The Growth of the Vegan Industry and the Rising Demand for Vegan Friendly Foods
Animals and the environment have won the hearts of humans and are being spared by the fast growing culture of vegan diets. But vegans are also making a healthy choice in choosing vegetarian-based diets.
While veganism may have been dubbed weird and extreme some years ago, a diet free of animal products is rapidly becoming the norm. Considerable numbers of people in every country are self-proclaimed vegans and are making the choice of staying away from animal products.
As a consequent, the vegan boom has come with spillover changes in the food industry. Orders are consistently reading vegan and so are the products on the shelves of food markets. Big global companies are changing trends to adapt to the demands of a world that seems to become vegan faster than anyone would have expected.
There are clear indicators of the growth of the vegan industry and the move by companies to meet the rising demand for vegan friendly foods.
- Interest in veganism is becoming a competitive trend
Global statistics indicate that persons interested in veganism are growing every year. According to Google Trends, there is consistency in the ranking of vegan-friendly countries. In 2017, the top 4 countries with most interest in the vegan diet were Australia, Sweden, UK, and New Zealand in that order. In January 2019, the same countries topped the list with Australia remaining first while the other three countries swapped places. Australia reported 100% interest, followed by the UK (98%), New Zealand (87%), and Sweden (84%). Australia also had the 3rd fastest growing vegan market globally according to the 2019 report.
- Demand for vegan food is rising considerably
The vegan demand-supply curved appears to record a negative relationship with suppliers falling short of meeting the rapidly rising demand. This rise is also threatening the animal products market. In 2018, for example, the US Plant Based Foods Association announced a 20% increase in sales. Meat alternatives such as the vegan burger seem to increase in demand against the meat burgers. Similarly, the almond milk is overtaking the demand for animal milk.
- Big companies are going vegan
Companies that have traditionally specialized in animal products are going vegan. As a result, global fast food chains have noticed and capitalized on the vegan food demand. For example, the McDonalds, famous for its meat burgers, introduced the meat-free imitation, McVegan, in 2017. More recently, the KFC food chain, renowned for its chicken products, has launched a vegan chicken burger in the UK.
The demand for vegan products has also convinced the Amazon.com founder and CEO, Jeff Bezos to fund NotCo. The Chilean company uses artificial intelligence to produce plant-based mayonnaise, ice cream, milk, and other products that were traditionally animal-based.
Veganism is here to stay
In sum, statistics seem to suggest that preference for the vegan diet is not just a passing craze but is here to stay. When a trend records 100% interest from the citizens of a country, then we know that it is becoming a mainstream culture that is difficult to revert.