Yes, the vegan industry is booming! The key factor responsible for the growth of this market is believed to be increasing awareness about the benefits of following a vegan diet. There are industry statistics to prove it.
According to Grand View Research, in 2018 the global vegan food market size was valued at USD 12.69 billion and is projected to expand at a CAGR of 9.6% from 2019 to 2025. Also, a report by Mintel showed that in Australia between 2014-2016 vegan food products grew by 92%. Even more shocking, there was a 1,500% increase in plant-based food sales in the UK.
This astronomical growth is attributed to the growing awareness about animal health, animal cruelty and more consumers becoming health conscious. All of these factors are encouraging people to shift from animal-based to plant-based food products.
There is a rising awareness of the various health benefits associated with plant-based food products. With health benefits like reduced risk of heart disease, strokes, prostate cancer, colorectal cancer, cholesterol, and premature death increasing numbers of consumers across the globe are either eliminating or cutting back on meat consumption. In turn, they are exploring plant based options.
Yet, the industry growth is not just occurring in vegan food. Similarly there has been significant growth in the vegan fashion industry. According to Grand View Research, the vegan leather industry is anticipated to hit $85 billion by 2025. It is suggested that this is because faux leather shoes are significantly cheaper than genuine animal hide footwear.
Vegan clothes are becoming increasingly popular as well. Specifically, one major shift is that real fur is not longer in fashion. Edited has registered a 41 percent decline in women’s fur arrivals in 2018 in the UK market alone.
Looking forward, Paris has made a commitment to become the capital of sustainable fashion by 2024 with plans to increase the offering of vegan products. Meanwhile, according to Edited, Denmark has seen a 320 percent increase in products described as vegan.
The vegan industry is expanding and growing at the speed of light. Consumers across the globe are making real life changes and beginning to think, shop and eat outside of the meat-based boxed. Welcome to the world of plant based innovation and sustainability.
Have you noticed signs that the vegan industry is booming? In what aspect of the industry have you made this observation and in what way?
