While my own journey as a vegan Muslim began for reasons pertaining to my own health, it eventually took a turn that has, in my opinion, not only improved my own life but also allowed me to stay true to my convictions from both business and personal perspectives.
A few years ago, I was overweight and diagnosed with high cholesterol. I was unhealthy and feared that, sooner or later, I would be diagnosed with diabetes like so many other people from around the world, and notably, the Gulf countries. I knew that I had a choice: either start popping the many pills my physicians were recommending, or change my diet. I chose the latter and decided to give up dairy products, eggs, and red meat – then gradually, after a year, I went vegan. The results were very encouraging, as I quickly saw a turnaround in my condition. As a matter of fact, I went back to the doctor to get checked and he said that my results were a good sign - he was shocked that these results were based on nothing but going plant-based (with zero exercise). It was then that I began to reevaluate what I thought of medical professionals and their advice. How many doctors do you know that have a degree in nutrition? Going on a plant-based diet not only helped me feel and look better, it really gave me clarity on life in general. Not to get on this soapbox about how wonderful being vegan is, but it’s the truth. I literally started to think more clearly, I have much more energy, I sleep so much better, and I have an outlook on life in a whole new light. It also helped improve my vision in a unique way: I began to see being plant-based from a business perspective. And I liked what I saw.
As someone who is an ardent green-living advocate, and who seeks out business models dedicated to the same, I’m very excited about both the growing consumer interest and the investment potential of plant-based ventures. And I’m not the only one: Ari Nessel, Russell Simmons, Bill Gates, Twitter co-founders Evan Williams and Biz Stone, and former McDonald’s CEO Don Thompson have all invested in Beyond Meat, a US-based startup that makes vegan chicken and vegan beef using plant-derived ingredients. Its products are now sold in over 4000 stores! In a 2013 post on his blog, Gates wrote that he couldn't tell the difference between real chicken and Beyond Meat's vegan chicken, saying, “What I was experiencing was more than a clever meat substitute. It was a taste of the future of food.”
Gates is right on the money. According to the Global Food and Drink Trends 2016 report put out by Mintel, the world’s leading market intelligence agency, “[T]he growing ranks of novel protein sources and potential replacements appeal to the everyday consumer, foreshadowing a profoundly changed marketplace in which what was formerly ‘alternative’ could take over the mainstream.” It’s true: vegan products are sprouting up all over the world. The United Arab Emirates (UAE) has the second fastest-growing vegan market in the world, with 10.6 per cent growth projected between 2015 and 2020. The UAE comes in just behind China, whose vegan market is predicted to grow by a massive 17.2 per cent during the same time period. The biggest markets for foods labelled as vegan are the US, Germany, Britain, and Australia. A recent survey shows that Britain alone has seen a more than 360 per cent increase in vegans in the past 10 years, making plant-based eating one of its “fastest growing lifestyle movements.” Veganz, a cruelty-free German supermarket chain, is even scaling into the US due to demand.
F&B is not the only sector where there is money to be made – fashion is huge and only getting bigger. I actually gifted a Stella McCartney handbag to my mother, only to have her ask me why I was giving her a bag made of animal skin, which made me laugh as the entire brand is great looking and ethical. I’ve invested in Zady, a fashion label that believes in giving respect to makers via fair compensation and working conditions, and in minimizing the industry’s impact on the environment. Blockbuster star Emma Watson recently collaborated with Zady for an online reveal campaign of the Zady ‘Inspired by Emma Watson’ range.
Another Mintel report found that 70 per cent of US millennials eat vegan options at least a few times a week. Given the size and the spending power of the millennial generation, it’s easy to project an even greater demand for vegan products in the future. Now is the time for entrepreneurs to seize the opportunity to create new vegan businesses, and for existing businesses to invest in vegan options to give them a competitive edge. However, the potential to make money off the rising vegan trend is only one of the many reasons to invest in this healthy, clean, and ethical lifestyle.
We have allowed propaganda and well-funded lobbying by the global commercial meat industry – which includes factory farms, abattoirs, and fast-food conglomerates – to make meat a pervasive part of many diets. The unhygienic, overcrowded, miserable and abusive conditions endured by animals raised for food make factory farms tragic. As a vegan for the last four years, I am happy that I no longer contribute to this bloody industry. To me, being vegan is far more than a trend. It is a clean and green lifestyle that aligns with my moral compass.
As food-system expert and sustainable food advocate Anna Lappé says, “Every time you spend money, you're casting a vote for the kind of world you want.” Whether you're investing your time, your energy or your money – or all three – veganism is a wise venture.
Editor's note: Khaled bin Alwaleed bin Talal is the founder and chairman KBW Investments and a member of the Royal Family of Saudi Arabia. He's also a technology enthusiast, animal rights advocate, and a motivated voice for entrepreneurs in the Middle East.
