Daybreak - Inside India’s $1.5 billion protein fetish

Episode Date: June 4, 2025

Protein is having a moment in India. Once reserved for gym-goers and bodybuilders, it’s now showing up in everyday foods like idli, rotis, chips, lassi, even kulfi. And consumers are buying in.Behind this craze is a $1.5 billion strategy that’s reshaping how India eats. Food brands saw a gap in a country where nearly two out of three households are protein deficient. And they turned it into a goldmine. Now, protein is everywhere, and the market is only getting bigger.But here’s the twist: while the labels scream '50g protein' and 'fuel for champions,' reality is far more complicated. Many of these products include additives, sugar, and misleading serving sizes. Some even contain toxic substances. Meanwhile, your body can’t store excess protein—it just turns it into fat.So is this really a health revolution? Or just clever packaging?Tell us what you thought of this episode. You can text us your feedback on WhatsApp at [phone]Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.Want to attend The Ken's next event on health, fitness and wellness? Buy tickets here. Here's your chance to help us shape the conversation: https://theken.typeform.com/to/bZhqWl2g

Hi, this is Rohan Dharma Kumar. If you've heard any of the Ken's podcasts, you've probably heard me, my interruptions, my analogies, and my contrarian takes on most topics. And you might rightly be wondering why am I interrupting this episode too. It's for a special announcement. For the last few months, I and Sita Raman Ganeshan, my colleague and the Ken's deputy editor, have been working on an ambitious new podcast. It's called Intermission.

We want to tell the secret sauce stories of India's greatest companies. Stories of how they were born, how they fought to survive, how they build their organizations and culture, how they manage to innovate and thrive over decades, and most importantly, how they're poised today. To do that, Sita and I have been reading books, poring over reports, going through financial statements, digging up archives, and talking to dozens of people. And if that wasn't enough, we also decided to throw in video into the mix. Yes, you heard that right. Intermission has also had to find its footing in the world of multi-camera shoots in professional studios, laborious editing, and extensive post-production. Sita and I are still reeling from the intensity of our first studio recording.

Intermission launches on March 23rd. To get alert, as soon as we release our first video. episode, please follow intermission on Spotify and Apple Podcast or subscribe to the Ken's YouTube channel. You can find all of the links at the ken.com slash I am. With that, back to your episode. Arches is a 22-year-old IT professional and he is not a gym person. You know, not the type who prepares his meals because he is at his desk most of the time. But if you open his fridge at his Bangalore PG accommodation, you will find tubs of mango-flavored way yogurt, bottles of protein lassie, and rows and rows of high protein snacks. Because it makes him feel like he is doing

something right. And this is not the story of just one guy and what's in his fridge. This is the story of urban India and why everything from your morning, idly, evening chas, late night chips, everything is claiming that it is going to help you build your muscle, boost your energy and become the healthiest version of yourself. We've got high protein bread, protein rotis, cookies, even water and kulfi. Honestly, I feel like it's a bit much, don't you think? The protein market in India, the infamously protein deficient country, is now worth over a billion dollars. And it is only growing. But here is what nobody is telling you.

Most of our protein is actually imported. And too many wayshakes without enough water can actually mess up your kidneys. So today we will delve deeper into this fitness fantasy and unpack the protein boom in India. Welcome to Daybreak, a business podcast from the Ken. I'm your host Nick Dha Sharma and I Don't Chase the New Cycle. Instead, every day of the week, my colleague Rahid Philipo, and I will come to you with one business story that is worth understanding and worth your time. Today is Thursday, the 5th of June.

It all starts with the big protein gap. Two in three Indian households do not get enough protein. Especially in largely vegetarian states like Gujarat, Rajasthan and Haryana, our usual meals just don't cut it. Khadija, a holistic nutritionist, laid it out to my colleague, the Ken reporter, DVLS-Pranati. A bowl of dal just has seven grams of protein. Two rotis, three grams. Rice is about two and a half grams.

So unless your vegetables or your curry is loaded with panir or chicken, you are probably falling short. And while the body might not sound the alarm immediately, low protein can mean low energy. So food brands saw an opportunity here and jumped. Since 2020, over 100 new protein-focused startups have emerged in India. Think plant-based, fermented, cultivated, any kind that you can imagine. Yoga Bar, which started with just 12 protein products back in 2015, now has 25. And they make up nearly one-third of its entire portfolio.

Even Amul, the dairy giant, is on the game. We covered this actually in another episode of Daybreak, which I'm going to link to the show notes. But to just give you a quick picture, since 2022, Amul has launched protein lusse, curd, buttermilk, and they are just not stopping. Sandwiches, paratas and coffee are all in the pipeline. And their latest creation, as you may have heard, is protein kulfi. And investors are loving all of this. In February, the whole truth raised $15 million in a Series C round.

And 90% of all investment in Indian protein startups has happened in the last two years. So what happens when everybody wants in on the healthy life? Here's what my colleague, the Ken reporter Pranati DVLS, had to say. So, brands, like I said, they are just focusing on the concept that India is a protein deficient country. And this is something that brands have been doing since like 2016, 17 from the time brands have realized, you know, that there is a protein deficiency in the country. It has become more of a marketing point for brands than an actual consumer facing thing.

This is, I think, a common problem across. industries where when, you know, VCs start putting in money into brands, they tend to become less consumer-minded and, you know, catering to consumers and more growth-minded. So, what about the likes of Agastia, a 20-year-old student? He eats max protein chips and cookies daily. He told Pranati that they are cheaper than panir, easier to find and quick to fill him up. He spends about $2,500 a month on them. So, is Augustia actually eating better or is he just buying Beto-marketed junk? In the next segment, we will look at what is really inside that protein product of yours.

Stay tuned. Hi, I am briefly pausing this episode to make a very special announcement. On June 21st at the Bangalore International Centre, the Ken is bringing together a pretty extraordinary panel for a one-of-a-kind discussion on how we can lead healthier and happier lives. We'll be joined by Olympic swimmer Nisha Millie. Vice Chairman of the Narayana Health Hospital group, Varyin Chetty, and finally, Dr. Syriac Abby Phillips, aka the liver dog. Join us for what promises to be an insightful, vibrant discussion

that covers a whole range of topics. From how to get great sleep, to attaining mental clarity through workouts, to which supplements matter, to how to take care of aging parents and growing children, you get the drift. That's not all. We also want your help to shape this discussion. So send us your questions for Nisha Vireen and the liver doctor and we will take care of the rest. All the details about the event, where to purchase tickets and how to submit your questions will be in the show notes.

We hope to see you there. And with that out of the way, let's get back to the episode. Let us look at the label on a protein idly batter pack more closely. It says 150 grams of protein on the front. But here is what it doesn't say. When you eat two idlies, it is not going to fulfil your daily protein needs. you should always be very about that kind of differentiation and always take a look at if there is if a loaf of bread says it as 40 grams of protein always look at individual serving size and how much you will get from one slice of bread because you're even if you like say consume two slices of bread you'll get like max to max some 10 grams of protein from it so it's always important to be very of the concept of like you know how much protein is actually there and how much is there in the serving size Now, whey protein is the go-to for dairy-based products.

But for chips and bars, it is mostly plant protein from soy, peas or brown rice. Sometimes, brands also mix multiple types to get more amino acids. They'll also add some probiotics for easy digestion. But you see, whey is not a smooth substance. So how do they make it smooth? That is probably sunflower lacedin, which is a kind of fatty substance that is used to make things smooth. But you know who's the real hero for these brands trying to make protein taste good? It is sugar. Nothing hides the quite frankly horrid taste away like a nice set of sugar.

But the problem is it is sugar. So even if it is natural, it will give you a spike and then what often follows is also a sharp drop in energy. This combined with the slow digesting protein, your body is getting confused. Now, the next. The next question is, where is all this way coming from? You see, despite being one of the top world's milk producers, India imports over 60% of its way. Because our dairy industry focuses on milk, ghee and panace, not on cheese. And cheese is what gives you way as a byproduct. Also, turning that way into isolate or concentrate is an expensive process.

So most of it comes from Ireland, especially from the nutrition giant gland beer. Only a few like Amul make Wei in-house in India, but their version only has 30 to 35% protein, and sports supplement makers want 80 to 90%. So what do brands do? They switch to plant proteins, less effective but cheaper. Wei costs up to $1,400 a kilo, but soy is just $300. P-protein is 700. It is cheaper, easier and more digestible.

But here is the twist. Your body cannot store protein, which means if there is too much protein, it is going to turn into fat. And too much way without enough water can also lead to kidney issues. Then there is also the measuring of protein problem. The common methods, which are Keldal and Dumas, measure nitrogen. But they cannot tell the difference between protein and other nitrogen-rich stuff, which means even toxins. That is how bad actors can sneak things in and still label it high protein. One 2024 study found that 70% of protein supplements in India were mislabeled.

14% had toxins. To counter this, some do what is called an HPLC test, which looks at the amino acid profile. But not all brands bother to do it. And in the end, it is easy to get misled. Because we are not obsessed with health. we are obsessed with the idea of health. Check how much is the amount of natural sugars that they've added. If they say that the product has natural sugars,

even if they say they have added something like mong fruit, check how much of that is mong fruit, how much of it has like, you know, additionally, like I said, if you do have, especially for protein powders or supplements, if there is an amino acid profile on the box, then take a look at it to see there are nine essential amino acids that our human body needs.

Just make sure that you see that and check how many of those nine are there and if there is anything that has been added. Try to do a little bit of the math and add up all of the amino acids. They always give the name of the amino acid and then the amount in grams or milligrams over there. So always add it up to kind of understand

if it is the same amount of protein that exists in your product. And that these kind of things always will help you be a better consumer, make better choices when it comes to the kind of products that you consume. Because at the end of the day, as a consumer, it's going to be put in my hand to take care of my health.

If you like the episode, please do hit follow and share it with somebody who lives on protein bars. Thank you in advance and that is all for today. Daybreak is produced from the newsroom of the Ken, India's first subscriber-focused business news platform. What you're listening to is just a small sample of our subscriber-only offerings. Full subscription unlocks daily long-form feature stories, newsletters and podcast extras. To subscribe, head to the ken.com and click on the red subscribe button on top of the Ken website.

Today's episode was hosted by Snigda Sharma and edited by Rajiv CN.