Veganism Creates $2.8 Billion Market
No longer considered a “hippie fad,” the vegan lifestyle is translating into significant business opportunities for some local entrepreneurs. According to this article, the $2.8 billion vegan market results partly from growth in the natural-products industry, which is currently estimated at $50 billion per year.
Demand among vegan consumers is growing and so is the breadth of products available to them. More niche and mainstream businesses are now catering to vegans, with a market for vegan foods estimated at $2.8 billion according to the UK-based Mintel research.
Interest in vegan foods and products extends beyond the vegan consumer base and businesses are finding new customers among both non-vegans and vegans alike. According to the Vegetarian Resource Group, there are more than 1.7 million vegans in the United States. (Editor’s note: this number is somewhat misleading given the VRG survey’s margin of error.)