Plant-based meat is the latest buzz in the packaged foods space that is increasingly seeing new players foraying into the space. The latest entrant into this space is Tata Consumer, which has launched a new brand ‘Tata Simply Better’.

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As per sources, Tata Consumer Products is currently testing plant-based meat products online. A search on Amazon throws up four products: Plant-based Chicken nuggets, Spicy fingers, Burger patty and Awadhi Seekh Kebab. These products are priced between Rs 350-450.

While Tata Consumer is yet to respond to CNBC-TV18’s queries, a digital-first launch is a strategy most FMCG companies have been adopting for new product launches.

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Tata Starbucks to soon unleash vegan menu across India

Prior to launching a new brand, Tata Consumer’s Tata Starbucks too launched a vegan menu featuring plant-based meat products in partnership with the startup Imagine Meats.

Varun Deshpande, Managing Director at expert smart protein non-profit Good Food Institute India said Protein is being carved out as a key area within this strategy, and with the growing demand for delicious, sustainable plant-based meats available across the length and breadth of the country, this foray could help Tata Consumer unlock huge potential in a multi-billion dollar category over the next decade.

Tata Consumer’s foray follows two other major consumer companies ITC & CCL products also foraying into this space. Coffee maker CCL Products launched its plant-based meat brand Continental Greenbird last week, while ITC forayed into the space with the launch 2 Plant based products in the B2B and B2C space under the ITC Master Chef Brand.

The industry has also seen a slew of startups emerging in this space in the last 18 months. According to industry estimates, India’s plant based meat market is currently around Rs 300 crore and is estimated to touch around Rs 3,500 crore in 3 years.

A Nirmal Bang report In October 2021 estimated that in a normal scenario, the market size in India is likely to touch US$500mn (excluding exports which is a multi-billion US$ market) three years from now, again driven by the consumer (packaged) food category.

Also read: What is vegetarian meat, the new alternative to regular chicken-mutton

(Edited by : Anand Singha)

First Published:Jul 18, 2022 5:51 PM IST