Will vegan dairy alternatives be the ‘next Beyond Meat’ success story?
As global interest in plant-based meat substitutes surges worldwide, other vegan products such as non-dairy milk and chocolate are tipped to benefit
Plant-based meat has experienced an explosion of interest from the world’s media recently – and it’s no wonder: the business grew 30 per cent in 2018 compared with 2017, according to data provider Nielsen Product Insider.
The snowball effect has led to more inclusive menus at restaurants, increased demand for more plant-based protein (even KFC wants in) and pushed up the share price of Beyond Meat – the US producer of plant-based meat substitutes that has played a pivotal role in the current global popularity of vegan diets – by more than 600 per cent on the American Stock Exchange in June to US$186.43, compared with May’s initial public offering price of US$25.
Dairy alternatives are not just for vegetarians or vegans; increased awareness of health and environmental benefits of plant-based products also drives the demand
This is certainly comforting news for vegans, but the question remains: is this merely a fad?
Projections of the value of the alternative meat market suggest that the industry will be worth US$140 billion globally in the next 10 years.
Naysayers are being put in the place, too, thanks to advances in science and technology that have improved both the taste and texture of plant-based products exponentially in a very short time.
Next up, non-dairy dairy.
Adeline Chan, project director of March’s VeggieWorld Hong Kong – the city’s first international trade fair and conference for a vegan lifestyle – says: “The vegan lifestyle is rapidly increasing in popularity globally, which drives the rise in demand for dairy alternatives.”