Business Expert has compiled a series of infographics based on various reports about the plant-based market. The images show the rapid growth of the vegan economy and the effect this will have on global business in the coming decades.
One key finding is that the global vegan food market is predicted to reach $35.5 billion by 2027, while the meat market declined by 3% during 2020.
In the UK, younger generations are the main driver of change, influenced by concerns about animal welfare, health, and climate change. Religion and allergies are also motivating factors.
Statistics show a huge surge in the number of people signing up for Veganuary, up from 4,000 in 2014 to 500,000 in 2021. 13 percent of British people are now either vegetarian or vegan, and a further 21% are flexitarian. This means at least a third of the population have reduced their meat consumption.
There is particularly strong growth in the area of plant-based milk, a market whose value has increased from 13 to 35 billion within 5 years. Meanwhile, the dairy milk market has shrunk by 6 percent. According to Business Expert, this rate of growth indicates that plant-based diets could replace the traditional diet within the next century.
Several other studies have recently predicted huge growth for the plant-based market. A Food Frontier report found that the Australian alt-meat market could be worth $3Bn by 2030, while another study found that the European plant-based food sector has increased by 49% in two years. A GFI study has also found that the cost of meat from cells could drop to $2.57 per pound by 2030.
Research has even suggested that by 2040, 60 percent of meat will be either plant-based or cell-cultured. Within two decades, animal meat could be on the way out, with huge economic and environmental implications.