The 2020s: The Decade of the Vegan Business

If 2019 was the year of the vegan, then the next decade is the decade of the plant-based business. The past 10 years have set the stage for explosive global growth for vegan businesses over the coming decade. We’ve already witnessed a lot, from ice cream brand Ben and Jerry’s launching vegan flavors, to the first plant-based IPO (Beyond Meat).

In the coming decade, the plant-based market is expected to grow exponentially. Many industries are slowly being disrupted by the introduction and demand of plant-based alternatives and even more will be subject to the plant-based revolution over the next 10 years. Here are some of those industries we want to highlight:

Food

Food is the first industry to come to mind. As we reported, the plant-based meat market alone is going to hit $140 billion dollars by the end of the year 2029. One example of this, there were 327 new pea protein products launched in 2019, up from eleven a decade ago according to CNBC. As new plant-based protein sources are introduced into the marketplace, we are seeing innovative products such as avocado ice cream and banana milk become the norm. Additionally, the dairy industry is in the midst of a major collapse and big beef is worried about the misuses of the word ‘meat’. It’s becoming evident that consumers are making the decision to consume healthier and more sustainable food.

Fashion

Fashion, like food, is facing a sustainability crisis. While some brands, such as H&M (which burned 60 tons of new and unsold clothes since 2013), continue to face scrutiny, brands such as Adidas are launching plant-based sneakers. Fashion startups are leading the change as well. Fashion brand GUNAS NYC just launched the first ever vegan handbag in department store Macy’s, for example. Fashion will continue to see plant-based products become more readily available and demanded by consumers as major brands adapt to changing consumer tastes.

Automobiles

As cars go electric, they have also started going plant-based. Most notably, Tesla, Volkswagen, Ford, and even recently Mercedes, are all removing leather from the interior of their vehicles. We expect this trend to continue throughout the decade, as consumers become more aware of their environmental impact.

Pets

As more humans go vegan, so are their pets. In fact, our pets consume about 20% of all animal meat consumed. Startups, such as Wild Earth, which got an investment from Mark Cuban on Shark Tank, and established players such as Pedigree, are introducing high-protein plant-based pet meals for our four legged friends.

Tech

Even tech companies are going plant-based. Most notably, Nimble which produces phone chargers and other tech accessories that are made of plant-based materials. Additionally, e-commerce platforms, such as Billion Vegans, are growing quickly to become the Amazon for vegans, as consumers shop more and more online.

There are many more industries that will experience major changes in the next decade as consumers turn to more sustainable and healthy products and services. If you’re considering starting a vegan business in the next decade, we believe you will have a bigger chance at success than ever before.