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Veganism influence on startups
As you may know, the trend of veganism is spreading all over the world — a lifestyle that excludes all animal products from diet and consumption. It strongly influences the global market and the needs of people, which gives room for innovations and new startups. If you haven’t read our trend about ecology, check it out
Why is veganism becoming so popular?
Well, scientists consider several reasons for such an interest in food of non-meat origin.
Firstly, the cost of meat is now rising in many countries. Some people can’t afford it, for example, in a small insular country like Japan there’re the most expensive meat prices.
Secondly, COVID-19 also made its own changes: most of the people who have recovered from this virus suffer from distortion of taste buds. In other words, they cannot consume their usual foods, especially milk, meat and seafood.
And thirdly — perhaps the most common option — people are simply rethinking their values: in developed countries, the number of people with new ethical convictions as non-violence is growing.
Veganism problem and solving innovation
However, meat is a rich source of proteins and various micronutrients. Avoiding it drastically can lead to health problems like anemia or strokes. So this particular problem has become the basis for the creation of new technologies to solve it. At the moment, there are the following areas of innovation:
1. Creation of effective bioactive food additives;
2. Enrichment of plant products with all elements and genetic biomodifications;
3. Growing animal tissues by cloning cells, "meat from a test tube".
Startups’ perspectives and competition
More and more enterprises refuse to consume or sell animal products. And that’s not only small business, but also global giants and unicorns. For example, in 2019, Beyond Meat, a big alternative protein company, which manufactures the plant-based burgers, went public at a valuation of almost $1.5B. Their net revenues were reported to be $407 million in 2020, taking the pandemic crisis into account.
Of course, the meat is still king — it has one of the top positions in profit in the food industry. The global meat market could be worth as much as $2.7 trillion by 2040.
Nevertheless, these numbers could decrease significantly if each of us becomes wiser about what, how and how much we consume!
Do you support veganism? Would you like to develop an idea in this industry? Share your opinion in the chat
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