Lava lamps, Fidget Spinners, Tamagotchis – fads come and go faster than all your digital pets combined. So, what about the new plant-based alternatives? Is the vegan lifestyle simply just another fad? The answer is NO!
According to a new report, the global vegan meat market is projected to be worth $8.3 billion by 2025!
The report—entitled “Plant-based Meat Market by Source, Product, Type, Process, and Region – Global Forecast to 2025”—was conducted by market research firm MarketsandMarkets. It estimates the current vegan meat market has a value of $4.3 billion. The firm credits the surge in value to the “growing vegan and flexitarian populations across the world.” This is due to an increased awareness of the health benefits of plant-based meat products compared to their animal-derived counterparts.
Investments into the plant-based meat sector, as well as government initiatives, are also driving the global vegan meat market.
Vegan Market Growing in Popularity!
Of all the vegan meat products on the market, soy accounts for the largest share in the plant-based meat sector. Soy is used to make several plant-based meat products including meatballs, burgers and sausages. Soy is a go-to ingredient because it’s a good source of protein, vitamins, fiber and minerals. It’s also naturally free of cholesterol.
Vegan chicken is also in high demand and accounts for the second-largest growth segment in the plant-based meat market. Companies have been churning out vegan chicken products to meet the growing demand. Tyson, one of the largest meat producers, recently removed egg whites from its plant-based chicken nuggets. Its Raised & Rooted range is now vegan. The line features the pea protein-based nuggets in original and spicy flavors as well as whole-grain tenders.
Major chains like Burger King and KFC are also taking advantage of the trend. The burger chain debuted vegan nuggets in Germany and the fast-food chicken giant launched its vegan chicken in Canada. Launches like these are taking place in countries around the world. But, keep an eye on North America. It continues to be the fastest-growing region in the global vegan marketplace.
Another reason plant-based meat is here to stay is obvious – it tastes good! Consumers state they can hardly tell the difference between meat and fake meat. The differences they do find are to the benefit of the plant-based meat, such as improved texture. A great example, proving that Beyond Meat is not a fad, is the boom of sales for the product during COVID-19. As regular meat products were running low during the pandemic’s peak, more consumers turned to the alternatives. Products from Beyond Meat took center stage and stole the show. For the weeks and months following that first taste, their sales continued to rise, even after regular meat products were readily available.
The growing acceptance and demand for plant-based diets was inevitable. Interest in Vegan diets and lifestyles have soared during the past decade and interest continues to grow. In addition to the traditional vegan diet, many meat conscious consumers like vegetarians, pescatarians and flexitarians continue to search for healthy variety in their meals. In America, it’s estimated that over 9 million people do not eat meat! Unlike fads, plant-based diets are not just phases to evolve through. They are a genuine lifestyle, meaning that plant-based diets are part of a significant cultural shift and attitude change that continues to grow a loyal following for brands like Beyond Meat.
From the dedicated health conscious vegetarians to those who just love their products, plant-based alternatives have gathered a consumer base that is here to stay. While Tamagotchis, fidget spinners and lava lamps have come and gone, plant-based options have become widely accepted and are clearly gaining traction worldwide!
Are you interested in aligning a globally diversified investment strategy with your Vegan lifestyle? Our cruelty-free ‘Demand Cruelty Free‘ portfolio enables you to do just that. Whether you love the environment or just a good burger, our financial advisors are here to help!
This report is a publication of Demand Wealth. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change.