3 Reasons Why Your Next Business Should Be Vegan, Even If You’re Not
You don’t have to be vegan to create a vegan business.
Consumers are increasingly demanding sustainable, cruelty-free, earth-conscious, and plant-based options — and it’s important that entrepreneurs fill that need.
Across the food, fashion, beauty, tech, and even automotive industries, we are witnessing a drastic cultural shift away from our traditional ways. More people are beginning to identify as flexitarian and reducetarian, and people are looking to cut back on animal derived products not only in their diets but in their day-to-day lives.
Here are 3 reasons your next business venture should be a vegan one, even if you’re not vegan yourself:
1. The vegan market is expanding rapidly
The past 10 years have set the stage for explosive global growth for vegan businesses. A recent study shows that a 3rd of the entire world population follows a diet based on the reduction or elimination of meat. This will result in the plant-based meat market to hit a valuation of $140 billion by 2029. In fashion, a new reports highlights that the faux leather market will be worth $89 Billion by 2025. This past year the best performing IPO of 2019 also happened to be the first plant-based IPO (Beyond Meat). As is becoming increasingly evident, the demand for plant-based options is growing exponentially.
Most recently, during the Covid-19 pandemic, the meat industry has struggled to respond to the outbreak. However, the producers of plant-based meat are ramping up production to meet new interest from shoppers, according to the New York Times. This confirmation has helped fuel multi-million dollar investment in plant-based startups such as Chilean food technology startup The Not Company (NotCo) ( $85 million Series C funding round) and Impossible Foods ($200 million Series G funding round).
Taking advantage of shifting consumer preferences early can set you up for long-term success as you face less competition initially. There are opportunities to change how we derive and create products across various industries. You can learn more about how various industries are being disrupted by plant-based companies in the 2020s here.
2. Protect the environment with your business
Going vegan is one of the best ways to protect the environment. Relying on non-animal derived products saves water, reduces your carbon footprint, and frees up farmland. In a recent study conducted by Kroger Co. and supported by the Plant Based Foods Association., it was discovered that consumers purchased 23% more plant-based meat on average when the products were moved into the traditional meat aisle. By creating plant-based products, not only are you protecting the environment, but you enable others to do so as well. Your products being available could enable and encourage more consumers to follow a more earth-friendly lifestyle.
Take a look at these comparisons:
3. Protect human and animal welfare
According to Sentient Media, “more than 200 million animals are killed for food around the world every day – just on land. Including wild-caught and farmed fishes, we get a total closer to 3 billion animals killed daily. That comes out to 72 billion land animals and over 1.2 trillion aquatic animals killed for food around the world every year.” When you create an animal-free business you release these sentient beings from a cruel system and unsustainable cycle.
Animal agriculture isn’t just horrifying for the animals, humans often suffer too. Slaughterhouses, for example, have become a breeding ground for Covid-19, leading to sickness and death that threatens our public health.
Many communities located in factory farms’ surrounding areas are often pollution-ridden, causing these populations to incur significant health challenges. According to PETA, scientists have shown that there is a link between exposure to the toxic chemicals found in animal waste and the development of neurological problems. According to University of Southern California toxicology professor Dr. Kaye H. Kilburn, the “coincidence of people showing a pattern of impairment and being exposed to hydrogen sulfide arising from lagoons where hog manure is stored and then sprayed on fields or sprayed into the air” has a “practically undeniable” connection to neurological disorders in communities around the farms.
Even if adopting a vegan lifestyle seems unlikely for you at the moment (though we hope that will change in the future :), consider creating a business that helps solve the pressing problems facing our planet through plant-based innovation.
We’ll be talking all about plant-based innovation and entrepreneurship at our upcoming VEGPRENEUR Summit — learn more here.
If you’re looking for more support and ideas as you grow your business venture, don’t be afraid to reach out! In addition, please join our exclusive Facebook Group for founders and investors in the sustainable plant-based space!