FMCG giant ITC likely to launch a host of plant based meat products
- ByTejika Bajaj | December 31, 2021
FMCG giant ITC is eyeing the launch of a host of plant based meat products amidst rising demand for meat alternatives and growing trend of veganism in the Indian market. The announcement comes just after mega giants Nestle, Unilever, Kellogg’s and Cargill forayed into a similar market global following the market trends.
Commencing the initiative, ITC will initially launch its plant-based patties and nuggets which mimic the taste of chicken and also happen to be the largest non-vegetarian frozen food categories purchased by consumers. These products will initially be sold on e-commerce websites along with large retail outlets in the top eight cities of the country and institutional customers like hotels and restaurants.
Though ITC’s current line-up of plant protein majorly consists of pea, it is also exploring various alternatives regarding the same such as soybean and legumes to expand its range of offering as well as to leverage its agri-sourcing capabilities. The FMCG giant intends to launch finished products as well as various ingredients under its new venture.
Talking about the new venture and the implication of the same on the market, the divisional chief executive for food business, Hemant Malik said, “There isn’t any large pan-Indian brand in the plant based protein segment in our country. We have worked with a few global partners to ensure that there is no compromise either on the product texture, quality and taste. We wish to enjoy the early mover advantage in India. The meat market is humongous with 72% of Indians being non-vegetarians and (the market) is estimated today at $45 billion. Given the growing concerns around wellness and sustainability, India has the potential to emerge as a large market for plant based alternatives.”
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