There’s no mistake… the plant-based market has taken retailers by storm!
Once a niche industry, customers now want to introduce more plant-based products into their lives, everything from burgers to bathroom cleaner.
In fact, it’s estimated that the plant-based food market will be worth an incredible $38 billion by 2027.
If you’re looking to bring new plant-based product lines into your store, here’s how you can go about it.
Why are plant-based products so popular?
Ten years ago, plant-based products were solely the domain of vegans and vegetarians. You would be lucky if stores stocked anything other than soy milk, and many plant-based aficionados had to create food from scratch in their kitchens.
However, an increasing interest in not only our health, but the health of the planet, has enticed more people to try plant-based goods. It’s estimated that non-vegans eat 92% of all plant-based meals.
How to choose the right plant-based products for your business
There has been a significant increase in the number of plant-based products that are available. The Vegan Society registered over 16,000 new products in 2021, and this number is set to soar over the next few years.
If you’re keen to make your retail store more green, here are our top tips for bringing in the right brands.
Do your research
Before you start selecting products, it’s important to do your market research to see if there is any demand for the plant-based products you plan to sell.
Look at the products you want to sell, the price point you want to sell them at and predicted demand. Ultimately you want to choose not only the products that will make your customers happy, but the ones that bring you the most revenue.
It’s essential to understand your customer’s evolving wants and needs. Talk to them directly to see if they enjoy plant-based products, and if they don’t, what would make them want to try them. It may be the case that plant-based products may not be suitable for your business now, but they will be in the near future.
Don’t just think about food
When you think of plant-based products, your mind is likely to jump to food and drink. However, there are a range of non-food items you can sell too.
The market for plant-based makeup, skincare, cleaning products and clothing is booming, with the vegan cosmetic market currently worth $17.3 billion.
Offering non-food products can give you a great USP and encourage customers to come to your store.
Consider your entire environmental offering
It can be easy to pay lip service to plant-based products. However, it will benefit your business, as well as society as a whole, if you review your entire approach to sustainability.
Look at your supply chain and the products you sell, as well as your carbon footprint. What can you do as a business to make the world a better place?