It’s not clear just how many people practice veganism, a philosophy that seeks to avoid the unnecessary suffering of all sentient beings, practiced as a diet and lifestyle in which individuals choose to avoid eating or using products made from animals. But it is clear that veganism is growing. According to the Guardian, there are about 79 million vegans around the world.

Since 2014, those exploring a vegan lifestyle have been encouraged to take part in Veganuary, a month-long event designed to inspire and support people to try veganism. Veganuary was also created to help vegans work with businesses to increase vegan options in shops and restaurants.

The sign-ups for the Veganuary campaign hit record highs in 2022, with more than 700,000 people signing up from almost every country in the world, an increase of 21,000% since the event was launched in 2014.

If you are interested in exploring a vegan lifestyle, you are in good company. A host of celebrities like Bella Hadid, Lewis Hamilton, Joaquin Phoenix, Thandiwe Newton and Natalie Portman are vegans. A 2020 poll by Gallup found that 23% of adults in the U.S. claim they have reduced how much meat they consume. The Economist magazine named 2019 “The Year of the Vegan.” Recently, the World Health Organization recommended a plant-based diet for a healthy life.

Though they are growing, vegans are still small in number compared to the entire U.S. population. About 5% of respondents were vegan in the Statista Global Consumer Survey on diets and nutrition in the U.S. in 2022. The Vegetarian Resource Group conducted an online survey with The Harris Poll in 2016, 2019, and 2020, and found that about 3% of U.S. respondents were vegan.

Veganism in the U.S. is much more prevalent in Black communities than in the general population. About 1 in 12 Black Americans (8%) are strict vegans or vegetarians, according to the BBC. African Americans are reported to be “the fastest-growing vegan population in the country.”

Veganism is becoming big business as well, a trend worth watching for retail shareholders. In 2022, The Good Food Institute reported that global retail sales of plant-based meat products were $6.1 billion. And a global survey conducted in 2021 by Rakuten found that 81% of consumers had tried plant-based milk, 48% had tried other dairy alternatives, 44% had tried vegan meat alternatives and 25% had tried a vegan egg replacement.

Demand for vegan products is increasing. A 2021 global survey by NSF found 88% of food industry executives said that they expect demand for plant-based products to increase. 74% said they thought consumers choose plant-based for a healthier lifestyle and 60% believed it’s to be more environmentally friendly. At the same time, Google searches for “vegan food near me” experienced a more than 5000% increase. The Vegconomist reported that the vegan "leather" market is set to be worth nearly $90 billion by 2025.

Several factors are contributing to interest in plant-based stocks as well. The growing popularity of healthy eating, heightened environmental awareness, economies of scale, and advancements in technology are helping boost vegan-friendly stocks. If you're considering investing in vegan companies, there are numerous appealing options available to individual investors.

According to data from Allied Market Research, the global vegan food market is expected to grow by a compound annual rate of 10.5% through 2026, easily outpacing the overall food industry. Categories such as plant-based meat and oat milk are expected to grow at even faster rates. UBS predicts plant-based meat will grow more than 30% annually, while Keefe, Bruyette & Woods expects annual growth in the oat milk sector will top 13%.

For retail investors interested in veganism, there are a number of companies to consider. In the food and beverage sector, companies like Beyond Meat (Tii:BYND), Oatly (Tii:OTLY), Calavo Growers (Tii:CVGW), Tattooed Chef (Tii:TTCF), Bounti (Tii:LOCL), Appharvest (Tii:APPH),  and Mission Produce (Tii:AVO) might be attractive to individual shareholders.

New companies and EFTs catering to the vegan lifestyle are popping up all the time like Laird Superfood (TII:LSF), Else Nutrition (Tii:BABYF), MGP Ingredients (Tii:MGPI), Forum II Merger  (Tii:FMCI), Ingredion Incorporated (Tii: INGR) Celsius Holdings (Tii:CELH) and Farmmi (Tii:FAMI), to name just a few.

Whether you are a health-conscious consumer considering a vegan lifestyle and participating in Veganuary or a retail shareholder looking to tap into the growing landscape of vegan companies, veganism is watching.