Market Trends of india soy protein Industry
India has emerged as one of the major markets in plant protein consumption
- Increased production of major plant proteins like soybean, rice, pea, and wheat. Although many plant products are consumed as staple foods in the region, the increased applications of these protein ingredients in developing innovative foods are further increasing the consumption of these protein ingredients. The increasing number and engagement capability of vegan influencers among the internet-savvy young generation has proven to be pivotal in the rise of the veganism trend in India. For instance, currently, India has more than 1 million vegans and vegetarians.
- Dairy was majorly dominating the country's consumption. However, with the increasing awareness of plant proteins, Indian consumers, especially younger generations, are turning toward plant protein-fortified foods. A survey in 2019 found that 63% of the surveyed Indians were willing to replace meat with plant-based options, and the country has over a billion people. To cater to the growing demand, innovative products are occupying market space, thus increasing the options for consumers. For instance, Evolved Foods introduced vegan alternatives under its Alt Meat and Alt Protein brands, seeking to replace chicken and paneer. A Dutch company, Schouten, brought its tempeh production system to India.
- The protein segment is not being adopted that well among Indian consumers. The recommended dietary allowance of protein for an average Indian adult is 0.8 to 1 gm per kg of body weight. According to an estimate, over 70% of the country's population is protein deficient. This protein deficiency could be due to a lack of awareness and inadequate consumption of protein on a regular basis.
Understand The Key Trends Shaping This Market
Download Sample
India is one of the top five soybean producers in the world
- In 2019, soybean production increased by 21% over the previous nine years due to increase in cultivation areas compare to other commodities. Public and private companies are collaborating to develop various techniques and directly engage with farmers to enhance farm incomes and increase soybean yield. In 2014, as soybean production continued to decline in Maharashtra, the State Government of Maharashtra and the Public-Private Partnership for Integrated Agriculture Development (PPPIAD) introduced new technologies in collaboration with ADM for soybean cultivation that aided farmers in increasing their yields.
- Soybean is cultivated over an area of 11.00 million ha, with a production of 11.53 million ton, registering productivity of 10.45 q/ha (QE 2015-16) under Vertitsol in the rainfed ecosystem in Madhya Pradesh, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, and Telangana. There are wide variations in productivity ranging from 9.5 q/ha in Karnataka and Chhattisgarh to 14.8 q/ha in Telangana, primarily due to farm-level inefficiencies. In the 2020 Kharif season, soybean cultivation took place in a 120-lakh-hectare area, with a yield of around 105 lakh ton.
- Local farmers encountered difficulties due to a lack of certified seeds and their exorbitant prices. Thus, farmers in a few states like Maharashtra and Rajasthan produced their own seeds to avoid market scarcity. However, in Madhya Pradesh, sowing of the Kharif crop is yet to begin in 60% of the state, despite the beginning of the season two months ago, due to a shortage of certified seeds provided by the government or significantly high seed prices (between INR 10,000 and INR 12,000 per quintal). Despite its higher production, the bulk of soybeans produced in India is used for oil production.
Understand The Key Trends Shaping This Market
Download Sample
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Growing concerns about infant nutrition are driving the market
- Non-alcoholic drinks are predicted to support market growth
- Home cooking is propelling the market
- Dairy alternatives to witness significant growth rate
- Growing preference for protein rich diet to influence segment growth
- The healthier snacking option is driving the market
- Compound feed supporting the animal feed demand
- Rising penetration of organized bakery sector is likely to impact the market
- Fortification and innovative packaging trends to influence breakfast cereals market
- Growing per capita consumption and retail infrastructure driving the market growth
- Increase in the geriatric population is propelling the segment
- Strong hold of RTE/RTC in the food processing industry
- Rising awareness is increasing consumer base in the market
- Premiumization and natural ingredients are taking over the segment’s market edge
