agricultural processed food products. The first shipment has vegan food products like momos, mini samosas, patties, nuggets, spring rolls, burgers, etc. The shipments were exported by Greennest and Wholesome Foods.
Stressing on exploring new foreign destinations, APEDA Chairman, Dr M Angamuthu said that APEDA is working towards promotion of plant-based meat products in a big way without disturbing the conventional animal-based meat export market. The APEDA has planned to promote a variety of vegan foods products, including pancake, snacks, cheese, etc, to the countries of Australia, Israel, New Zealand and others in coming months.
This story is from the March 2023 edition of AgroSpectrum.
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This story is from the March 2023 edition of AgroSpectrum.
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