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- Vegan products and plant-based meat alternatives have seen a rapid growth in the UK.
- According to the Vegan Society, UK’s vegan market may grow to over $700 million by 2025.
The alternative meat industry is quite old now as many people have been inclining their food preferences towards vegan alternatives. As far as the size of the vegan industry in the UK is concerned, it is the largest market in the Europe area, according to Statista data.
In November 2020, Rudy's Vegan Butcher launched itself as the UK’s first permanent vegan butcher shop. The outlet was inaugurated in London and was immediately sold out as the shop was receiving as many as 100 orders in less than 10 minutes. As per the evaluation done by Birmingham-based vegan product distributor The Vegan Society, the market size of meat substitutes in the UK stood at nearly $490 million.
The Vegan Society has predicted that the vegan market in the UK is poised to grow to over $700 million by 2025, witnessing an expected CAGR of 6.8 per cent between the five-year stretch from 2020 to 2025.
Vegan foods and plant-based meat alternatives have seemingly registered a stupendous growth in the recent past in the UK and have been gaining due to craze among the meat lovers. According to Peta UK, the number of people eating vegan products and meat alternatives have recorded a multi-fold growth in the last three-four years.
The conventional FMCG brands that used to produce only traditional products are now foraying into alternative meat offerings, expanding their portfolios. The prime reason for the spike in the demand of vegan products and alternative meat-based products is changing food habits and customers becoming more environmental conscious.
Not only this, a substantial portion of conventional meat lovers and the individuals who are purely flesh eaters are also not reluctant in tasting these products for at least once. The idea of including plant-based alternatives and vegan foods in the diet over the regular meat products have been swiftly gathering pace especially among the younger consumers.
With multiple age-old conglomerates to new-age startups, multiple corporations are now planning to launch their vegan food offerings. From the investors’ point of view, it is quite an opportunity as the vegan industry is evolving at a very fast speed. Notably, there are several sections of the vegan food market that are in the nascent stage.
We will take a look at four hot vegan companies that are listed on the London Stock Exchange.
Unilever Plc (LON: ULVR), the London-headquartered consumer goods manufacturer, has a considerably large portfolio of brands under which the multinational corporation is offering vegan products. Some notable brands include The Vegetarian Butcher, Knorr Vegan Mealmakers, Hellman’s Vegan Mayo, and ice cream under Ben & Jerry’s etc.
The stock of Unilever has been trading at a discount of little more than 5 per cent on a year-to-date (YTD) scale. Unilever shares last closed at GBX 4,165.50 on 15 April.
Other LSE listed companies that are offering plant-based meat alternatives and vegan products include the Newcastle upon Tyne-headquartered Greggs Plc (LON: GRG), Nelson-headquartered Science in Sport Plc (LON: SIS) and St Albans-based Premier Foods Plc (LON: PFD).
Vegan sausage rolls, vegan steak bake are some of the offerings by the Greggs Plc. Premier Foods has been offering plant-based ingredients made cake bars and dessert pots, while Science in Sport has been providing plant-based protein powders and energy bars in the UK market.