The Good Food Institute India (GFI India), an expert organisation, thought leader, and convening body in the alternative protein sector unveiled its first-ever State of the Industry Report on smart protein in India. The report offers an analysis of India’s emerging smart protein industry, accentuating a prospective economic growth opportunity amounting to US$4.2 billion by 2030 within the Indian landscape. It stands as a compilation of pivotal business advancements, cutting-edge technologies, regulatory developments, and noteworthy scientific achievements that have shaped India’s alternative protein sector over the past five years, with a focus on key developments from 2021 to April 2023.
The report underscores the pressing need for smart protein alternatives, addressing the complex challenges of food security, climate change mitigation, and public health concerns. Simultaneously, it addresses the evolving dietary needs of the population while advancing India’s sustainability objectives. Furthermore, the report accentuates the dynamic landscape of innovation and collaboration within the smart protein sector, encompassing the complexities of cost competitiveness, infrastructure constraints, varying consumer demand, technological whitespaces, and regulatory intricacies in India.
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Speaking at the launch of the report, GFI India’s acting Manager Director, Sneha Singh, said, “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. We hope for this report to be a sharp tool for those working to build the smart protein industry and anyone else looking to learn more about this sector, equipping them with reliable and appropriate information, to make strong, data-driven decisions.”
Divya Saravana, Corporate Engagement Specialist, at The Good Food Institute India said, “We are thrilled to launch our first-ever industry report on the smart protein in India. The report offers invaluable insights into consumer behaviour, encompassing aspects such as labelling, nomenclature, branding, and repeat purchase intent, underscoring the imperative to enhance consumer awareness and relevance within the plant-based category. 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.”
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Offering a wealth of knowledge and insights, this report aspires to be an indispensable resource for a diverse spectrum of stakeholders, including policymakers, industry experts, investors, innovators, and discerning consumers. It is designed to provide an extensive understanding of the current dynamics within India’s smart protein sector, illuminating its transformative capabilities. By facilitating well-informed decisions and encouraging meaningful discussions, this report is poised to shape the discourse surrounding the future of protein in India.
Key highlights of the report
- In the years 2021 and 2022, smart protein startups in India garnered a noteworthy US$17 million in investments, affirming the sector’s steady and sustainable progress.
- India now hosts a burgeoning ecosystem with more than 113 startups specialising in plant-based, fermentation, and cultivated proteins, bolstered by a network of over 100 companies dedicated to fostering its growth.
- An extensive range of 377 products spanning 41 unique formats and representing 73 distinct plant-based brands within the categories of alternative meat, eggs, seafood, and dairy are now readily available through retail and e-commerce channels in India.
- In 2023, the Department of Biotechnology (DBT) established a dedicated sectoral committee to drive substantial investments and propel the smart protein sector, contributing to India’s bio-economy advancement.
