Supply and demand? This simple methodology is becoming more and more evident in the vegan/plant based food sector as we see people shifting away from their traditional meat and potato diets. So much so, the plant based food sector is now valued at an incredible $5 billion! Recent statistics from food manufacturer, Nellson, has also revealed that the demand for vegan food products has spiked to almost 140%!
In a bid to lead a more healthy lifestyle, improve the welfare of animals and steer away from a worsening environmental state, young people are largely responsible for spearheading the movement to a more sustainable food supply. Since the release of documentaries such as Cowspiracy, some Millennials have even taken one step closer to The Good Life and opted to forgo shopping at supermarkets all together.
According to data produced by HealthFocus, some 17% of U.S consumers between the ages of 15-70 are said to be consuming a mostly plant based diet. 60% of people are also estimated to be cutting back on meat, of which 55% state that the change is permanent!
The plant-based food sector is certainly experiencing a boom in interest and it’s evident with number of plant based alternatives hitting market. Not to mention the influx of plant based food tech start-ups. But it’s not just meat replacements on the rise – the vegan ice cream market set to reach a cool $1 billion value, plant based cheese is forecasted to reach $3.5billion by 2023, and vegan milk set to soar to an astounding $16.3 billion by 2018.
These are just some of many indications that consumer habits are changing – dramatically and for the better. With innovative new ways to produce traditional style foods we have the opportunity to solve or lessen some of the world’s biggest problems. Simply not relying on meat and dairy can reduce our demand on the world’s resources tenfold, decrease our strain on public health systems and give us the chance to completely reinvent the way we manage food production all together.
What better reasons could you have to choose a veggie burger?