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PLANT-BASED EXPLAINED

What Are Plant-based Foods, Why Plant-based

WHAT ARE PLANT-BASED FOODS?

Plant-based foods are as those foods which are devoid of any animal origin ingredients whether in the processing, or as part of the final product and are used to replace foods which would otherwise contain animal-based ingredients. These plant-based alternatives are foods and beverages made with vegetables, grains, nuts, millets, legumes, fungi or algae.

The export market for India’s plant-based foods is projected to be significant by 2030. The plant-based meat market is projected to range from US$ 283 million to US$ 880 million (INR 2194 crore to 6824 crore), whereas the plant-based milk market is projected to range from US$59 million.

The growth rate projected over the years:

  • In 2022: USD 267 million (baseline)
  • In 2023: USD 320 million (20% growth rate from 2022)
  • In 2024: USD 400 million (current share)

Projection from EY and PBFIA report (2024) – Close to 180 billion INR in 2030. Which is 2.17 Billion USD in 2030, and it will become 2.6 Bn USD by 2032. Considering the soy market & others, max it could be up to 3.3 Bn by 2032
2. Projection from EY and PBFIA report (2023) – 500 Mn USD for dairy + 100 Mn USD for meat + 169 Mn USD for soy in 2021= 769 Mn USD

Plant-based foods can be defined as those foods that meet all the following requirements:

The ingredients
 The ingredients consist of or are made exclusively from plants
The additives,
 The additives, binders, yeasts, enzymes and/or fortifiers used are not of animal-origin
The foods
 The foods are devoid of any animal-based ingredients or additives including honey and casein
The processing
 The processing of the foods do not use any animal-origin ingredients or additives

Why Choose Plant-based?

Consumers are opting to shift to a more plant-forward diet due to concerns about the impact of their choices on their own health and that of the planet.

The world’s food systems are responsible for at least one-third of anthropogenic greenhouse gas emissions according to a revolutionary study published in Nature Food in 2021. The way our food is produced, processed and packaged has a detrimental effect on our environment, our health and food security.

To summarise Plant Based Foods are in demand for three reasons listed below:

  1. Eradicate Zoonotic & Animal-Related Diseases and Prevent Antibiotic Resistance
  2. Animal Welfare & Ethical Conduct
  3. Fight Climate Change, Focus on Sustainability and Maintains Food Security

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