Nestle India, a leading player in the fast-moving consumer goods (FMCG) sector, is poised to introduce plant-based protein products in the country.
According to Suresh Narayanan, Chairman and Managing Director of Nestle India, the company is poised to launch these products in the coming few quarters. He made this announcement on the sidelines of the third annual Pritam Singh Memorial Conference, organized by the Birla Institute of Management Technology.
“I am not looking to launch whole chicken or fish, but products more relevant to the Indian market,” he said while refusing to divulge more details.
On a global scale, the Swiss company offers Sensational VUNA, a plant-based substitute for tuna fish, vrimp, a plant-based shrimp crafted from seaweed, and various plant-based alternatives such as chicken shreds and eggs. These products are available in markets spanning the United States, Latin America, China, Southeast Asia, and Europe.
Within the Indian market, the company will vie for market share against other FMCG giants such as ITC Foods and Tata Consumer Products, as well as contend with numerous startups like Blue Tribe, supported by Virat Kohli, and Imagine Meats.
During a press conference at the event, themed ‘Reimagining the future of business: The challenges of leadership, digitalisation and sustainability,’ Narayanan emphasized the company’s dedication to sustainability.
“We plan to start using stubble from rice fields to generate energy for making steam at our Moga factory from the first quarter of next year. This will help reduce stubble burning in the Moga district by 4-5 per cent and will, hopefully, have a positive effect on Delhi’s air quality,” he said.
“We will be coal-free by next year and furnace-oil free also in a reasonable amount of time,” he added.
The producer of Munch chocolate and Nescafe coffee has maintained plastic neutrality for nearly three years, recycling close to 20,000 tonnes of plastic utilized in its packaging, as he explained.
Narayanan informed investors last month, following the third-quarter results announcement, that the company has augmented its investments in sustainability by a factor of six.
He also mentioned that the company has decreased its water consumption by 51 percent and reduced wastewater generation by 38 percent.
A report released in October this year by the Good Food Institute (GFI) asserted that India’s burgeoning smart protein industry presents a growth opportunity reaching $4.2 billion by 2030.
According to the report, there are now more than 113 startups in the country focusing on plant-based, fermentation, and cultivated proteins, supported by a network of over 100 companies facilitating their growth.
Presently, the country boasts a comprehensive range of 377 products spanning 41 formats and featuring 73 smart protein brands encompassing meat, eggs, and dairy, available through both retail and e-commerce channels.
“Between 2016 and April 2023, the sector has seen investment from 34 venture capital funds, 27 angel investors and family offices, two corporates, one investor syndicate, and three grant-provisioning organisations,” the report said.
The Good Food Institute (GFI), serving as the central expert organization, thought leader, and convening body in the alternative protein sector, has released its first-ever State of the Industry Report on smart protein in India.
