Large FMCG firms start entering plant-based meat substitute segment

25 Jul 2022 , 08:56 AM

Along with a sizable population of vegetarians, huge FMCG businesses are targeting non-vegetarian consumers who are looking for an alternative to animal protein. Several firms, including the Shaka Harry and Blue Tribe-funded by Virat Kohli, and Anushka Sharma, have joined the market for this plant-based meat substitute.

Products in the plant-sourced meat category are already available at e-commerce platforms and sizable retail chains in major metro areas. The segment, which just two years ago opened up, is predicted to reach about USD one billion by 2030.

Under the new brand “Tata Simply Better,” Tata Consumer Product Ltd announced last week that it would enter the market for plant-based meat substitutes. Four variations were introduced: nuggets, burger patties, Awadhi seekh kebabs, and spicy fingers.

In addition, businesses in the HoReCa (hotel, restaurant, and catering) sector are focusing on institutional clients, and a number of Quick Service Restaurant (QSR) chains, including Domino’s and Starbucks in India, have added plant-based protein to their menus.

The Tata group FMCG arm claims that plant-based meats are at the forefront of the larger plant protein landscape and are intended to mimic the sensory and cultural resonance of meat obtained from animals without the negative environmental and health effects.