Veganism is still a lifestyle that very few consumers follow. However, forgoing meat and all forms of animal food products is becoming more popular. Signups for Veganuary, a campaign that challenges its participants to only eat vegan for January, have been increasing since the start of the campaign to reach an
for the most recent outing of the campaign. Looking around the globe, there are massive differences from country to country in the share of vegans. India is the leading nation by share of vegans. A total of ten percent of the
. In even the most developed Western markets, this figure only reaches two to three percent, while in many countries in Europe only around
. Vegetarianism shows a similar picture. India leads all other countries with a share of
The global market for plant-based products
Vegan or plant-based products are not only for those who try to avoid eating meat and animal products: they have a much larger target audience. This is especially true for meat substitutes. Pat Brown, the founder of Impossible Foods, even sees vegetarians as the wrong audience for these kinds of meat replacements, which are specifically designed to imitate meat despite being plant-based. As such, meat substitutes are targeted at meat eaters, making the transition to a plant-based diet much easier for them. The
global plant-based meat market is estimated to generate 10.2 billion U.S. dollars in revenue. In the U.S. the
market for plant-based meat and seafood is currently going through a tough period and is shrinking when it comes to sales.
Milk substitutes
Although meat alternatives were all the rage in the media a few years ago, the less trendy
global milk substitutes market is several billions of U.S. dollars larger than the
global meat substitute market. In total, the milk substitute market is valued at 23.2 billion U.S. dollars. China and the United States are the
leading milk alternatives markets: together they account for over 12.5 billion U.S. dollars of revenue. In Europe, Germany and the United Kingdom are the most relevant markets for milk substitutes.
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