The import of protein concentrates and textured protein substances to India stood approximately at a value that can be estimated slightly under the forecasted 2024 figure of $104.89 million for the year 2023. The data forecasts steady growth year-on-year from 2024 to 2028, with values increasing from $104.89 million in 2024 to $123.81 million in 2028. Year-on-year growth averages about 4% per annum during this period. The compound annual growth rate (CAGR) over the five-year horizon, from 2024 to 2028, is approximately calculated at a similar percentage.
Future trends to watch for include:
- Increasing demand for plant-based alternatives driving imports.
- Impact of government policies on import tariffs and trade relations.
- Possibility of domestic production scaling up, thus affecting import dynamics.
- Changing consumer health consciousness potentially boosting demand.
