Major FMCG companies are entering the plant-based meat segment and targeting non-vegetarian consumers

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Major FMCG companies are entering the plant-based meat segment, targeting non-vegetarian consumers seeking a substitute for animal protein, in addition to a large portion of vegetarians.

The segment that opened two years ago is expected to reach around $1 billion by 2030 and products from the plant-based meat segment are now available on e-commerce platforms and large retail chains in the main cities.

Furthermore, the players are also targeting institutional customers in the HoReCa (hotel, restaurant and catering) segment and several fast food chains (QSRs) such as Domino’s and Starbucks in India have included vegetable proteins in their food menus.

Last week, Tata Consumer Product Ltd (TCPL) announced its entry into the plant-based meat products category, under a new brand ‘Tata Simply Better’ and introduced four variants – Nuggets, Burger Patty, Awadhi Seekh Kebab and Spicy Finger.

According to the FMCG branch of the Tata Group, plant-based meats are at the forefront of the broader plant-based protein landscape, aiming to replicate the sensory and cultural resonance of animal-based meat, but without the associated implications. for the environment and health.

ITC entered the segment earlier this year and according to Edelweiss Financial Services Executive Director Abneesh Roy, in the long term, more FMCG companies would enter the segment.

In this plant-based meat alternative, several startups such as Shaka Harry and Virat Kohli and Blue Tribe, funded by Anushka Sharma, etc. have entered.

“I think Nestlé, HUL, Marico can assess whether they should come in over the next five years if this category becomes significant,” Roy said.

ITC has launched sustainable plant-based protein products for consumers under its ITC Master Chef IncrEdible brand through two varieties – Incredible’ Burger Patties and Incredible’ Nuggets.

“The product has been rolled out to e-commerce channels and major retail chains in eight cities to date, as well as to institutional customers,” said Ashu Phakey, Vice President and Chief Business Officer of ITC. , Frozen and fresh products.

ITC has a first-mover advantage in the plant-based meat segment, he added.

Deepika Bhan, President of Tata Consumer Products – Packaged Foods (India), said, “With growing awareness of health and sustainability among consumers and increased exposure to global food trends, we believe there is an opportunity important for brands like ours to innovate with vegetable proteins. »

Blue Tribe CCO Sohil Wazir said the plant-based meat market was almost non-existent two years ago and in 2021 several brands have ventured into this space. “During these two years, consumer awareness levels have also increased with younger generations of Millennials, Gen Z and Gen Alpha making an irreversible shift towards conscious consumerism.”

Wazir further said “Looking at the growing plant-based meat trend, Virat Kohli and Anushka Sharma, who are also both forward-thinking in their lifestyle, made them the perfect ambassadors and investors for Blue Tribe. “, did he declare.

According to Wazir, there is a lot more wiggle room and “conservatively, we expect the category to be $1 billion by 2030 in India.”

“We plan to expand our product portfolio to offer non-vegetarians a variety of use cases to replace meat in their lifestyle and we are also looking at the export market, especially in countries with high Indian diaspora,” he said.

Anand Nagarajan, co-founder of Shaka Harry, said, “Plant protein is an emerging food platform.”

“In short, the industry has grown from less than a handful of brands to now more than a dozen new players ranging from start-ups to the biggest food conglomerates.

“It’s a good thing for the segment to grab the attention of consumers. While plant-based meat products are relatively new, we’re all still in the consumer food space. The growth and scale there are driven by having products that work on taste, are priced for value and widely available,” Nagarajan said.

Plant-based proteins will make their mark in multi-billion dollar categories like biryani, momos or RTE/RTC.

“This space will see a domestic revenue mark of Rs 100 cr as early as the next 2-3 years. Shaka Harry with its superior taste profile will become India’s preferred plant protein brand,” he said.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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