Insight into consumer diet trends and their market sizes can help businesses to adapt their product offers and build up business strategies. Vegetarianism is rising in developed and emerging economies due to growing health, ethical and environmental awareness. Meanwhile, the number of vegetarians is declining in some markets as a result of rising living standards and shrinking populations. India, Indonesia, Nigeria, China and Pakistan have the world’s largest vegetarian populations in 2017.
However developed economies represent fast-growing vegetarian markets, fuelled by a strong rise in the number of health- and environmentally-conscious consumers.
They represent a niche market for vegetarian food and vegetarian-friendly consumer appliances.
Brands can tap this holistic approach to build brand credibility and increase brand appeal to vegetarian consumers.
Brands and retailers need to emphasize values such as convenience, health and sustainability.
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