>According to a study by Health and Wellness Foods, the global health and wellness food market will be nearly valued at $1 trillion by 2026.
Vegan restaurants and business owners across the city have identified the surge in this billion-dollar industry, and are expanding into newer markets.
A Harvard Business Review case study states that “meat consumption has declined substantially since 1971,” and Google search data shows that searches for “‘vegan food near me”’ increased by 5000% in 2021.
Chef Chloe Coscarelli’s social media presence experienced exponential growth during her vegan restuarant’s comeback. She reopened Chloe in July 2024 at the same location, Bleecker Street, NYC, where she opened By Chloe in 2015 with a partner, before getting forced out in 2016. Chloe is one of the many vegan restaurants which dominate the city’s food scene.
According to data from Happy Cow, a review website to locate vegan and vegetarian restaurants in the country, New York is among the top five cities in the U.S. with the most vegan- and vegetarian-friendly restaurants. In 2023, six percent of U.S. consumers identified as vegan, and according to PBFA, 70% of U.S. citizens consume plant based food, up from 66% in 2022.
Planta Queen, a vision of Steven Salm and Chef David Lee, originated in Toronto in 2016 and now has three successful locations in New York City. Planta Queen Nomad focuses on Asian-inspired vegan food, while Planta Burger, one of their two locations in Williamsburg, is dedicated to making vegan burgers delicious.
Bodhi, a kosher vegetarian restaurant, and one of the older vegan and vegetarian restaurants in the city, was opened by Kent Zhang in Flushing, but later shifted to Chinatown. It was successful enough to survive the pandemic. Le Botaniste, known as the “first organic, plant-based and carbon neutral restaurant in New York City,” according to its website, recently opened its fourth location near Penn Station.
Inday, a fast-growing vegan and vegetarian restaurant chain, owned by Basu Dev Ratnam, has already expanded to nine locations in New York City, and is on track to open its first location in Boston. In addition to a portfolio of expensive real estate, and plans for further expansion, Inday has developed “good food karma” as its business strategy. It offers express delivery, revamped Indian sweets into pastries and dine-in options, catering to a diverse variety of customers and food choices.
This cultural shift towards plant-based diets is not sudden, however. The pandemic had a large part to play in changing societal perceptions towards meat consumption, fueled by ethical and health concerns.
Early in the year, when consumers were impacted by rising costs of eggs and flu, the market saw an increase in egg substitutes and vegan alternatives for protein.
The expansion is appropriately timed, considering the rise of the health consciousness and wellness industry, with revenues from the meat substitutes market in 2024 amounting to $10.22 billion, while the market is expected to grow annually by 8.55% (CAGR 2024-2029).
While the plant-based industry is growing, it faces drawbacks in terms of high prices and affordability. A concern that arises with rising grocery bills and inflation is that consumers cannot afford the high-priced vegan alternatives regularly.
However, business owners are continuously experimenting as they try to stand their ground in this competitive food service industry.