Plant based meat substitutes being adapted by FMCG companies
- July 24, 2022
- FMCG HORECA BUSINESS
Large consumer packaged goods (FMCG) businesses are entering the plant-based meat market with the intention of marketing their products to both vegetarians and non-vegetarians who are searching for an alternative to animal proteins in their diets.
Products in the plant-sourced meat category are currently accessible on e-commerce platforms and big retail chains in prominent metropolitan areas. It is projected that the market will reach roughly one billion US dollars by the year 2030.
In addition to this, market participants are focusing on acquiring institutional customers in the HoReCa (hotel, restaurant, and catering) sector, and a number of Quick Service Restaurant (QSR) chains in India, such as Domino’s and Starbucks, have added plant-based protein to the food options on their menus.
In the past week, Tata Consumer Product Ltd. (TCPL) made an announcement regarding their entry into the category of plant-based meat products. They did so under the new brand name “Tata Simply Better,” and they introduced four different varieties: nuggets, burger patties, Awadhi seekh kebabs, and spicy fingers.
Plant-based meats are said to be at the forefront of the wider plant protein landscape, according to the FMCG arm of the Tata group. The goal of these plant-based meats is to replicate the sensory and cultural resonance of meat derived from animals, but without the negative effects on the environment and health that are typically associated with that.
ITC had joined the market earlier this year, and according to the Executive Director of Edelweiss Financial Services, Abneesh Roy, more FMCG businesses will enter the area in the long run.
Several new companies, like Blue Tribe, which is a plant-based meat replacement, have just joined the market. Blue Tribe is financed by Shaka Harry, Virat Kohli, and Anushka Sharma.
Roy was quoted as saying, “I believe Nestle, HUL, and Marico can examine whether to participate over the next five years if this category develops huge.”
ITC has made available to customers, under its ITC Master Chef IncrEdible brand, plant-based protein products that are sustainable. These products come in two different varieties: the ‘Incredible’ Burger Patties and the ‘Incredible’ Nuggets.
“The product has been pushed out across e-commerce platforms and significant retail chains in eight cities as of today,” said Ashu Phakey, ITC Vice President and Business Head, Frozen and Fresh Food. He also said that the product has been made available to institutional clients.