Investments & Partnerships to Raise Vegan Food Consumption Worldwide

The consumption of vegan food has increased significantly over the past few years with rise in health consciousness and awareness about the environment. Major fast food and restaurant chains began inclusion of vegan food items in their menu. Moreover, they began partnering with other market players to expand into new markets and raise their market share across the world. New investments and partnerships are major strategies adopted by vegan food market players to expand their presence in new regions. They joined hands with airlines, stadiums, and other fast food chains to make their vegan food products available for consumers. The demand for vegan food will raise considerably in the next few years. According to the report published by Allied Market Research, the global vegan food market is projected to reach $36.3 billion by 2030. Following are some of the activities taking place across the world.

Securing investments is one of the major trends taking place in the vegan food industry as market players seek new ways to improve their presence. Neat Food, the plant-based restaurant chain, secured a funding in Series B funding round. One of the leading actors from Hollywood Leonardo DiCaprio was one of the investors. This investment will be utilized for expansion of the chain across the globe and increase the number of staff members. Commenting on his investment, he stated that disruptions in the food system can be brought with the sustainable alternatives. This can make a real difference in lowering down greenhouse emissions.

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Tommaso Chiabra, the Co-Founder and Chairman of Neat Food, highlighted that this funding will enable its entry into the consumer packaged goods (CPG) market. The funding will also help the company in expanding its presence across the U.S. It plans to open the storefront and ghost kitchens at 12 locations in the country. By the end of 2022, the restaurant chain has plans to establish itself at 42 locations across the world, with Middle East and Italy as major targets. It has an objective to offer delicious food and make a positive impact on the planet.

The strategy of expansion has been adopted by many market players as it offers the huge exposure and raise profitability. Dear Bella Creamery, which offers vegan ice-cream, decided to expand its presence at Orange Country. The firm has vegan and vegan-friendly ice-cream options across its stores. It planned its expansion across the South California region to increase its customer base and profitability.

Owing to significant surge in vegan consumers, major restaurant chains across the world are considering the domestic as well as international expansion. Odd Burger, the first vegan fast food chain from Canada, signed an agreement with SGE for opening 36 restaurants in the U.S. These restaurants will be opened in Alberta and British Columbia regions. Moreover, they are expected to be operational within the next seven years.

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Along with the trend of expansion, introducing vegan food in the existing restaurants is another major strategy adopted by market players. McDonald's began serving McPlant offerings at its locations across the U.S. It also partnered with Beyond Meat to offer vegan burgers at its locations. A&W launched its fully vegan burger in Canada. The company made this dish available at more than 1,000 restaurants in the region. This burger contains vegan aioli and the fast food chain aims to tap into unlimited opportunities in the vegan food space.

To cater to changing consumer preferences and tastes, fast food chains have been launching plant-based options in their outlets. Moreover, they are partnering with vegan food producers. York Street Market joined hands with Greenleaf Foods for offering vegan food items across colleges, airports, corporations, and stadiums in the Midwest and Northeast regions. They launched four new items including Snack Box and Breakfast Sandwiches.

The trend of partnerships to offer vegan food continues with the German supermarket chain joining hands with airlines. Veganz, one of the leading supermarket chains in Germany, partnered with Eurowings, a part of Lufthansa Airlines, to make vegan gum mies available in more than 70 flights. The supermarket chain made this gum mies without using gelatin. Along with airways, the supermarket chain also joined hands with food service provider Aramark and one of the leading German football clubs RB Leipzig. The Veganz products were made available in the stadium of the football club since the beginning of the Bundesliga season 2021-22. Such initiatives will increase the consumption of vegan food and raise profitability for market players.

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