By Zablon Oyugi
In recent years, the veganism movement has surged in popularity and influence, prompting businesses to adapt to changing consumer preferences. The evolution of this movement has not only impacted individual dietary choices but has also given rise to new trends in the business world.
According to Wikus Engelbrecht, Communications Manager at ProVeg, leading plant-based organisation in South Africa, one of the most significant trends in the veganism movement is the rapid growth of the plant-based market.
“This past week there was a new financial report which detailed that the plant-based protein market will experience a compound annual growth of 7.7 per cent over the next 5 years, reaching a market value of USD 19.2 billion by 2028,” said Wikus adding that the exponential growth represents a substantial investment opportunity for businesses in the sector.
In fact, the plant-based movement has inspired businesses to expand their product offerings. From plant-based meats and dairy alternatives to snacks and desserts, companies are diversifying their portfolios to cater to the growing demand for vegan options.
“In South Africa specifically, we see constant new additions of products to the retail space, plant-based options in food franchises, and independent plant-based restaurants,” notes Wikus.
Focus on sustainability
Sustainability is a driving force behind new trends in veganism as consumers are not only seeking healthier alternatives but also products that have a lower environmental footprint.
As a result, says Wikus, businesses have started taking note and making efforts to reduce their carbon footprint, decrease packaging waste, and source ingredients responsibly.
“Sustainability is not only a buzzword but a guiding principle in product development and business operations.”
Additionally, in the quest to meet the evolving demands of consumers, the businesses are increasingly collaborating with food technologists, scientists, and chefs to innovate and create plant-based products that mimic the taste and texture of traditional animal-based foods.
This commitment to innovation has led to the development of realistic plant-based burgers, dairy-free cheeses, and other products that are becoming indistinguishable from their animal-based counterparts.
Restaurant and food franchise adoption
Wikus says that of late, another noteworthy trends is the adoption of vegan options by restaurants and food franchises.
“Fast-food giants like Burger King have started incorporating vegan burgers into their menus, reflecting the growing popularity of plant-based options. This shift not only caters to the increasing number of vegans but also appeals to consumers who want to reduce their meat consumption.”
This has led to increased significant investment opportunities from venture capitalists and established food companies.
“Plant-based startups are receiving funding to further develop and market their products,” said Wikus adding that the investment is not only a testament to the veganism movement’s potential but also a catalyst for further expansion and innovation in the plant-based sector.
Mainstream adoption
Perhaps the most significant trend is the mainstream adoption of vegan products making what was once considered a niche market to become part of mainstream culture.
“Progress hasn’t been rapid,” notes Wikus, “but clear nonetheless.” “Two decades ago, finding a plant-based option at a fast-food restaurant in South Africa would have been unimaginable; today, it’s ubiquitous.”
The plant-based meat alternative sector in South Africa has grown to such an extent that meat companies have tried to have terms like “burger” or “sausage” banned on plant-based products and have these removed from supermarkets.
