The document discusses plant-based milk consumption trends in India. It finds that while only 20% of Indians are vegetarian, 63% are open to replacing meat with plant-based options. 76% have consumed plant-based milks like soy, rice and almond milk. The Indian plant-milk market was $20.9 million in 2018 and is projected to grow at 20.7% annually. Soy milk is the most popular plant-based milk due to its similarity to animal milk taste. The document also analyzes the plant-milk industry and discusses factors influencing plant-milk consumption based on a survey, finding health, environment and ethics are main reasons for consuming it.

1. CHL R ATS

2. Only 20% of people in India are actually vegetarian.
63% of Indians were willing to replace meat with
plant- based options
According to a survey conducted by Rakuten Insight in
2019, nearly 76 percent of respondents in India said
they had consumed plant-based milk, from soy, rice
almond or oats for example.
According to a new analysis by Grand View Research,
Inc., Global Dairy Alternatives market predicted to
reach $52.58 billion by 2028
From 2021 to 2028, it is predicted to grow at a CAGR
of 12.5%
According to Businesswire, Indian dairy alternative
market stood at $20.9 million in 2018 and is projected
to grow at a CAGR of 20.7% to reach $63.9 million by
2024
Classification of Plant-based Milk
Cereal Based: Oat Milk, Rice Milk, Corn Milk
Legume Based: Soy Milk, Peanut Milk, Lupin Milk,
Cowpea Milk,
Nut based: Almond Milk, Coconut Milk, Hazelnut
Mik, Walnut Milk
Seed Beed: Sesame Milk, Hemp Milk, Sunflower
Milk
Soy Milk is by far the most popular among the
Plant –based Milk. Most of the plant-based milk
are available in tetra packs and claim to be free of
Market Players
Sofit, SoGood, GoodMylk, Hershey’s, Epigamia,
Urban Platter

3. Industry Analysis
Industry Demand Attributes Impact Scale
Capital Intensiveness High
Scope of Differentiation Medium - High
Competitiveness Medium - High
Barriers to Entry Medium
Bargaining Power of Buyer Low-Medium
Bargaining Power of Supplier Low-Medium
The Plant-based milk industry also suffers from
regulatory compliances such branding of plant-based
milk products cannot be done using dairy specific
terms.
There is infodemic about plant-based milk products
just being lab produced rather than from plant based
sources.
This is a very niche segment, which makes a general
representation of the plant-based milk drinking
population among the general population a difficult
task.
There is also misconception among the general public
about the difference between plant-based food
products and being vegan.

4. Research Approach: Survey Research
Research Instrument:
Quantitative- Survey Questionnaire
Qualitative- Personal Interview
Sampling Plan:
Our Sample unit consisted of all the purchasers of milk, not necessarily its consumers. A sample size of 49 respondents was
conceived after circulating the questionnaire via online survey through random sampling approach for more unbiased responses.
The respondents for qualitative survey conducted through personal interviews were specifically selected from city of mumbai.
Research Questions:
1. What are the important factors for consumption of plant-based milk?
2. What is the opinion of Plant-based milk among those who consume it and those who don’t? Is this assessment of
plant-based milk affected by those who drink it and those who don’t?
3. Does the method of consumption affect the type of plant-based milk that is consumed?

5. Which type of Milk do you consume?
Do you know what Plant-Based Milk?
1 out of 3 respondents had heard of
plant-based milk brands
Around 60% of non-users of plant-based milk
know what plant based milk is, while only
27% of these had tried plant based milk.
14% of the total respondents consume or
have consumed plant-based milk.
However, 2out of 10 plant-based milk
drinking respondents found Veganism to be
same as consuming plant-based milk.
Have you tried Plant-Based Milk?
(Animal-based milk drinking respondents)

6. Reasons for purchase - amongst Plant-based milk users
Frequency of consumption of Plant-Based Milk
(Plant-based milk consumers)
Type of Plant-Based Milk consumed
Health & well-being related reasons was the top reason for
purchase of plant-based milk consumers. Plant-based milk
was also consumed for reasons like concern for animal
welfare, environmental sustainability and also as an
alternative for those with lactose intolerance & allergies
There were significant differences in the consumption of
plant-based and animal-based milk. None of the consumers
of plant-based milk consumed it everyday while consumers
of only animal-based milk, did consume it a few times a day
Frequency of consumption of Animal-based Milk
(only Animal-based milk consumers)
Soy milk was the popular choice of milk among plant based
milk drinkers. We came across this during our secondary
research as well confirmed by consumers of Plant based milk
whom we interviewed.
They preferred it due to the Soy milk tasting closer to animal-
based milk, especially in tea and coffee.
Plant based milk consumers rarely drank milk whole.
However they used it in milkshakes and smoothies which
could help reduce the after taste as only 1 out 7 respondents
felt that plant based milk tasted better than animal based
milk.
Plant based milk was also used in making food preparations,
especially by those serving the community needs of vegan
food. High fat coconut milk was preferred as it gave a good
texture of fat when combined with tofu in Indian curries.
India consumes a primarily cereal-heavy diet mainly due to
price and this was also one of the most preferred way of
consuming plant-based milk

7. Where do you purchase Plant-based milk from?
What are the pain points among plant-based milk consumers
Among the most important features of plant-based milk
products, Plant source, protein/fat content and added flavours
ranked higher than size of packaging, sugar levels or additional
supplements present in the plant-based milk.
A few of the Plant-based milk drinking consumers had a diet
plan and were watchful of the protein and fat content of the
milk as well as the flavours available with vanilla and chocolate
being more preferred.
Reasons for not consuming plant based milk among animal-based milk
Affordability on a daily basis ranked highest among the pain
points of plant based milk consumers followed closely with
other factors such as availability, after taste, information
regarding ingredients.
Among the animal-based milk consumers, the need for this
product was realised. However, they too felt that as with plant-
based milk consumers that availability of this product was less.
This was confirmed when the respondents were asked if they
came across these plant-based milk brands and only 1 out 3
respondents answered in the affirmative.
Respondents purchased this plant-based milk mainly from
supermarkets and grocery storers rather than purchasing it
online. 2 out of 7 respondents did make it at home. However, it
is a pain staking process for them to make it home or use it in
other process.

8. Would you buy a plant based milk from a brand associated with animal-based milk?
Do you believe plant-based milk is a good substitute to animal-based milk? Although the respondents who consume Animal-based milk
were reluctant to consume plant-based milk and only 25% of
them considered it as substitute for animal based milk, 50% of
them were of the opinion that if they the health and
environmental benefits of plant-based milk was proven and
certified, they would be willing to switch plant-based milk.
Surprisingly, a significant number of both plant and animal
based-milk drinking respondents were of the opinion that they
would buy plant based milk from an animal-based milk brand.
Thus, the animal milk brands may be reluctant to move towards
the plant-based milk consumers, they consumers may gravitate
towards such companies.
Individuals who are vegans, infact will never associate with
animal-milk brands, which goes to provide clarity on the
misconception that veganism and plant-based lifestyle is
synonymous.
Vegans will consume plant-based milk, but all plant-based milk
drinkers are not necessarily vegan.
Infact, not all plant-based milk drinkers have preferences of
plant-based milk when they visit restaurant and cafes and would
be open to having animal-based dairy products.
Thus beyond the vegan lifestyle, there are other factors that
underline the consumption of plant-based milk.
Plant-based milk consumers Animal-based milk consumers
Plant-based milk consumers Animal-based milk consumers

9. Conclusion
Limitation
Suggestions
Implications