Market Trends of india dairy alternatives Industry
The vegan movement in the country drives dairy alternatives consumption in the Indian market
- The consumption of different types of dairy alternative products across India increased during the past few years due to the growing vegan population. In 2020, India had around 500 million vegetarians and around five million strict vegans. The primary reasons driving the ‘Going Vegan’ movement were lifestyle awareness among people, technological advancements, increased lifestyle ailments and allergy conditions, climate changes, and the changing perception toward sustainability.
- Among the dairy alternatives, plant-based milk, like soy and oat milk, was majorly consumed across the country and held the majority of the share in 2022. The consumer preference for sustainable ingredient sourcing concerns the hormones (plant estrogen or iso-flavones) in soy milk. Soy milk also comes with GMO-free, low-fat, and allergen-free claims, giving consumers more plant-based options to diversify their diets. Thus, the per capita consumption of soy milk increased by 5.02% in 2022 compared to 2021.
- The per capita consumption of non-dairy butter is estimated to increase by 8.64% during 2023-2024. The key factors influencing consumers’ decision to adapt to non-dairy butter are the concern for animals or sustainability and a change in dietary habits. Other dairy alternative product categories like yogurt, cheese, and ice cream are still growing.
- The increasing demand for non-dairy yogurt is being led by millennials with busy lifestyles, promoting the consumption of ready-to-eat, on-the-go snacks. Companies are introducing different variants in terms of flavors and health claims to cater to the changing tastes and preferences of consumers.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Government policy incentives in the country facilitated increased production due to increased area
