These two trends are a good way to add more income to your portfolio. Here’s what to know…
It’s interesting to note that two of the hugest trends now emerging have to do with plants!
Veganism
According to a report by research firm GlobalData, only 1% of U.S. consumers claimed to be vegan in 2014. And in 2017, that number rose to 6%.] A 600% increase in veganism in the U.S. in only 3 years is a staggering statistic. More and more people are moving toward a plant-based lifestyle.
As many as 6% of U.S. consumers say they are vegan — a 6x (500%) increase compared to just 1% in 2014.
More than 500,000 participants signed up for Veganuary’s 2021 challenge2, a 25% increase from 2020. In 2020, Veganary had more than 400,000 participants.3
Animal agriculture is responsible for 18% of all greenhouse gas emissions, which is more than all transportation emissions combined.
U.S. retail sales of plant-based foods have increased 11 percent from 2018 to 2019, hitting a plant-based market value to $4.5 billion.
Cannabis
Gen Z cannabis consumers skyrocketed by 127% by 2020. In comparison, sales among millennials increased by 46% and Gen X by 29%. Not only does Gen Z stand out from the pack in terms of cannabis sales growth, but they also present different buying patterns from other generations.
The global legal cannabis market is estimated to reach a value of USD 50,251 million in 2021 and is projected to grow at a CAGR of 26.5% during the forecast period. North America leads the legal cannabis market with highest share and is expected to retain this voluminous market share during the forecast period.
The economic impact will vary by state based on the size, maturity and type of market. For example, as the largest market in the U.S., California’s marijuana industry is expected to pump close to $20 billion into the state’s economy in 2021.
Some experts say that the cannabis industry has the potential to grow to as much as 130 million dollars per year in the near future. This figure shows just how rapidly the industry is growing.