Vegan market growth will be explosive by 2030
According to the Vegconomist business magazine, a new report from Bloomberg Intelligence predicts that the vegan market will grow “explosively” to $162 billion by 2030. The report, Plant-Based Foods Poised for Explosive Growth, predicts that the market will grow from $29.4 billion in 2020 to $162 billion by 2030.
Consumers are increasingly turning away from conventional meat due to growing concerns about health, ethics and sustainability. So much so that vegan products are named the category of the year in 2021 thanks to their 199% annual growth by market intelligence platform 1010data.
The statistics also show the popularity and growth of the terms used for pre-purchase product searches. A growing consumer interest in the sector, the words “plant-based” (vegan) has increased by 148% and “vegan” by 88%.
Amazon records 44,000 plant-based searches in one month (June 2021). The Label Insight platform analysed searches for meat alternatives: the most commonly used words in this category were “vegan meat”, “vegan chicken”, “vegan burgers” and “vegan fish”. The study found that during this period, 44,000 searches for meat alternatives were conducted on Amazon US.
The vegan market is becoming increasingly attractive, even for those not working exclusively in this field. Take advantage of this opportunity with EVE VEGAN® certification.
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