Celebrities have been credited with creating ‘mass appeal’ for vegan food by a new market research report.
The report, titled Vegan Food Market to Witness Swift Growth Based on Increasing Awareness About Health Benefits Till 2025, was collated by Million Insights.
It predicts that the global vegan food market will grow to $24.06 billion by 2025 (with a compound annual growth rate of 9.6 percent), and says the increasing number of vegan products available coupled with growing awareness about the health benefits of vegan food is a key factor.
The report also notes the impact celebrities have had on the growth of the sector, saying: “Increasing consumption of vegan foods among celebrities has created a mass appeal and consumers are increasingly adopting it.
“Countries such as the United States, Canada, China, Ireland and U.K have a considerable number of vegan populations that in turn aiding in the growth of the market.”
While the report does not name specific people, one of the most vocal celebrities when it comes to veganism include Joker star Joaquin Phoenix, who made global headlines earlier this year when he criticized the dairy industry in his Oscar acceptance speech. Others include actor Rooney Mara, musician Moby, athlete Lewis Hamilton, and musician Billie Eilish among others.
Vegan product sales
The report also touches on vegan product retail avenues, suggesting that the online market is becoming a major factor.
It says: “Among different distribution channel, offline segment held the largest vegan food market share largely because of rise in sales of vegan foods through supermarkets/hypermarkets, convenience stores and specialty stores.
“However, the growing number of millennials opting for plant-based products coupled with a rise in e-commerce platforms is fueling the sales through online channels.”