A new market research report has revealed that the global miso market is projected to grow at a CAGR of 6% between 2018 and 2022. The increase in the number of vegans worldwide is thought to be one of the leading factors behind this growth.
In just a decade, the number of vegans has increased by 300%; young people are particularly likely to adopt the diet. The UK, for example, now has half a million vegans.
Veganism is best known for being an animal rights movement, but growing numbers of people are also adopting a plant-based diet for health and environmental reasons.
Several celebrities have advocated the vegan diet, and it is also being encouraged by many food startups. This is likely to further increase the number of vegans.
Potential for growth
With soy production increasing rapidly worldwide, there is plenty of potential for the continued growth of the miso market. Many vegans consume large quantities of soy-based products, as a result of their high nutrient-density and their use in meat and dairy alternatives. And miso is commonly used in vegan-friendly dishes like miso soup, which could further drive demand.
The market share of the European region is expected to increase the most in the coming years; this makes sense, since Europe is one of the regions where veganism is growing most rapidly.