Veganism is on the rise
Veganism is on the rise… and it’s big business. It’s not just vegan companies such as Impossible Foods and Beyond Meat (which recently listed on NASDAQ) which are servicing the growing demand. Fast food heavyweights such as McDonald’s, KFC, Burger King and Hungry Jacks have also weighed in, launching or planning to launch specific vegan menu items in the last year.
With 26 stores across Australia and New Zealand, Lord of the Fries is the largest vegan business in Australasia. Since Lord of the Fries launched 14 years ago, veganism in Australia has risen by more than 1.7 million people, with figures showing that 12.1 per cent of Aussies (2.5m) now eat an all (or almost all) meat-free diet (Roy Morgan).
Lord of the Fries’ revenue figures also reflects the continued global shift in attitudes towards plant-based eating and more sustainable lifestyles.
In 2018, total combined revenue across its network was up by 25 per cent with total gross revenue rising from $17.8m in 2017 to $22.2m to 2018:
• Total combined revenue for stores that were open for all of 2017 and 2018 increased by 9.5 per cent.
• Out of all the stores open for the entirety of 2017 and 2018, all but one store increased its revenue in 2018.
• The majority increased by a range of 8 per cent to 19.4 per cent, with only three stores increasing by less than 2 per cent.
• Total gross revenue for the entire network, excluding stores that didn’t complete the full two years of trade was $16m and $7.5m in 2017 and 2018 respectively.
Late last year, The Lords became the first fast-food chain to bring the famous Beyond Burger and Beyond Sausage to Aussie plates. These products now account for 12.2 per cent of total burgers and hot dogs sold at its franchises nationwide.
Showing no signs of slowing down, The Lords have been opening a slew of new stores including Richmond, South Yarra, Werribee and it’s first Brisbane store will be coming later this year.