Market Trends of india meat substitutes Industry
- The average price for tempeh in India saw a 0.72% growth during the period studied. The price rose from USD 7.53/ kg in 2018 to USD 7.64/ kg in 2020. One of the primary reasons for this price increase was the increasing price of soybean. India is largely self-sufficient in soybean production and mostly relies on domestically produced crops. In 2019-20, India produced 11.22 million ton of soybeans over an area of 11.34 million hectares (28.02 million acres). The major soybean-growing states are Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, and Telangana. Soybean prices vary from state to state, with the highest price recorded in Maharashtra, which was USD 122 per quintal in August 2021. The lowest price in 2021 was recorded in Telangana, where the soybean price was USD 74.65 per quintal.
- To support the plant-based meat substitutes market's growth, India has also had to import soybean in recent years. India imported only 242 ton of soybean seeds in 2018. However, the following year, 10,641.64 ton of soybean seeds were imported into the country, registering a 4,297% increase. This demand continued into the next year, with imports amounting to 10,137.85 ton in 2020.
- The price for tempeh in India is projected to reach USD 8.08 per kg by 2028. The demand for tempeh is expected to increase in the region as more people shift to plant-based diets. India already has a large population of vegetarians. Tempeh is also considered a suitable alternative to the widely-consumed food ingredient, paneer. Tempeh has a very good nutritional profile as it contains 20 g of protein and only 193 calories per 100 g.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- High dependency on soybeans restricts manufacturers from having a hold on the prices
