2018 is just around the corner and everybody knows that going vegan is the perfect New Year’s resolution. However, media outlet Forbes has introduced another great resolution for every entrepreneur: turn your business vegan.
“No longer relegated to the fringes of society where for so long it was mocked for being ‘weird’ or ‘extreme,’ veganism is going mainstream,” Forbes writer Katrina Fox wrote. “Finally recognized for its positive impact on sustainability and animal welfare without the need to sacrifice taste or style, vegan living is starting to become the norm.”
Fox listed many reasons why business owners should “veganize” their businesses in the new year, including the fact that plant-based product sales went up by 8.1% in the last year and topped $3.1 billion. Furthermore, the dairy-free cheese market alone is expected to top $4 billion by 2024.
In addition, plant-based milk sales grew by 3.1% while dairy milk sales experienced a 5% decline. The global meat alternatives market is also expected to make $5.2 billion in revenue by 2020. The numbers are clear; even major US dairy plant Elmhurst decided to shut its doors and turn to plant-based milk, and Canadian meat giant Maple Leaf Foods had to acquire a vegan meat brand to secure its future in the market.
Another reason Fox noted was the huge competition. Companies like Beyond Meat and Impossible Foods are revolutionizing the world of food with their plant-based innovations. Beyond Meat is the founder of the Beyond Burger, a patty that looks, tastes, feels and “bleeds” just like a beef burger. They also just announced the release of their Beyond Sausage.
Impossible Foods is also a major competitor in the plant-based meat market. The company’s Impossible Burger is currently sold in more than 150 eateries across the United States. It has also attracted many investors, including Bill Gates, actor Leonardo DiCaprio, Twitter co-founders Biz Stone and Evan Williams, as well as meat giant Tyson Foods.
Fox also took the time to mention other huge vegan industries that are not related to food. The fashion industry is picking up on the cruelty-free, vegan clothing trend. This year, brands like Gucci, BCBG, Michael Kors and Jimmy Choo all banned fur. In addition to the fact that plant-based eating was named a top trend for 2018, vegan fashion was named a top trend, as well.
Even car manufacturers are listening to the cruelty-free movement. Tesla announced that they’ve removed all leather seating options and Bentley is looking into alternatives to leather interior options.
All of these reasons above reflect on only a portion of the growth in the vegan industry; there is so much more to explore. As Fox puts it: “The plant-based revolution is here to stay. Make sure you don’t get left behind.”