You may be noticing that vegan food options are popping up everywhere. Here are a few examples:
- Imposter burger at KFC
- Del Taco’s Beyond Burritos
- White Castle’s Impossible Sliders
- Burger King’s Impossible Whopper
- Carl’s Jr.’s charbroiled Beyond Famous Star
According to Forbes:
“Considering U.S. consumers spent nearly $1.9 billion on plant-based milks in the last year and an impressive $3.3 billion on plant-based foods in 2018 — and the number of vegans in the United States jumped from 1 percent in 2014 to 6 percent in 2017, while an estimated one in three Americans now identify as “flexitarians,” with potentially even more embracing a “reducetarian” lifestyle — the growing number of vegan dining options at chain restaurants makes perfect sense.”
Foodable Labs data shows that restaurants that started offering vegan options saw a 13 percent increase in traffic. This is even though overall restaurant industry traffic is down. According to the study, which was released in 2018, 51 percent of U.S. restaurants now offer vegan options.
Vegan and vegetarian diets usually go hand-in-hand with organic products. That means more money per pound for common ingredients than traditional restaurants have to pay. In general, restaurants aim for a 25% or higher profit margin per dish.
The plant-based food market was valued at $29.4 billion in 2020. This means if BI’s predictions are correct, the market will soar by 451 percent. Major plant-based meat and dairy brands like Beyond Meat, Impossible Foods, and Oatly are driving some of this growth.
Veganism, as a way of life, can go a long way in bringing back the joy of taste and experience along with health and safety. Vegans are also statistically leaner and much less prone to obesity than the general population. Hence, veganism as a lifestyle is not just caring for oneself but caring about nature as well.
Looks like Americans’ need for vegan food is not a fad but a growing trend. That may be why many believe that stocks like Odd Burger Corp are a good buy.
Whether it’s a matter of ethics or entirely health-inspired, one thing is becoming increasingly clear with each passing year: Americans want more vegan restaurants.