The (Profitable) Future Is Vegan.
Veganism isn’t going anywhere, and you can easily see why when you look at the market’s projected growth in the plant-based sector.
A Global shift is happening toward lifestyles promoting healthy living, environmental stewardship, and animal welfare evident in the global vegan food market which is projected to grow from $26.16 billion in 2021 to $61.35 billion by 2028.
Every industry is getting on board the trend to create products and market them in a way that appeals to those of us who want to do our part to mitigate the effects of climate change, rising healthcare costs, and animal cruelty.
Are the companies and brands making this happen actually concerned about the ethical gravity of these global concerns? Some (maybe most) are, sure. But let’s be real – companies are in business to turn a profit, first and foremost (and that’s ok!).
They achieve this by researching what consumers want and creating whatever that may be to fulfill their demand while getting paid to do so. When we look at how rapidly the plant-based market is growing, it makes even more sense.
Consumers are demanding healthier, more sustainable, and kind options. We are growing and evolving as a global society.
The Food Industry
A Global shift is happening towards lifestyles promoting healthy living, environmental stewardship, and animal welfare, which is evident in the global vegan food market, projected to grow from $26.16 billion in 2021 to $61.35 billion by 2028. Jennifer Bartashus, Senior Equity Research Analyst at Bloomberg Intelligence, is quoted,
“Food-related consumer habits often come and go as fads, but plant-based alternatives are here to stay – and grow. The expanding set of product options in the plant-based industry is contributing to plant alternatives becoming a long-term option for consumers around the world. If sales and penetration for meat and dairy alternatives continue to grow, our scenario analysis suggests that the plant-based food industry has the potential to become ingrained as a viable option in supermarkets and restaurants alike. Meat and dairy alternatives could even obtain 5% and 10% of their respective global market shares in the next decade.”
The Fashion Industry
Valued at USD 396.3 billion in 2019 and expected to grow at a compound annual growth rate (CAGR) of 13.6% from 2020 to 2027, the women’s vegan fashion market is booming. The growing popularity of vegan clothing and accessories made from cruelty-free sources is driving sales, particularly among millennial populations across the world.
The Cosmetics Industry
Market growth is exponentially increased as renowned media personalities such as Pamela Anderson, Joaquin Phoenix, Christy Turlington, Alicia Silverstone, and pop star Pink influence their audiences to make conscientious and cruelty-free purchasing decisions. Consumers are increasingly aware that animals are sentient beings with feelings similar to humans, which contributes to greater social acceptance of these products and drives their demand.
There is a shift in the cosmetics market spearheaded by ethically conscious consumers opting for vegan products. The global vegan cosmetics market size was valued at USD 15.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030. Driving market expansion is the rise of global vegan consumerism. Consumers are against animal cruelty and are seeking cosmetics that were not tested on animals and do not contain any animal ingredients.
The Entertainment Industry
The entertainment industry will concurrently experience a boom in audience engagement through presenting plant-based programming which showcases the myriad aspects and benefits of the vegan lifestyle in heartwarming and humorous ways.
Peeled: The First All-Vegan Cast Cooking Competition Show
Reality cooking competition shows are popular because they teach and inspire viewers about a universal subject while telling heartwarming and humorous stories in high-pressure settings. Peeled is “Cooking Up Compassion” as the first all-vegan cast cooking competition show while tapping into the increasing demand for high-quality plant-based programming that engages a well-established audience in a familiar yet entirely unique, purpose-driven viewing experience.
Visit PeeledShow.com to learn more about the show and watch the 3-part limited series.