The vegan food industry is flourishing, which is why Burger King, McDonald’s and other fast-food chains have started offering vegan alternatives to their traditional meat burgers. In 2019, vegan and plant-based food sales in the US increased 10 times faster than any other food sector. Many food giants have started to follow this trend, either by creating vegan options for their customers or by acquiring or investing in start-up vegan companies.
It seems clear that veganism is not going to be a temporary trend, but rather a lifestyle choice that is likely continue to grow and expand, not only within the food industry, but also in the beauty and fashion industries.
Cruelty-free and vegan companies have reached an estimated global worth of $15bn, and they are actually expected to top $40bn by 2025, for a compound annual growth rate of 17%.