This is certainly comforting news for vegans, but the question remains: is this merely a fad?

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Projections of the value of the alternative meat market suggest that the industry will be worth US$140 billion globally in the next 10 years.

Naysayers are being put in the place, too, thanks to advances in science and technology that have improved both the taste and texture of plant-based products exponentially in a very short time.

Next up, non-dairy dairy.

Adeline Chan, project director of March’s VeggieWorld Hong Kong – the city’s first international trade fair and conference for a vegan lifestyle – says: “The vegan lifestyle is rapidly increasing in popularity globally, which drives the rise in demand for dairy alternatives.”

She says the non-profit organisation, Plant-Based Foods Association, has revealed data that shows retail sales of plant-based foods have increased by 11 per cent over the past year in the US alone, with total market value of US$4.5 billion.

“Plant-based milk, with 6 per cent growth in the past year, is now making up 13 per cent of the entire category,” Chan says.

So is plant-based milk the “next Beyond Meat”?

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Chan is confident that it is. “The fact is, dairy alternatives are not just for vegetarians or vegans; increased awareness of health and environmental benefits of plant-based products also drives the demand.” she says.

Simon Newstead, angel investor and founder of the plant-based chocolate maker Bite Society, says: “Plant-based milk is going through a huge growth phase, which is both exciting and an indication of the move towards dairy alternatives – for health, environment, ethics, and taste reasons.”

His company strives to be 100 per cent transparent – the first of its kind in the sustainable market – and offers non-dairy chocolates, which are now available globally, including in Hong Kong at Green Common.

“Our goal is to be the most transparent food company on the planet, sharing everything that we’re able to,” he says.

“I believe the same thing will happen for the other dairy categories. Plant-based ice-creams are starting to take off – witness the hugely successful vegan Magnum launch for example – and taste, convenience and price of vegan cheeses and chocolates is also moving by leaps and bounds compared with a few years back.”

Of course, naysayers argue that these types of products come at exorbitant prices.

Newstead wants to address this upfront with regard to his products.

“I started the Bite Society project as a vegan food activism project with two goals – first to reduce the price of vegan alternatives so that we can reach more folk with these kinder options,” he says.

“Second, I wanted to run it openly – through radical transparency – so that I can share this ‘case study’ and the lessons learnt to help and hopefully inspire other vegan founders and projects.

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“I chose chocolate as the first category for Bite for a few reasons.

“First, there's a lack of affordable vegan milk chocolates – currently the tasty popular options are significantly more expensive than what you'd see offered by dairy companies in supermarkets, so that's a meaningful problem to tackle as a case study.

“Second, it was something I felt could be done with the bootstrap budget we’re on – we have no investors – as opposed to more difficult technical categories like plant-based meats.

“Finally, having milky chocolate balls and crunchy bars was something I personally missed after 10 years as a vegan, so the choice ticked all the boxes!”

We asked Sonalie Figueiras, founder, publisher and editor-in-chief of Green Queen – impact media platform advocating for social and environmental change in Hong Kong – if the city is ready for this.

Hong Kong is known for its alarmingly high level of dairy and meat consumption – according to Our World in Data, Hong Kong’s per capita milk consumption is twice as high as that of Taiwan.

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“I am encouraged by the fact that most establishments I visit now have non-dairy and even non-soy plant milk alternatives,” Figueiras says.

“It shows that the demand from consumers is there. Sustainable Swedish brand Oatly, for example, is now available at Pacific Coffee, Starbucks, supermarket and even 7-Eleven!”

Vegan or plant-based ventures also have the advantage of appealing to today’s more socially aware consumers.

“Conscious consumers have high standards about what they put into their mouths and what impact these things will have on the environment,” Chan says.

“Whether it is because of taste and nutrition, that it is palm oil-free, or has environmentally friendly packaging and good corporate social responsibility, brands that align their practices with their intentions and values will become very successful and popular in time.”

Figueiras says Newstead’s brand has potential for success – as long as he keeps his eye firmly on the main target: to win consumers over simply with taste.

“I love the mission behind Bite Society and the fact that Simon is running this as a zero-profit activist brand to encourage other budding vegan entrepreneurs out there,” she says.

“Ultimately Hong Kong people love good food, so if the product is tasty then Bite can win over customers’ taste buds first, and then share the plant-based mission.”

Yet Newstead is well aware of the need to get consumers on side.

“I do think having a strong community is more important these days to successfully launch and grow a new food brand, in the absence of multimillion-dollar advertising budgets,” he says.

“In Hong Kong we’ll be partnering with a distributor who can offer their sales and marketing support, but we plan to continue and build on the very community heavy approach as well – to generate brand awareness and also drive the demand again in the shops and supermarkets.

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“I do think that transparency is important for sustainable and ethical businesses, and while most companies can't go all the way, they can definitely take more steps from where they are now.

“This not only builds more trust with consumers, but it also helps others learn and also raises the bar for good practices in the industry as a whole.”

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