The demand for veganism across the country has had a huge impact on businesses and their success; both in the food industry but also in wider sector like travel and retail. Vegan fashion, vegan food and other products are in much higher demand than they were 10 years ago. This is mostly down to consumers making more conscious choices, both for their health and the wellbeing of the planet.
In 2018, the UK launched more vegan products than any other country, with 1 in 6 products launched carrying a vegan claim. It has become such a huge market that the total value of the plant-based market in the UK stood at £443m last year.
Going vegan became one of the biggest trends to sweep the nation, with a demand for meat-free food increasing by 987% in 2017 alone.
With that in mind, we look at some of the companies who have released successful vegan ranges and what impact that has had on their bottom line.
The sausage roll that broke the internet
At the beginning of 2019, Greggs released an announcement that it was launching a vegan sausage roll. Coinciding with Veganuary, the alternative sausage roll caused chaos across the internet. What followed was more success than the Newcastle-based company could have dreamt of.
Previous to the launch, Greggs had confirmed that annual sales had broken through £1bn for the first time. Thanks to the vegan sausage roll, sales continued to climb around 10% in the first 7 weeks of 2019. In the same period, shares in the company climbed 7%, meaning Greggs was valued at £1.8bn.
Shares continued to jump a further 6% from February-May 2019. Greggs increased its brand awareness, encouraging customers to come back to the store to discover what else the company was up to.
Tesco introducing more vegan meals
At the start of 2018, Tesco partnered with Wicked Kitchen to supply 20 vegan meals across 600 Tesco stores. Thee meals alone sold more than 2.5 million units in the first 20 weeks of 2018, which was more than double the company’s sales projections.
Tesco reported a huge demand for vegan and vegetarian meals and snacks; 40% increase to be precise, from 2016 to 2017. It has recently been reported that the giant supermarket has released plans for a vegan Christmas range, with further plans to continue releasing more vegan options for customers.
Currently, Tesco offers a huge range of vegan food and employs its own plant-based food innovation director.
Sainsbury’s experiencing huge increases
Sainsbury’s recently released its Future of Food Report, in which it claims that 25% of Brits will be vegan or vegetarian within the next 6 years. In June 2019, the supermarket opened a pop-up vegan butchers in London during World Meat Free Week.
It comes after the supermarket experienced a 65% increase in sales in its vegan products year-on-year. Sainsbury’s sales of its vegan cheeses exceeded the company’s predictions by 300%.
Waitrose & Ocado
Both Waitrose and Ocado have also experienced success thanks to a wider vegan offering. Waitrose increased its vegan and vegetarian products by 60%, which led to launching dedicated vegan sections across more than 130 stores.
Waitrose is also releasing eco-friendly products like palm-oil free and vegan peanut butter cups in a bid to offer more sustainable and healthy choices to customers.
The online supermarket Ocado saw a huge 1,678% increase in sales within their vegan category between 2015 and 2016.
It’s clear that moving with the trends and listening to consumer demand can have a real impact on your sales and growth as a business; something that every business should consider within their own industry.
Posted on July 05, 2019 | vegan, business news, business organisations, greggs, food industry, retail industry, supermarket, news, topical, vegan business, vegan produce