There is a growing popularity of new product development on a vegan platform, with a 35% increase in product launches recorded with a vegan claim in 2018 from 2014, according to Innova Market Insights. The leading market sub-categories in 2017 for vegan claims on a global basis are cereal & energy bars (4.9%), meat substitutes (4.0%), and dairy alternative drinks (3.8%). There should be no slowing down for new product innovation with vegan suitability going forward, with plant-based milks and meat substitutes already rapidly moving into the mainstream.
The rise of veganism is indicative of a growing theme towards mindful consumption. Animal welfare and environmental concerns form clear goals among the following of such a strict diet. Vegan products are increasingly associated to ethical packaging (+50%), organic (+31%), gluten free (+34%) and GMO-free (+27%) (CAGR 2014-2018). In 2018, 60% of all products with vegan claims were reported in Europe. Latin America, albeit still a small market, experienced an annual average growth of 79% (CAGR 2014-2018).
Top market subcategories of food & beverages launches with a “vegan” claim (Global, 2018):
Market category Penetration (%)
(Source: Innova Market Insights)