Srikanth
- What are MIGHTY Foods and the idea behind its inception?
MIGHTY Foods is a range of plant-based protein food products which are ready to cook and eat. Being one of the few companies in India having a fully integrated production and research facility in Mumbai, we serve a wide range of artisanal and handcrafted fast food items that cater to the evolving Indian palate. Compared to most plant-based products in the market, MIGHTY products do not see the use of any preservatives. Loaded with high-quality protein from Green Gram, Chickpeas, Soya and Peas, every MIGHTY recipe is curated to resemble taste, texture and flavor of its non-veg counterparts and thus, make plant based protein mainstream. Through such product offerings, MIGHTY strives to address and overcome the severe protein deficiency amongst Indians.
- The growth of the plant-based food industry and expected future?
The F&B industry has been seeing several trends recently, one of which is the rising popularity of plant-based foods. In the battle against COVID-19, protein has emerged as an essential macronutrient during recovery. Both vegetarians and non-vegetarians are ready to experiment with plant-based diets now as they are getting the taste of meat and protein from a totally guilt-free, plant source. The potential of plant-based food companies is supplementing that of real meat,which has given a push to this industry. However, there are several following factors that contribute to the growth of plant-based foods:
a) Rise of The Flexitarian Lifestyle – A flexitarian is one who thrives on a vegetarian lifestyle in addition to occasional meals of meat and fish. One of the reasons why plant-based foods are appealing to all kinds of consumers, particularly the flexitarians, is their taste and flavour. Whether it’s plant-based meat, dairy products, or seafood, the ability to mimic tastes and flavours of real meat products interests flexitarians.
b) Innovation of Plant-Based Foods – Consistent research and development in the taste, flavour and texture of plant-based foods are increasing demand for an ideal, protein-packed diet that is healthier than a complete meat-based diet,but is just as tasty as meat could be. This is leading to a significant part of our customer base opting for a total shift to plant-based diets.
c) Plant-Based Snacking – It’s a no-brainer that snacks must be tasty. With plant-based food also creating delicious snacks that are popular in the Indian households, it is a win-win situation for consumers’ conscious of their eating habits. They now realise the nutritional benefits of grains, beans, nuts, and seeds, and are welcoming the surprisingly delicious food items that are created from them.
- What challenges will be solved by the brand and strategies adopted to fulfil the expectations?
Globally, there is a huge gap on the availability of plant-based food that suits the Indian palate. This opens up a big opportunity for Indian players to explore. The pandemic has prompted many people to switch to a more organic, plant-based diet that includes nutraceuticals or supplements that fight chronic diseases. Adoption of such diets has gained popularity globally and is picking up its pace in India as well. MIGHTY intends to address the nascent needs of Indians and their protein deficiencies through its products on offer.
- Tell us about the importance of the food-tech industry and contribution of MIGHTY Foods in its growth?
The Food Tech industry in India is growing fast with a steady curve of improvement in efficiency and sustainability of its product range. With its presence in more than 500 cities in the country, the growing consumer confidence is further creating new opportunities for players to ‘win with the customers’ in an evolving market. MIGHTY strives to provide an appealing range of fast-food products with optimum health standards through protein content from plant-based meat. This unique combination will carve a niche in the evolving food-tech industry as its provides consumers across all dietary preferences to enjoy food with the taste they like and the health they deserve.
- Share your future plans – revenue, growth, acquisition, etc.
Currently, we are working with several restaurants and QSR chains in Mumbai to develop unique MIGHTY products to be used as the main ingredient of plant based dishes and eventually benefit the HoReCa (hotels, restaurants and cafes) business. We will then replicate this model in other Tier-1 cities in India. By doing so, we expect to reach a top line of a million dollars by Dec 2022.Followed by the HoReCa market, we are also launching an array of 12 D2C products and will expand our menu gradually. We have strategized our growth
trajectory to become a pan-India entity with a national footprint across 40 cities, and eventually make our presence felt in Europe, America, and the Asia Pacific regions as well.
