22 November 2023
It’s official: meat is out, plants are in. The global vegan food market is worth a sumptuous $14.22 billion in 2022, growing by 4.9% compound annual growth rate (CAGR) since 2021.
It’s official: meat is out, plants are in.
The global vegan food market is worth a sumptuous $14.22 billion in 2022, growing by 4.9% compound annual growth rate (CAGR) since 2021.
This growth has been driven by the shift in consumer demands for more environmentally friendly, sustainable foods. Factors like the harmful greenhouse gases that are released from the agriculture of livestock such as cows are contributing to the socially conscious, culinary decisions of consumers.
One company that is hitting the ground running is Bondi-based vegan restaurant, Flave. Using recipes from the former chef of famous vegetarian (and Simpsons alumni), Paul McCartney, Flave is planning a big expansion into 2023 and beyond.
The company has already raised A$5.5 million so far and plans to raise another A$2 million via an equity crowdfunding tranche. Part of this capital raising will go towards franchise plans in India, with 42 restaurants expected to open in the next 5 years.
Aptly named co-founder, Stuart Cook, noticed a saturation of plant-based products while observing a gap in the market for plant-based restaurants and tucked-in.
“It’s about replicating the flavours, the textures and the taste of meat in order to be able to attract the 90 per cent of people who aren’t vegetarian or vegan.”
Indeed, plant-based companies have started to reach a wider demographic due to collaboration with restaurants, fast-food chains and multinational food producers.
While these didn’t all work out (McDonald’s concluded its McPlant burger test in July, made in partnership with Beyond Meat), the consumer demand is clearly there for healthier, plant-based alternatives.
The industry as a whole is projected to continue expanding its waistline. In North America, the plant-based food market is expected to grow at a CAGR (compound annual growth rate) of 12.5% from now until 2032, while Europe is expected to grow at 11.6% CAGR in the same period.
With a world population estimated to be 22% vegetarian, there is a growing appetite for plant-based fare and it seems that the global industry hope to be cashing in.
Past performance is not a reliable indicator of future performance.
- The Business Research Company, Vegan Food Global Market Report 2022
- Business News Australia, Plant-based restaurant Flave to beef up funds for global roll-out
- The Motley Fool, McDonald’s Just Concluded Its Beyond Meat Test
- Cision PR Newswire, Global Plant-based Food Market is Estimated to Reach Worth of US$ 10.9 Bn by 2022
- Deals on health, vegetarian statistics