Every Bite Counts: The Economic Impact of Veganuary
- Tanvi Jain
- Jan 31, 2024
- 1 min read
Updated: May 13, 2024
Veganuary, the global pledge to try a vegan diet for January, isn't just about personal health and animal welfare – it's also shaking up the economy. While the trend's environmental benefits are well-documented, its financial footprint is less explored but equally significant. So, let's dive into the delicious (and surprising) economic impact of Veganuary.
Impact on Demand and Supply: Veganuary's economic impact isn't limited to supermarkets. Restaurants, cafes, and even fast-food chains are adding more plant-based options to their menus, catering to the growing demand. This diversification creates new revenue streams for businesses and opens doors for entrepreneurs creating plant-based food products and increasing their supply.
Shifting Consumer Preferences: The demand for vegan based products has been evidenced to not just increase during January but also in the following months ,since some percentage stick with it for longer periods. People’s eating patterns are changing and leaning towards less meat. This shift in consumer preferences has the potential to reshape the entire food system, influencing everything from farming practices to food policy.
Investments and Companies: The launch of 2,100* new vegan products and menus in the UK market alone, the rising value of vegan food manufacturers like Beyond Meat and Quorn is undeniable in markets today with chains like Subway even taking up their products. Other major chains like Greggs and Burger King launched vegan versions of their products as well. This is potentially predicating greater investment opportunities in the food industry in companies which embrace veganism.
*Statistic updated with thanks to World Animal Foundation: Veggie Wonderlands: Exploring The Most Vegetarian Countries (worldanimalfoundation.org)
