Industry Insights Market size of soya products

Transcript:Industry Insights Market size of soya products:
Industry Insights Market size of soya products across India in financial year 2015 to 2020, with an estimate until 2025(in billion Indian rupees) Had exported 6.44 lakh tonne soyabean meal in the 2021-22 season. 'Export of soyabean meal from India in the year 2022-23 stood at 18.4 lakh tonne, more than double from the last season’s export,' said DN Pathak, executive director, Soybean Processors Association of India (SOPA). India in global export Soybean was introduced in India during the 60s by the USA. Soon it became a popular crop in India and is widely grown during the Kharif season (July- Oct), in a host of states including Maharashtra, MP, Gujarat, Karnataka, and Telangana region. The Latur region in Maharashtra and Indore region in MP, accounts for near around 40% of the Soyabean production in the country. History Excepected growth Among the states, Maharashtra is leading in soyabean production with 52.69 lakh tonnes followed by Madhya Pradesh (51.29 lakh tonnes), Rajasthan (10.49 lakh tonnes), Karnataka (4.41 lakh tonnes) Gujarat (2.98 lakh tonnes) and Telangana (2.52 lakh tonnes). 3 Market trends and growth potential Growth Potential: The vegan food market in Tamil Nadu, and more broadly in India, is experiencing significant growth. The Indian vegan food market was valued at approximately USD 1,468.3 million in 2023, and it is expected to grow at a compound annual growth rate (CAGR) of 10.04% from 2024 to 2032. Key Segments and Trends in Tamil Nadu's Vegan Market: Product Categories: The market includes dairy alternatives (e.g., plant-based milk, cheese) and meat substitutes (e.g., tofu, seitan). Dairy alternatives lead due to growing awareness of lactose intolerance and health concerns. Sources: Soy is the dominant source, favored for its familiarity in Tamil Nadu’s traditional cuisine. Distribution Channels: Supermarkets, hypermarkets, and online stores are key channels, with supermarkets being the most prominent. Regional Insights: South India, including Tamil Nadu, is rapidly growing in the vegan market due to urbanization, higher disposable income, and a vegetarian-friendly culture.The vegan market in Tamil Nadu benefits from increased product availability and alignment with traditional dietary practices that favor plant-based ingredients. Influential Factors for Soya Consumption High disposable income: Tamil Nadu has the second largest state economy in India.[16] The state also hosts the highest number of factories in the country.This has led to increasing per capita income in Tamil Nadu. Cultural Acceptance: Highlight the acceptance of soya-based products in vegetarian diets common in