As globalisation brings different cultures together, what we eat and how we live our lives are changing. The ability to order a cacophony of different foods and meals at the push of a button has enabled us to pretty much eat what we want when we want.
For a growing number of people worldwide, their choice is to live a vegan life. According to the World Animal Foundation, there are approximately 88 million vegans around the world, constituting around 1.1% of the global population.
Whilst embedded in cultural societies like India, Vegans account for less than half a percent in Europe. As of 2022, in the UK, there were approximately 1 million vegans, around 1.5% of the entire UK population. In the US, despite a decline in vegetarianism, veganism is on the increase. The number of Americans who identify as vegan has surged by over 3,000 percent over the past 15 years.
Vegan Market Value Increases
Despite the relatively low percentage of vegans worldwide, the number of products and the overall market share is rising at a rapid rate.
Driven by a big increase in the number of people diagnosed as lactose intolerant and the growing concerns over animal cruelty, the vegan market value just keeps on growing.
In 2020, the value of the Vegan food market worldwide was valued at 19.4 billion. By 2022, the Vegan food market value reached a value of 24.9 billion with no signs of slowing down. By 2030, the vegan food market value is predicted to hit a whopping 36.3 billion.
A Mushroom-ing Market
And leading the charge in all this? Mushrooms
Mushrooms form a staple part of the diet for many vegans. Famed for their nutritional value, meaty-like texture and overall health benefits, mushroom consumption is on the increase.
In 2020, the value of the global mushroom and truffle market stood at around $37.2 billion. By 2021, the value soared to $50.3 billion. By 2030, the value of the global mushroom market is predicted to hit $126.95 billion.
The Asia Pacific region dominated the mushroom market and accounted for more than 78.6% share of global revenue in 2021. China, Japan, Malaysia, India, and Australia are the largest markets in the region. However, demand and consumption are increasing in Europe and North America too.
The COVID-19 pandemic saw a big shift to buying and living online. A proliferation of mushroom grow kits in the UK and elsewhere made the most of exotic mushrooms accessible and available to every budding chef in just a few week’s time.
So, when it comes to business ideas, the mushroom market may well be worth looking at.
With over 20 years experience in the heart of the investment industry, Ben Myers has become one of the most respected commentators in the financial world. Having worked for global institutions such as HSBC and Bank of Ireland, Ben ran his own successful investment company in the UK before becoming a chief analyst at ECMarkets and now YesOption. Ben remains a keen forex, stocks and crypto trader and is a regularly featured analyst for a number of online news portals including bbc.com, investing.com,