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ITC enters plant-based meat market; GFI provides support
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Thursday, 06 January, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Following major progress in the nascent Indian ‘plant-based meats’ landscape in the second half of 2021, the first major Indian FMCG company has announced a foray in the burgeoning sector. ITC Ltd is the manufacturer of beloved Indian food brands such as Aashirvaad atta (wheat flour), and is the choice of Indians all over the world for packaged ready-to-eat versions of heritage dishes such as daalmakhani and paneer tikka. Their entry into the plant-based space is therefore likely to make an impact not just domestically, but in the huge export market as well.
ITC Limited’s food business will launch plant-based burger patties and nuggets providing the taste of chicken to consumers through retail, e-commerce, and food service establishments in the country’s top 8 cities, advised by expert nonprofit Good Food Institute India (GFI India) on product and positioning strategy.
Varun Deshpande, MD, Good Food Institute India, said, “Smart protein and plant-based meats are a generational opportunity to align planetary health stewardship, public health resilience, and economic growth. While entrepreneurs are blazing a trail in building the category, mega-corporations with their distribution heft, deep R&D capabilities, and intimate involvement in consumers’ lives can take a nascent phenomenon to the next level. ITC Ltd’s visionary foray into plant-based meats and focus on providing non-vegetarian eaters with the meat products they know and love will further accelerate the sector, bringing delicious, sustainable protein into the true mass market and onto plates across the country.”
Hemant Malik, divisional chief executive - foods, ITC Ltd, said, “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. The meat market is huge 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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