Money talks, and how we spend our money as consumers have an impact on the economy and the market. Veganism is on the rise because companies are selling short supply ti the high demand for a high rate.
Vegan products are expensive but the more liquid the market gets, the more companies will offer and the more the price range will stabilize. Ant the biggest money makers want to ride the wave as high as possible until thus saturation happens.
Gregg’s Sausage Roll
The Greggs vegan sausage roll – made in collaboration with 34-year-old meat-substitute company Quorn – is the bakery’s fastest-selling new product in six years. Less than a week after the trial, Greggs updated its 2019 profit forecast from £86 million to £88 million ($163 million) and the company’s shares rose by 7.7 percent.
The retailer was surprised by the popularity of its vegan roll when it was launched in January, quickly selling out as it capitalized on “veganuary” and the growing demand for plant-based alternatives to meat. The roll is now available in all of Greggs’ shops. The traditional sausage roll is still the chain’s best-seller, but the meat-free version is now in the top five, Whiteside said.
Riding the Wave
Over the past few years, vegan food has become extraordinarily popular. In 2018, the Vegan Society registered 9590 new products as vegan – a 52 percent increase on products that carried the society’s official trademark in 2017.
In September 2018, Iceland launched its No Bull frozen vegan range; Magnum released two pea-protein ice creams; Hellman’s started selling vegan mayonnaise; Pizza Express introduced a new vegan pizza, and Costa Coffee launched a vegan cookie. Every major British supermarket announced or expanded a vegan range in 2018. A day before Greggs released its sausage roll, Marks & Spencer launched its 60-dish Plant Kitchen range.
Fashion is in for the Money Too
The big players in the food industry are meeting the demands of the vegan market and so is the fashion industry. Vegan clothing is starting to charge top dollar to take a piece of the market share.
When it comes to launching vegan products on the market, no sector is moving faster than beauty: of all the new vegan items launched in the UK last year, a staggering 82 percent belonged to the beauty category. The beauty sector was also responsible for 40 percent of vegan product launches in the US and 62 percent in Germany last year. That’s due to the increasing demand for cruelty-free makeup and cosmetics, which stems not only from the rise of veganism but to shifting consumer attitudes towards animal testing in general.
However, the footwear industry is quickly catching up. According to Edited, vegan shoes accounted for 32 percent of the footwear market in the US last year, up from 16 percent in 2017. UK shoe brands have been a bit slower in catching up with the trend, however: vegan footwear accounted for 16 percent of the total UK market in 2018, up from 15 percent in 2017. But retailers like Marks & Spencer already have an eye on the trend.