The Good Food Institute India has unveiled its first-ever State of the Industry Report analyzing India’s emerging smart protein industry. According to the organisation, the country’s smart protein market has the potential to offer a total economic opportunity of $4.2 bn by 2030.
The report highlights the key developments in India’s smart protein sector over the past five years, from 2021 to April 2023. A tool for those working in the industry, it acknowledges the challenges and opportunities in business, innovation, investment, science, and policy while it digs into consumer dietary choices and the country’s sustainable goals, explains GFI India.
“The road ahead is long, but we’re truly at an inflection point today, and this report is a testimony to that — 120 pages capturing the history and development of the smart protein sector from its inception through to April 2023, across business, innovation, investment, science, and policy,” says GFI India’s Acting Manager Director, Sneha Singh.
A snapshot of the industry
Moreover, GFI India’s industry report reveals relevant figures that signal the sector’s steady and sustainable growth:
- From 2021 to 2022, alt protein startups in India secured $17 million in investments.
- India’s alt protein ecosystem includes 113 startups specializing in plant-based, fermentation, and cultivated proteins, supported by a network of over 100 companies committed to nurturing its expansion.
- 73 plant-based brands, including meat, eggs, seafood, and dairy, offer 377 products across India through retail and e-commerce channels.
- To contribute to advancing the country’s bioeconomy, the Department of Biotechnology (DBT) established a dedicated sectoral committee this year to drive substantial investments and propel the smart protein sector.
The Good Food Institute India’s Corporate Engagement Specialist Divya Saravana adds: “We are thrilled to launch our first-ever industry report on the smart protein in India. The report offers invaluable insights into consumer behavior, encompassing aspects such as labeling, nomenclature, branding, and repeat purchase intent, underscoring the imperative to enhance consumer awareness and relevance within the plant-based category.”
She continues: “Furthermore, it shines a spotlight on the Indian government’s expanding commitment to fortifying the smart protein sector, including the pursuit of ambitious economic objectives and the cultivation of public-private partnerships.”
For more information visit, State of the Industry Report: Smart Protein in India.
