The Growth of the Vegan Industry and What Lies Ahead in 2020 and Beyond
When veganism started, practitioners of this lifestyle were considered as going against the norm, a minority, strange, or even weirdos. But in 2018, the vegan market became a $12 billion industry. It continues to expand this year and is projected to become even bigger in the next 5 years.
The growing awareness about animal cruelty, especially in connection with the food industry, contributes largely to this growth. According to the market research paper published by Grand View Research, there is a huge surge in the vegan population in Europe, North America, and the Asia Pacific.
In the US alone, the research firm called GlobalData reported that those who identify as vegans have increased by as much as 600% in the past three years. Living a plant-based lifestyle is not a fringe movement anymore. It has become a way of life for thousands of people across the globe.
What Are People’s Reasons for Going Vegan?
So why are we seeing an influx of vegans everywhere?
One of the primary reasons is, as mentioned above, the awareness of animal cruelty. More individuals now know the heartbreaking processes that go on in meat and dairy farms, slaughterhouses, and in other sectors connected with the food industry. In contrast, the vegan market is all about cultivating sustainable dietary practices devoid of animal cruelty.
Another contributor to the growth of veganism is the fact that food allergies are on the rise. Based on the research conducted by the US Centers for Disease Control and Prevention, food allergies in children have risen to about 50% from 1997 to 2011. Couple that with people’s desire to live a healthier lifestyle and the soaring prices of allergy medication. It is not a surprise then that more are identifying as vegans.
Speaking of a healthier lifestyle, more data is also now available about the negative effects of eating meat. Red meat, in particular, is linked to serious diseases such as stroke, heart disorders, and diabetes. Chicken, meanwhile, poses the risk of contracting salmonella and eating fish means facing the dangers of mercury.
With all that said, more individuals now believe that consuming a plant-based diet is simply healthier and more environmentally friendly than eating animal products.
Businesses Are Advised to Offer Vegan Options
The growth of veganism is at a stage that businesses who ignored it before cannot afford to do so now. More diners at restaurants now scour the menu for vegan options. Grocery shops have also felt the demand. Even the clothing industry is now starting to cater to vegans.
The expansion of the vegan consumer pool can be felt everywhere. According to Future Market Insights, pea protein revenues may reach $104 million by 2026. Sales of cow’s milk decreased by around 5% last year and are bound to plummet another 11% in 2020. However, plant-based milk sold 3.1% more in 2019. Then, there is the meat substitutes market, which is projected to be worth around $5.2 billion this year.
As you can see, veganism is having huge impacts on economies across the world. That is why businesses are advised to think about their growing community of vegan customers. Consider adding more plant-based options to your product lineup or switch to more sustainable and environment-friendly processes and services.
What Lies Ahead for the Vegan Industry
The vegan food market size is expected to become a whopping $24 billion industry by 2026, according to the paper published by Acumen Research and Consulting. Over this forecast frame, the vegan market is poised to grow at CAGR (Compound Annual Growth Rate) of more than 9.1%. That’s huge!
More celebrities and influencers will adopt this lifestyle in the years to come, which will further move the numbers up on this plant-based revolution. Plenty of manufacturers are already cropping up in North America and Europe, offering vegan products. Their success will surely be emulated by other businesses around the globe.
Being vegan is a rewarding lifestyle and has plenty of health benefits. The industry keeps growing and will continue expanding in the coming years. Vegans aren’t a strange new thing or a fringe group anymore. The acceptance of living a plant-based lifestyle is widespread and will only continue to grow in the future.
Alex Arnstrom is the Co-Founder and Editor of Vegan Liftz. He is constantly helping those around him with advice, recommendations, and the encouragement they need to take veganism and their health to the next level.