1. Emerging Trend - Vegan Lifestyle
MKTG8220 Managing Customer Experience
Term 3, 2020
Image: weanimalsmedia.org
Name: Amit Sati | Student ID: 45692386
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Table of Contents
1. Vegan Lifestyle ...………………………………………………………………………………………………… 2
1.1 Macro Factors underpinning Vegan Lifestyle……………………….……………….. 2
2. Impact on Businesses ……………………………...……………………………………………..…………… 2
3. Opportunities and Challenges for Businesses……………………………………………..……… 3
4. Appendices & References ………………………………………………………………………………….... 4
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1. Vegan Lifestyle
Vegan Lifestyle is a growing trend which is based on the idea that use of products made from
animals or their bi-products are not essential for human survival. Vegan lifestyle is key in
influencing consumer behaviour and expectations from businesses in many industries. The
changing behaviour of consumers adopting vegan lifestyle (vegansociety.com, n.d.) is creating
demand for:
- Products which are free from Animal products or bi-products in raw material
- Product labeling with clear identification of animal products or bi-products
- Businesses to invest in product research to replace animal products with natural
alternatives
People adopting Vegan lifestyle worldwide are motivated by many different reasons (Dowdey,
n.d.), such as
- Abuse in Animal Farming
- Contribution of Animal Farming in Climate change
- Rapidly growing share of Animal Farming in Natural Resource consumption
- Health Reasons - weight management, increasing cardiac diseases & allergies etc
- Religious Practices
1.1 Macro Factors underpinning Vegan Lifestyle
It is believed that the idea of Vegan lifestyle started around 7000 BC in Indus Valley civilisation.
In modern history this lifestyle came into light in the early 19th century when Dr William Lambe
and Percy Bysshe Shelley (Martyris, 2015) publicly opposed eggs and dairy products not because
of religious reasons but ethical reasons. However, only because of Global Socio-Economic,
Technology and other factors made the widespread popularity of Vegan Lifestyle feasible in the
last few decades (Appendix 1).
2. Impact on Businesses
Vegan style started with a subtle revolution impacting Food industry worldwide. However, with
the help of macro factors such as, socio-economic factors and technology, this emerging trend
has started impacting more businesses than ever before. Businesses in following industries need
to adapt faster to meet the changing consumer behaviour because of the emerging trend of vegan
lifestyle trend:
- Food & Beverages
- Fashion & Cosmetics
- Health & Nutrition
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Let’s look at few statistics to further understand the scale of the emerging trend of vegan lifestyle:
- According to grandviewresearch.com, Global Vegan Food market was worth US$ 12.69
billion in 2018 & expected to growth at 9.6% CAGR between 2019 - 2025
(globenewswire.com, 2019)
- According to apparelresources.com, Vegan Footwear accounted for 32% of footwear
market in US in 2018 (Dixit, 2020)
- According to apparelresources.com, France witnessed 12% growth in Vegan retail fashion
between 2018 - 2019 (Dixit, 2020)
- According to forbes.com, Global Vegan Cheese market is expected to reach US$ 4 billion
by 2024 (Fox, 2017)
- According to forbes.com, Global Meat substitute market is expected to be valued US$ 5.2
billion in 2020 (Fox, 2017)
3. Opportunities and Challenges for Businesses
The emerging trend of Vegan lifestyle provides many opportunities to businesses along with few
challenges (Figure 1). This acts as a growing market trend and provides opportunities to
businesses to gain a long-term sustainable advantage. Businesses can also become market
leaders with innovation in their respective industry.
Figure 1: Opportunities & Challenges for business created by Vegan Lifestyle
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4. Appendices & References
Appendix 1. Megatrends empowering vegan lifestyle
References
Dixit, N. (2020, April 06). Vegan fashion: How the cruelty-free clothing is taking over the industry. From
apparelresources.com: https://in.apparelresources.com/business-news/retail/vegan-fashion-how-the-cruelty-
free-clothing-is-taking-over-the-industry/
Dowdey, S. (n.d.). Why do People Choose Veganism? From howstuffworks.com:
https://recipes.howstuffworks.com/vegan1.htm
Fox, K. (2017, December 27). Here's Why You Should Turn Your Business Vegan In 2018. From Forbes.com:
https://www.forbes.com/sites/katrinafox/2017/12/27/heres-why-you-should-turn-your-business-vegan-in-
2018/#4826ff5a2144
globenewswire.com. (2019, June 11). Vegan Food Market Size Worth Around US$ 24.3 Billion by 2026. From
globenewswire.com: https://www.globenewswire.com/news-release/2019/06/11/1867025/0/en/Vegan-Food-
Market-Size-Worth-Around-US-24-3-Billion-by-2026.html
Martyris, N. (2015, August 04). How Percy Shelley Stirred His Politics Into His Teacup. From npr.org:
https://www.npr.org/sections/thesalt/2015/08/04/429363868/how-percy-shelley-stirred-his-politics-into-his-
tea-cup
vegansociety.com. (n.d.). Definition of veganism . From vegansociety.com: https://www.vegansociety.com/go-
vegan/definition-veganism
