Vegetarianism: Tapping into the Meatless Revolution
The way people choose and consume their food is changing, and it’s encouraging a sweeping shift from animal-based to plant-based food products.
Whether it’s from the perspective of environmental impact, cruelty to animals, or health benefits, meatless diets are quickly becoming a new normal for people around the world—but where did it all begin?
Today’s infographic unearths the origins of vegetarianism and explores how the industry erupted into a lucrative web of sub-categories that are whetting the appetite of investors the world over.
The Origins of the Meat-Free Diet
Taking a holistic view of vegetarianism, there are several different diets that people typically adhere to. A vegetarian for example, doesn’t eat meat but still consumes animal products such as dairy and eggs. On the other hand, a vegan eats a strictly plant-based diet.
With 70% of the global population now reducing their meat intake, veganism has become a lifestyle choice for many. By 2026, the global market is projected to be worth over $24 billion.
While this seems like a relatively new phenomenon, the meatless revolution has been quietly building for almost two centuries.
- 1847: The first vegetarian society is formed in England
- 1898: The world’s first vegetarian restaurant opens in Switzerland
- 1944: The term “vegan” is coined
- 1994: The first World Vegan Day is introduced
- 2014: Influential breakout documentary Cowspiracy is released
- 2017: 6% of the entire U.S. population claim to be vegan
- 2018: Roughly 8% of the global population claim to eat plant-based
- 2020: Acceptance of plant-based diets by both the medical community and general public is at an all-time high
Although vegetarian and vegan diets were once heavily stigmatized, global support is now growing.
Towards a Plant-Based Future
Today, people in dozens of countries are making big strides towards plant-based lifestyles.
China, for example, introduced guidelines to help its population of 1.3 billion people reduce their meat consumption by 50%. These ambitious goals will be driven by consumer’s growing understanding of the positive impacts of eating less meat, such as:
- Health benefits
According to the American Heart Association, reducing meat intake could reduce the risk of stroke, high blood pressure, type 2 diabetes, and even certain cancers.
- Environmental impact
Animal agriculture creates more greenhouse gases than the world’s entire transportation systems combined, but shifting to a plant-based diet could significantly reduce this problem.
- Animal welfare
Roughly two thirds of the 70 billion animals farmed annually are cramped in close quarters and given heavy medication. Plant-based diets eliminate animal suffering while lowering demand for other animal food products.
In fact, if more people commit to embracing a plant-based lifestyle, it could result in up to $31 trillion—or 13% of global GDP—in savings for the economy.
Big Players Fight For a Piece of the Pie
Given the newfound consumer demand for meat alternatives, it’s no surprise that global companies are clamouring to enter the market.
Many established food companies such as Nestlé and Danone are either advancing their own formula for plant-based proteins, or acquiring companies with existing experience.
Meanwhile, fast food chain McDonald’s features vegan products as permanent staple on their menu, and report an 80% uplift in customers buying these products in certain countries.
Big Meat Shifts Gears
As new players in the space attempt to cut into the $1.8 trillion global meat market, big meat companies are responding in kind.
Tycoons such as Tyson Foods and Cargill are placing bets on plant-based startups and filling shelves with their own plant-based products.
But while plant-based products created by traditional meat companies may appeal to less rigid flexitarians, vegans and vegetarians may not accept them so readily due to their strong ethics.
Food For Thought
Along with the uncertainty of how these products will be received, there are other challenges that the market must overcome in order to be considered truly accessible. For instance, plant-based alternatives boast higher price points than their predecessor’s products, which may deter consumers from entering en masse.
Regardless, it is clear that the shift to plant-based diets is a disruptive force that could change the food industry over the long term. Early movers are dangling a golden carrot in front of investors—but will they take a bite?
Charted: U.S. Egg Prices More Than Double in 2022
This chart shows the increase in the national average price of a dozen Grade A eggs in the U.S. in 2022.
Charted: U.S. Egg Prices Double in 2022
Eggs are a staple food for many countries around the world, and the U.S. is no exception. Americans eat between 250‒280 eggs a year on average.
Eggs are also easy to cook, protein-dense and supply many daily vitamins needed for healthy living, making them a popular meal or ingredient. So when egg prices rise, people notice.
MetalytIQ charted the rapid rise of egg prices in the U.S. during 2022, using data from the U.S. Bureau of Labor and Statistics (BLS).
Over the course of 12 months, the national average price for a dozen large Grade A eggs more than doubled, to $4.25 in December from $1.93 in January.
|Egg Prices Per Month (2022)||Price per dozen|
The biggest culprit has been an avian flu outbreak that resulted in 43 million chickens culled to prevent the spread of the disease.
This led to a severe shortfall in egg supply. Egg inventories in December had fallen by one-third compared to January. Combined with increasing demand during the holiday season, prices skyrocketed and empty shelves became apparent in some states.
This is not the first time avian flu has disrupted the industry.. In 2015, a similar outbreak pushed egg prices up 40% in nine months, reaching a high of $2.97 per dozen eggs in September 2015.
Will Egg Prices Drop in 2023?
Avian flu isn’t the only storm the egg industry has been facing in 2022.
In the near-term, egg prices are expected to remain high. Containing the avian flu outbreak will remain the biggest factor in determining the prices, but as suppliers increase production, prices may cool off a little in 2023.
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