England—A Fact.MR survey found that demand for vegan based products will experience “stellar” growth this decade in every aspect of the supply chain. As expected, the younger generations are pushing the movement forward. 75% of vegan consumers fall in the 18-45 age bracket. Big opportunities, the survey found, lie in countries including Australia, New Zealand, Israel, U.S., and India.
Heavily influenced by the pandemic, health concerns, and animal welfare concerns, consumer interest is not limited to trendy categories such as vegan yogurt or vegan oatmeal, but across the value chain.
According to Fact.MR’s analysis, vegan protein sales are rising at nearly 14%, whereas vegan oatmeal market is growing at 9% consistently. On the supplement side, vegan supplement sales are expected to rise at 11% CAGR through 2031.
Besides focusing on innovation and introducing new brands, the study points out that there is still a large percentage of the population who are unaware of vegan options and their benefits. Another key challenge to focus on is how to sell veganism as a sustainable diet, not just a short-term diet. Still another challenge is retention—many consumers who are open to experimenting with a vegan diet find it difficult to commit for a sustained period of time.
“Concerns about nutritional imbalance, cost, and availability of products has meant that a sizeable percentage of consumers continues to give veganism a miss,” the report shared.