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Friday, December 8, 2023

Bharat to tap in on the growing US vegan market through non-meat exports

In a bid to cash in on the booming vegan market in the US, Bharat has started exporting plant-based meat. The commerce ministry confirmed that the first consignment from Nadiad in Gujarat’s Kheda district was exported to California on September 22.

“With the growing popularity of vegan food products in developed countries, the plant-based food products have a huge export potential in the international market due to the high nutrient value of the vegan food products. The first shipment that was exported to the US from Nadiad has vegan food products like momos, mini samosas, patties, nuggets, spring rolls, burgers,” the ministry said.

A report by Sputnik News notes:

According to recent studies, the global vegan food market is set to grow to around $22 billion by 2026, with the US and Europe contributing the largest share. Indian businesses entered this segment only recently, with an eye on accelerating demand for vegan food…

…Recent market research conducted by London-based Technavio suggests that the vegan food market is expected to grow to $21.46 billion by 2026, with an annual growth of 12.25 per cent.

Around 40 per cent of the total vegan food requirements would originate from the US and Canada, while substantial growth is also expected in China and Japan.

APEDA (Agricultural and Processed Food Products Export Development Authority) is working toward promoting vegan meat without affecting the conventional animal-based meat export market confirmed its Chairman M Angamuthu. The organization plans to export a variety of vegan food products to Australia, Israel, New Zealand and other countries.

(Featured Image Source: ToI)

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