The food industry is experiencing a significant shift towards veganism. The surge in consumer interest in plant-based diets is notable and opens up new avenues for businesses in the sector. You can even see the rise in vegan restaurants in Toronto. In the US there’s been a staggering 600% increase in self-identified vegans in just a three-year span. The Vegan Society points out that the vegan population in Great Britain jumped fourfold from 2014 to 2019 reaching 600,000 individuals.
An impressive uptick in vegan offerings at restaurants and global fast-food chains is apparent. Leading brands like Burger King, Taco Bell, McDonald’s, and KFC have expanded their menus to include plant-based options. They’re using innovative vegan “meat” products from companies such as Beyond Meat, Impossible Foods, and Quorn. Given this quick growth, could embracing veganism generate a substantial income stream for your business? Continue reading to learn why it might be beneficial to feature vegan choices on your menu.
Increase Your Profits
Serving vegan food doesn’t have to break the bank. Substitutes for ingredients like meat, eggs, and dairy products are often more cost-effective or similarly priced. With meat prices projected to keep climbing, opting for meatless alternatives can substantially cut costs for your dining business.
A Forbes study of 22 restaurants that transitioned to fully vegan menus revealed promising results. Among the 17 that responded, all reported a boost in sales, with some experiencing a staggering 1,000 percent surge. Additionally, these establishments noted a substantial increase in their social media followers, in some cases up to 15,000 percent. Notably, many also reported a decrease in food expenditure.
Catering to Group Reservations
When planning group outings, individuals often seek out dining venues that cater to everyone’s dietary preferences. With the rise in veganism, vegans often have a significant say in the choice of restaurant. If a restaurant’s vegan offerings aren’t appealing, it’s likely the entire group might opt for another venue. So, having attractive vegan options like many best vegan restaurants in Toronto, could mean the difference between losing or attracting a large group of diners.
Incorporating a wide range of vegan options into your menu positions your restaurant as an inclusive establishment. It demonstrates your consideration of diverse food preferences and dietary requirements. It’s not just about attracting vegans, but accommodating a wider range of patrons including vegetarians, flexitarians, and those who prefer environmentally-friendly and health-conscious choices.
Additionally, having a diverse menu appeals to those seeking a unique dining experience. This includes customers who are open to trying new dishes or those seeking alternative dining experiences. It’s about more than just offering plant-based dishes—it’s about creating a comprehensive dining experience that resonates with a broader market.
It’s An Emerging Market
The vegan market is a hot new trend. As more people start caring about their health and the environment, they’re asking for more vegan options. This has caused a big increase in demand for vegan products and services. A lot of businesses see this and want to be a part of this growing trend.
Looking at the numbers, the growth in this sector is set to be huge. The market for meat substitutes is expected to grow by 15% each year from 2019 to 2025, making it worth $28 billion. This is much faster growth than the regular meat market, which is expected to grow at only 3.4% per year from 2019 to 2026. The market for dairy substitutes, like milk made from almonds or oats, is also growing fast.
What’s more, customers are making choices based on what they think is right. A large majority, 73%, say they’re willing to change what they buy to help the environment. Over half, 57%, say they would avoid brands that don’t match up with their own beliefs about what is right and wrong. So, businesses that meet these needs have a good chance of doing well in this growing vegan market.
Customers Perceived Health Benefits
Research suggests that a significant percentage of consumers perceive health benefits associated with plant-based diets. Even those not strictly following vegan diets are increasingly attempting to cut back on meat, dairy, and egg intake due to mounting evidence of potential health risks. The majority of lifestyle diseases have been linked to animal-based ingredients, enhancing the appeal of vegan options.
An American Dietetic Association survey conducted in September 2012 offers additional insights. According to the survey, 87% of dietitians recommend plant-based diets to some, if not most, of their patients. An impressive 70% of these dietitians believe plant-based diets are nutrient-rich, further encouraging consumers to gravitate toward these options.
Expanding your menu to include more vegan choices can significantly broaden your customer base. If customers leave your establishment feeling good about what they’ve eaten and satisfied with their meal, they are more likely to return. The food we eat directly affects how we feel, and customers appreciate eateries that cater to their health needs.
Moreover, these positive experiences can result in word-of-mouth recommendations. Satisfied customers often share their positive experiences with friends and family, which could bring in new business. After all, health is a valuable asset, and restaurants that prioritize healthful options stand to benefit from this trend.
Catering to Dietary Restrictions and Health Considerations
A surprisingly high percentage of the global population, nearly 65%, has some degree of lactose intolerance. Besides, allergies to eggs and dairy products are also quite prevalent. When deciding where to dine, consumers often consider places that accommodate their health requirements or dietary restrictions.
Introducing vegan options into your menu addresses these issues. Since vegan recipes do not use dairy or eggs, they naturally cater to those with lactose intolerance or allergies related to these foods. This makes your restaurant more inclusive, catering to a wider range of dietary needs and preferences.
Vegan meals also have health benefits that appeal to a broader customer base. For instance, they do not contain any cholesterol, a component only found in animal-derived products. This makes vegan dishes an attractive choice for individuals managing their cholesterol levels.
In addition, vegan diets typically have lower fat content. This feature may attract patrons who are mindful of their fat intake or those dealing with heart-related issues. By offering vegan options, your establishment can cater to these health-conscious consumers, potentially expanding your customer base.
Veganism is in Vogue and On the Rise
High-profile celebrities such as Arnold Schwarzenegger, Serena Williams, and David Attenborough have been vocal about their shift towards plant-based diets, inspiring thousands of fans to follow suit. Their influence is playing a significant role in normalizing veganism and showing that a plant-based lifestyle can be both healthy and enjoyable.
Millennials are at the forefront of this trend. As a generation known for its social and environmental consciousness, millennials are choosing veganism not just as a dietary preference, but also as a statement of their values. They’re keenly aware of the environmental footprint of their dietary choices and are opting for veganism as a more sustainable alternative.
Capitalizing on this trend by offering vegan options in your business can attract a broad customer base. This could include not just the current generation of consumers, but also future ones who are likely to continue these environmentally-conscious and ethically-minded eating habits. Therefore, adapting to this trend could be a strategic move for your business’s growth and longevity.
Conclusion
There are several strong reasons for your restaurant to include vegan options on its menu. Catering to a growing demographic of health and environmentally conscious customers not only broadens your customer base but also boosts sales. Additionally, leveraging this trend can lead to cost savings, given the typically lower prices of plant-based ingredients. Furthermore, embracing vegan options signifies an alignment with ethical and environmental values, which could enhance your brand image. By adjusting to these changing dietary trends, your restaurant shows its commitment to innovation and customer satisfaction. Read More