The COVID-19, or novel coronavirus, pandemic has hit the food and restaurant industry hard with many restauranteurs struggling to keep their businesses afloat under the new stay-at-home restrictions. While the restaurant side of the industry may be on the verge of collapse, it is the polar opposite for supermarkets and other food items sold in local grocery stores. One sector that is particularly thriving under the virus outbreak is vegan food products.
An estimated one billion people worldwide do not eat meat and have removed animal products from their diets. In countries like Germany, the sales of vegetarian and vegan products have increased by 65.3% since 2017. Numerous celebrities such as Nick Cannon have invested in opening vegan restaurants while influencers like Tabitha Brown have found new fame teaching others how to make vegan dishes.
According to a Veganz poll, 95% of participants cited animal welfare as a factor in why they went without animal products while 83.9% also listed environmental reasons as a factor in opting for vegan products.
Since the start of the pandemic, vegan brands have seen a significant increase in sales and product gains. Beyond Meat have increased their sales by 82% since the beginning of the year. Bio Gaia gained 8%. This was during the same period the Dow Jones fell by 15% while the DAX lost 18% of its value.
According to forecasts and new data collected, the sales of vegan meat products worldwide will reach roughly $120 billion within five years. By 2040 that number could rise to $450 billion.
“Manufacturers of vegan products are also increasingly popular on the trading floor,” says cryptoscene analyst Raphael Lulay in a press statement. “Not least due to the food’s reception among consumers. In particular, progress in the field of in-vitro meat production could give an already strong growth trend a further boost.”