A meat analogue, also referred to as a meat alternative or substitute, or as mock, imitation, vegetarian, or vegan meat, approximates certain aesthetic qualities (such as texture, flavor, and appearance) or chemical characteristics of specific varieties of meat. Generally, meat analogue means a food made up of vegetarian ingredients, and sometimes without animal products such as dairy. Many analogues are soy-based (e.g. tofu, tempeh) or gluten-based, but now can also be made up of pea protein.
The target market for meat analogues includes vegetarians, vegans, non-vegetarians seeking to reduce their meat consumption, and people following religious dietary laws in Hinduism, Judaism, Islam, and Buddhism. Increasingly the global demand for sustainable diets in response to the outsized role animal products play in global warming and other environmental impacts has seen an increase in industries focused on finding substitutes similar to meat. There has been an increased leaning towards non-meat based protein alternatives. International players such as Impossible Foods and Beyond Meat which offer substitute products for meat have been doing brisk business. In fact, reports predict that the global meat substitute market size which was valued at $4.1 billion in 2017 is expected to scale up to $8.1 billion by 2026.
India meat substitutes market is predicted to grow at a CAGR of on the brink of 10% during the forecast period. The India meat substitutes market is driven by rising health concerns including growing awareness about various diseases caused because of lack of proteins among consumers. Also, increasing vegan population in India is predicted to bolster the expansion of market over following few years. Growing demand for plant-based meat products among the population is further aiding the expansion of India meat substitutes market over the approaching years. Thus, because of demand it's best to take a position during this project.
Few Indian major players are as under
Cargill Foods India Ltd.
Roquette India Pvt. Ltd.
Shanti Overseas (India) Ltd.
Chandan Udyog Ltd.
Sonic Biochem Extractions Pvt. Ltd.