FMCG major ITC has forayed into plant-based meat with the launch of two plant-based products under the ITC Master Chef brand. While India has, in recent months, seen startups emerge in the plant-based products space, ITC is the first FMCG major to foray into this space in India.

Globally, food majors such as Nestle, Unilever, Tyson Foods have also invested in expanding in the plant protein space. Set to be rolled out in the next few days, ITC is first launching plant-based nuggets and burger patties in the B2C and B2B space, and these will be launched in the top eight metros in India across modern trade, large retail stores, and on e-commerce websites.

On the B2B front, these two products will be distributed across the Hotels, Restaurants, Cafes (HORECA) segment. "There is no large pan-Indian brand in the plant-based protein segment in India. We have worked with some global partners to ensure there is no compromise either on the product texture, quality and taste. We want to enjoy the early mover advantage in India," Hemant Malik, divisional chief executive - foods, ITC said.

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This foray also comes as the maker of Aashirvaad atta looks to expand into adjacencies across its major brands. For ITC, plant-based products are also part of the company's sustainability goals.

Currently, the global plant protein market is at $29 billion and is expected to grow to $160 billion by 2030. While alternate dairy dominates the category today (72 percent, $21 billion), alternate meat is growing at an exponential pace. Beyond Meat and Impossible Foods are two large players in this space with a combined valuation of $20 billion.

Malik added that the meat market is huge with 72 percent of Indians being non-vegetarians and

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India has seen several startups in this space including the likes of Imagine Meats founded by actors Riteish and Genelia Deshmukh. Other startups in the space include GoodDot founded in 2016, Vegolution (which runs the brand Hello Tempayy), and Blue Tribe Foods founded in November 2020, among others.

(Edited by : Jomy Jos Pullokaran)

First Published:Jan 4, 2022 11:46 PM IST