The big brands going Vegan: Smart move or a big missed-steak?
Veganism is here to stay, and big brands are taking notice of its potential. Plant-based food consumers: vegans, vegetarians, and meat-eaters alike, are changing the market as we know it.
IMOGEN WATSON: As the age of veganism unfolds, plant-based means big business, across FMCG, foods, and cosmetics. According to research conducted by Barclays last year, the value of the global plant-based food and drink market could soar by more than 1,000% over the next decade, reaching $140bn by 2029. And interestingly, it found 92% of plant-based meals in the UK are consumed by the UK’s estimated 22 million ‘flexitarians’ – not by orthodox vegans.
More recent data from Nielsen Scantrack data on the 12-week sales to the week ending 6 June, versus the same period the year prior, found a marked increase in meat alternatives, with ambient meat substitutes up 109.4%, fresh meat substitutes up 59.6% and frozen meat substitutes up 33.7%, as people adopted more sustainable lifestyles during the first lockdown.
“We have seen veganism grow exponentially over the past 12 months, with the Veganuary movement welcoming its one-millionth participant this year,“ explains Rob Nowell, marketing director at Edge by Ascential. “As a result, supermarkets are reporting surges in sales of plant-based products, with Tesco targeting a 300% increase in sales of meat alternatives by 2025.“
What Nowell points to here is that while the vegan industry has historically been confined to smaller, nimble startups like Honest Burger, Meatless Farms, the burgeoning market is now piquing interest from big brands like Marks & Spencer (M&S), Unilever, Sainsbury’s and PepsiCo, who each want a big plant-based stake in the industry. M&S now claim 75% of its customers are reducing meat and innovation in this area has really grown, while the well-publicised launch of Birds Eye’s ‘Green Cuisine’ range this year saw increased presence in the frozen category by 155%.
Joining the party, over the past few years Unilever has expanded its offerings. It acquired Dutch brand The Vegetarian Butcher in 2018, subsequently introducing it to 30 markets, which partnered with Burger King to launch a new range of meat-free menu alternatives. It has also been expanding its better-known brands like Hellman’s and Ben and Jerry’s to offer vegan alternatives… So, veganism is here to stay, and it’s not an exclusive party – vegans, vegetarians, and meat-eaters alike are changing the market as we know it. Big brands have already taken notice of its potential; those that don’t will surely miss out on a serving. SOURCE…
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