The global vegan industry has seen rapid growth in recent years reaching an estimated value of US$15.4bn by 2020. The CAGR is forecasted at 9% for the period from 2021 - 2026 as a plant based diet gains popularity across the globe, putting an industry valuation around US$26Bn. The rising awareness regarding benefits of adopting a vegan diet appears to be a key determinant contributing to industry expansion.
The highest population of vegans around the world come from USA, UK, Australia, New Zealand, Sweden, Canada, Israel, and Germany resulting in significant reductions in meat consumption in these countries. According the Vegan Society, the demand for meat free products grew by 987% in the 5 year period between 2021 -2017.
The shift towards plant based alternatives is still very much in its early stages. In the wider scope the demand for animal products is still very high as fresh sections in supermarkets are stocked with mainly meat and dairy products. It is a positive change to see some areas designated for plant based alternatives however there is still mountain to climb if there is to be a dominant shift in consumer preferences. The emerging trend of following a plant based diet has raised from 3 key determinants:
1. Animal Cruelty - The conditions In which animals and kept, drugged then eventually killed have been well broadcasted on social platforms and streaming services. This is a strong driver of the shift in animal consumption to vegan alternatives as its a true eye opener into something people pretend not to acknowledge.
2. Health risks of consuming animal products - Similar, the health benefits of a plant based diet have been well documented in programmes such a 'what the health' and 'the game changers', which appears to also be opening the minds of consumers who chose to believe in 'the protein enigma'.
3. The environmental impact of livestock farming - the United Nations have warned of the impact producing livestock for human consumption is having on the planet and how it is contributing to climate change. In fact, the contribution is so significant, adopting a plant based diet is the single best thing consumers can do to help lower greenhouse gases; yes, forget about buying a Tesla or cutting out of single use plastic, because they are minor contributors to the problem in comparison with livestock production.
Komentar