The most recent company to enter the Indian market for plant-based meat is Tata Consumer Products (TCPL). Simply, Better is a line of ready-to-cook (RTC) items composed of plant-based meat that was introduced by TCPL.
Traditional Indian cuisine and snack foods make up the RTC menu. It features vegan chicken fingers, chicken burger patties, plant-based chicken nuggets, and Awadhi seekh kebabs. These plant-based goods are all now offered on Flipkart and Amazon Prime. ITC has a role in this (RTC) area when it comes to multinational corporations. A plant-based burger patty from its Master Chef line costs Rs 630 for 300 grams. Additionally, plant-based chicken nuggets from the Incredible line are available for Rs 475 for 300 grams.
Plant-based chicken nuggets weigh 270 grams and cost Rs 390; a plant-based burger patty weighs 300 grams and costs Rs 450. The Indian meat substitutes and faux meat market is anticipated to develop at a CAGR of 7.48 percent between FY2021E and FY2026, according to a report by Research and Markets, and is expected to surpass USD47.57 million in value by the end of FY2026. According to Devangshu Dutta, CEO and creator of the specialized consulting business Third Eyesight, the presence of Tata Consumer Products and ITC could aid in boosting category adoption over time because both of these big players want to expand with mainstream consumers.
“However, advertising and customer targeting will be done by both businesses. The two will also be up against the many D2C brands that are present in the category, he added. D2C brands are a part of the market for plant-based meat or smart protein. Athletes and celebrities have also backed and supported some of these products. Olympic athlete Neeraj Chopra has sponsored The Good Dot, cricketer Virat Kohli and his wife have invested in Blue Tribe, actress Anushka Sharma has backed the business Imagine Meats, and actor-couple Riteish Deshmukh and his wife Genelia Deshmukh have backed The Good Dot. India is largely a vegetarian nation, and Chauhan claims that those who choose plant-based foods typically do so out of concern for the environment, affection for animals, or want to eat a healthy diet. “Plant-based products are essential for people who aren’t vegetarians but are willing to give up their favourite foods out of concern for the environment or animals. But right now, that market segment is quite urban. The price point of the products might not matter if you’re an urban “awake” consumer, claims Chauhan.
In smaller cities and towns, where residents may have a more traditional mindset, this is even more true. Consider Kellogg’s as an example. The demand for goods that taste like alcohol but don’t have any of the negative impacts that come with alcohol consumption, says Chauhan, goes beyond only plant-based meat.
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