The plant-based juggernaut isn’t slowing down anytime soon. The latest report from ResearchAndMarkets.com predicts the vegan food market will more than double, hitting $46.09 billion by 2033, up from $20.06 billion in 2024. That’s a 9.68% annual growth rate, all thanks to a heady mix of climate anxiety, animal welfare awareness, and the booming business of plant-based innovation.
Source: © Mirko Vitali | Dreamstime.com - Vegan couple
It’s no longer just about the ethical few swapping steak for soy. Consumers are clocking onto the health perks, with research linking plant-based diets to lower risks of heart disease, obesity, and early death. One study, published in the Journal of the American Medical Association, even claims that “vegans live longer than persons who eat meat.” Given that obesity rates are predicted to soar - 47% of Americans, 39% of Mexicans, and 35% of Brits will be obese by 2030, according to the OECD - it’s no wonder people are eyeing the veggie aisle with newfound interest.
And it’s not just a Western thing. North America is out in front, but Asia-Pacific is surging, including Australia and New Zealand, thanks to deep-rooted vegetarian traditions and growing health consciousness. Even Latin America and the Middle East, once slow adopters, are warming up to plant-based options.
However despite these positive growth signs price is still a major obstacle. Plant-based foods are still more expensive than their animal-based counterparts gram by gram, and for many, that’s a deal-breaker. The cost of sourcing premium ingredients and creating convincing meat and dairy alternatives isn’t cheap, and that extra expense gets passed onto consumers.
The demand is there, the market is growing, and companies are churning out new vegan options at a blistering pace. The real question? Can the industry bring costs down before price-conscious consumers lose interest?
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