'Global plant-based food market expected to reach $77.8 bn by 2025'

New Delhi, March 17

Noting that the plant-based foods industry offers a major opportunity to address climate change, food insecurity, and malnutrition, and public health risk (including pandemics and antimicrobial resistance), a newly-formed body said it can be a major industry catering to both domestic and global markets.

"It can be a major industry catering to both domestic and global markets through policy changes, capacity building, enabling ease of business and other interventions. The global plant-based food market is expected to reach $77.8 billion in 2025," the newly-formed Plant Based Foods Industry Association's (PBFIA) Executive Director, Sanjay Sethi, said.

Plus, it can also help India meet the UN Sustainable Development Goals, he said as per a statement from the Association. Headquartered in Gurugram, PBFIA is a CEO-led body formed to support and help develop the nascent plant-based food ecosystem in India.

A delegation of the Association met Minister of State For Food Processing Industries, Prahlad Patel recently, where the team, led by Sethi, briefed the Minister on the state of the nascent but rapidly expanding plant-based food sector in India.

The Minister asked the PBFIA to have a special meeting with the Ministry to discuss cold chain logistics in connection with daily parcel operations between major cities for the industry.

"The Minister has sought the PBFIA's help to organise two major events, one involving all the Indian stakeholders in the plant-based ecosystem, and another where international players would be invited as well, in order to understand and address all the challenges faced by the industry," Sethi added.

The Association suggested and demanded establishing Centres of Excellence, Accelerators to support Innovation, Tie-ups with Universities and infrastructural support (food processing, cold chains, etc) and other capacity building initiatives.