Let’s find our Vegan Market Growth Potential
This morning, I read in the newspaper that Simmons had achieved its highest sales ever since its founding. The reason for the increase in sales is said to be the premium vegan mattress collection.
It is said to be the first in the bed industry to not use animal materials in all of its products, and recent analysis indicates that it meets the needs of consumers who are sensitive to ESG management.
Food and cosmetics are familiar categories with many vegan products already available, but mattresses are truly new.
In this way, the vegan market is expected to expand as veganism is applied to all products we use.
The following information is about the vegan market growth potential. According to the International Vegetarian Union (IVU), the global vegan population is estimated to be 180 million as of 2022.
Of these, approximately 30%, or 54 million people, are vegans who do not eat animal foods.
In particular, according to estimates by the Korea Vegetarian Association, the vegan population in Korea has increased approximately 16 times from 150,000 in 2008 to 2.5 million in 2022.
This figure has risen quite steeply.
In the past, vegetarianism was preferred to protect animals, but recently, there has been a trend toward vegetarianism due to carbon neutrality and health issues.
This is because livestock farming is recognized as one of the main causes of greenhouse gases.
In particular, as general consumers recognize the importance of ESG management, the label ‘vegan’ is becoming a reason for choice for consumers who value value consumption.
So, what is the vegan market growth especially food and cosmetics items?
Vegan Food, the largest category in the vegan market, is said to be growing at an average annual rate of 13.8%.
It was predicted that Vegan cosmetics will grow at an average annual rate of 6% as of 2022, but according to information recently announced by market research firm Statista, the global vegan cosmetics market size is estimated to reach $20.8 billion in 2025. This is an annual average of over 7% after 2022.
If the world’s population is 8.1 billion and the number of people who are not vegan is still around 98%, then conversely, there are still about 7.9 billion people left who can participate in the vegan market.
As the MZ generation, the main consumer group, still prefers value consumption, and as this trend spreads globally, the future of the vegan market is bound to be bright.