How Is Vegan Food Performing In The UK Market?
Mintel has released its latest research on product launches, while Barclays predicts huge growth for the meat alternative market globally
UK vegan launches have doubled over the past two years, rising from 9% of all NPD in the year to April 2017 to 18% of all food launches in April 2019, according to Mintel.
Much of this growth was driven by own-label NPD. Range launches by Tesco, Sainsbury’s and M&S during the past 12 months helped increase the own-label share of plant-based NPD from 26% in 2015 to 37% in 2019.
27% of Brits plan to buy vegan food this year.
Own-label launches were doing a better job of appealing to shoppers, with 32% saying they would buy a new product, compared to 24% for brands.
55% of shoppers thought vegan food was healthy, compared to 33% for non-vegan food.
But just 41% felt vegan food was tasty, compared to 53% who said the same about non-vegan food.
45% of Brits view vegan food as natural.
The vegan trend will further develop over the next two years, with an increasing desire to tap the ‘dirty vegan’ category, but its ‘natural’ credentials will also be subject to much more scrutiny.
Alternative meats could be a huge growth category. Barclay analysts found the alternative meat market could grow from its current value of $14bn to be worth $140bn over the next 10 years.
A lot of people are being attracted to the vegan category – it has real power over consumers. But if taste expectations are not being met, the danger is shoppers will not return to the product.