Innovative, growing, and aimed at young people: it is the plant-based sector in Spain, according to a report 75% of vegan companies expect to see a “favorable” or “very favorable” increase in the experience of veganism in Spain in the next two years.
Universidad Pontificia Comilla Business Management Department Dr. Estela Díaz, with specialist communications agency The Vegan Agency, both in Madrid, compiled this second report on the state of vegan businesses in Spain.
Young people are leading the way in post-Covid Spain
Dr Díaz explained: “The sector seems to have overcome the Covid-19 crisis, is learning fast and becoming more professional”. The main findings of his study can be summarized as follows.
- Vegan companies are innovative: 65% offer a product or service that is new to the market.
- 75% of vegan companies expect to see a favorable or very favorable increase in the experience of veganism in Spain in the next two years.
- 26.6% have an annual turnover of more than 100,000€.
- Vegan Boom: 60% of companies created in last four years.
- A young audience: Vegetarian businesses target vegetarian and non-vegan audiences, almost equally; But the majority are millennials (30-40 years old) with 60% followed by Gen Z.
- Only half have developed a business plan and a corporate identity before starting a business, and only 22% have a communications and marketing plan.
- The motivation for entrepreneurship remains the same as last year: animal protection, environmental and health policies are the main reasons for starting a business.
- The majority (78%) are self-financed, do not trust institutional support to facilitate their company creation, and are their first ventures (65%).
- Madrid and Catalonia lead the country in entrepreneurship with over 55%.
Dr. Diaz welcomes the fact that more plant-based companies are reaching a non-vegan public because “the ability to attract the non-vegan segment translates into a more consolidated position of these businesses in the market, which also serves to increase the “vegan world” of the general public. Level of familiarity is a significant predictor of veganism adoption