Chances are you're not a vegan.
But you've probably had an almond latte this week
or at least tofu in your ramen at some point.
And even though a really small number of people
actually identify as fully vegan,
vegan products are filling up and flying off
supermarket shelves.
That's because more of us are now substituting
meat and dairy products with plant-based items.
Yo I told my friends that I might become a vegan
and live that plant-based diet.
Since I became a vegan.
I've been vegan practically my whole life.
I'm vegan.
Is it a fad like so many other food trends
or is it the start of something much bigger?
This is your Bloomberg QuickTake on the "Vegan Economy."
The Vegan Society was founded in 1944
in a bid to discuss non-dairy,
vegetarian diets and lifestyles.
You say you gotta eat vegetables.
Too much meat's bad.
It began and remained a very small community
for decades.
But the animal alternative industry
is now expected to grow to a $140 billion
in the next decade.
There's something out there for anyone who wants to replace
any amount of animal product in their diet,
from cheese or yogurt replacements to bloody veggie burgers.
But since only 6% of Americans describe themselves as vegan,
this growth is coming from outside that community.
Our meat heavy diet doesn't just harm animals,
it's killing our planet too.
Livestock farming produces about 14.5%
of the planet's greenhouse gas emissions.
Cows are the main offender.
Rearing and feeding farm animals leads to deforestation
which in turn reduces our ability to absorb CO2
in the atmosphere.
Research from Oxford University claims that a vegan diet
is probably the single biggest way to reduce your impact
on planet Earth.
Concern for the planet is one motivation
but over half of U.S. adults who eat plant-based proteins
said the main reason was taste,
beating concerns over diet, animal protection,
the environment and health.
Hi guys, my name's Assam.
I'm eight and I'm vegan.
Vegan products are no longer the weird,
dusty packets hidden in the back of the health food shop.
They're being delivered to the mainstream
by huge brands like McDonald's and Burger King.
There's even vegan beer because as it turns out,
brewers use fish guts for filtration.
And the obsession with oat milk
has led to shortages in the U.S. this year,
causing hysteria across the country.
Well, mainly Brooklyn.
Investors are now getting in on the action.
Shares for Beyond Meat surged 600% three months after
its IPO in May.
Another plant-based burger maker, Impossible Foods,
raised $300 million in the same month.
So what could hold this burgeoning vegan economy back?
Nutritionists are questioning some of the health credentials
of these processed meat alternatives.
Burger King's vegan burger, the Impossible Whopper
contains a whopping 35 grams of fat
and 1,080 milligrams of sodium.
That's almost half of your recommended daily allowance
of sodium.
Others warn that genetically engineered ingredients
need more research to determine their safety.
Despite the concerns, there are bullish signs.
Traditional meat and dairy companies
like Tyson and Dean Foods
have invested in plant-based products.
With supposed benefits to our health,
moving to a vegetarian and vegan diet
could produce savings to up to a trillion dollars a year
on healthcare and lost working days.
Like it or not, humans are going to have to shift
their diets to help stem the tide of climate change.
With our planet's population growing,
the vegan economy will need to win over even more of us
if it's to have a substantial impact.