A new report has identified the “increasing global vegan population” as a “challenge to the growth” of the pork meat market.
“Veganism is one of the fastest-growing lifestyle and diet movements,” the report outlined. It specified that the vegan population is booming in America, where rates of veganism have soared 600% in the past three years alone. The report also noted rising rates in Australia and Germany; a “record number” of consumers are opting for cruelty-free food Down Under while the amount of people ditching meat in Germany has doubled.
According to the report, there is “an increasing popularity of veganism among the young population.” The younger generation is said to be driving the vegan movement, predominantly for ethical, health, and environmental reasons.
Recent data revealed that almost half of young adults are concerned about the environmental impact of meat. Similarly, an increasing number of people in Germany were recently found to be ditching pork to fight climate change, as animal agriculture is said to be one of the largest contributors to global warming.
In some locations, the distinction of young vegans is clearer. For instance, it was recently found that in British Columbia, almost 40% of people under 35 years-old follow a vegan or vegetarian diet.
Fluctuating prices of pork were also named as a hindrance to industry sales. A recent article in Quartz said that considering the increasing cost of meat, financial reasons alone may be persuasion enough to adopt a plant-based diet.
Further, an article in the Guardian recently speculated that the introduction of a meat tax is “inevitable.” The highlighted awareness surrounding environmental and health risks of meat production and consumption may soon to lead to a ‘sin tax’ being placed on meat products.
This isn’t the first time that meat producers have shown concern about the public shifting toward plant-based eating. The rise of veganism has previously been identified as a “major restraint” to the growth of the cheese market, as well as named a threat to pepperoni and veal meat markets.
Further, one report said that vegan substitutes are “stealing” market share from the meat industry. This may hold some truth; popular vegan meat brand Beyond Meat recently announced its intentions to develop vegan bacon, steak, chicken, and pork.