Green supplement sector-An untapped market
A significant number of vegan and plant-based spaces are increasing, owing to the endeavouring capital and the spirit of entrepreneurship in India; This is not an accord as even globally vegan food start-ups are taking centre stage, which has led many food start-ups to prop out and investors to open their ears and eyes to invest in green companies.
Changing mindset of people due to COVID-19:
There is certainly a change in people’s eating habits globally, especially after the pandemic’s outbreak. They are very much concerned about what they are consuming and its effect on their immune system. In India, now people are opting for the vegan or plant-based diet(green). Because there is almost zero adulteration in plant-based supplement, making it more customer-centric, grabbing the consumer’s colossal attention, and changing their mindset. Everything that is healthcare-related is receiving a massive boost. The fact that three out of four Indians are lactose intolerant makes it ripe for veganism to spread. Milk has been medicine for decades, and ghee is used practically wherever possible. However, this is an older generation mindset and looks to be fading away with the upcoming generation, replacing the classic dairy milk with plant-based milk. India has been the youngest country globally, with almost half of its population under thirty. With rising incomes and more education, the new India is moving towards green supplements or plant-based supplements as they wake up to animal agriculture’s adverse impact on our environment, health, and the animals.
Opportunities for the green companies to grow:
This new transformation has created an excellent opportunity for food companies, Food Business Operators (FBOs), and traders to plan their stint into the green or plant-based market. And even Forbes has mentioned various ideas to turn one’s business vegan. Also, many renowned personalities investing in green companies is increasing rapidly.
As per the Grand View Research report, the global green or plant-based market size was valued at $12.69 billion in 2018 and is poised to rise by 9.6 percent (CAGR) from 2019 to 2025. Also, in terms of India, the market captures around 10% of the Asia-Pacific plant protein market. In 2018 the market was evaluated as $374.1 million and by 2023 it has been forecasted to grow up to $565.1, registering at a CAGR of 8.6% during the period of forecast 2018 to 2023. Investors can chase start-ups that can demonstrate an ability to produce and market animal-free nutrition. In terms of the number of funding and start-ups, the diary plant alternatives sector is poised for maximum growth. It is a matter of time till some Indian start-ups follow suit with significant success in the fast-growing plant and nut milk sector. As consumer demand turns up the volume on plant-based supplements, the green company has an excellent opportunity to explore in India.