Monday 24 February 2020 9:42 amMoneycorp Talk

Veganism trend impacts global trade

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Managing Director, Corporate Foreign Exchange and International Payments at moneycorp

As more and more people go vegan for the environment, trade routes for food and drink are expanding

Statistics show that the number of vegans and vegetarians is steadily growing. In the UK, it is estimated that one in eight people has ditched meat from their diet, with many more choosing only to eat meat occasionally. The trend coincides with an increase in awareness of the health benefits of cutting out animal products and ties in also with the growing awareness of the environmental impact of consuming meat. As a result, meat substitute products are growing in popularity and new favourites are emerging. For example, jackfruit, a fleshy fruit grown in south-east Asia, Brazil and Africa, is becoming a popular ingredient in vegan meals and can be cooked as a great alternative to pulled pork.

What does the rise in veganism mean for imports and exports?

Producers are adapting to changing trends in consumer tastes. In some cases, this may mean looking further afield for crops and meat substitutes which can fulfil the growing demand. As a result, many in the industry are starting to import from across the world and are working with new partners in different countries. Together with the impact of Brexit, which is seeing many businesses look further afield to address the uncertainty of future trade agreements with the EU, many organisations are now working with suppliers and partners in previously unfamiliar countries and with new currencies.

Managing the global supply chain

Building relationships across the globe to address the growing trend of veganism makes a lot of sense for businesses. When it comes to managing that supply chain, new markets and suppliers doesn’t have to mean more complexity. That’s one of the reasons City AM has teamed up with currency specialist, moneycorp to offer a range of tools to help to manage costs across borders and mitigate the risk of currency fluctuations. Fluctuating currency markets could have a big impact on the bottom line; moneycorp provides tailored services to help companies make international payments and manage their foreign exchange risk. Our specialist team can provide insight and guidance as you identify and analyse your foreign currency exposures and develop a suitable hedging policy. Depending on your strategy, moneycorp has a range of tools at your disposal, from global payment solutions to opportunities to track, target or fix an exchange rate to suit your business goals.

With a moneycorp account, you will have access to:

  • Great rates on 120+ currencies
  • Convenient online platform and mobile app to manage and track your payments
  • An automated Regular Payment Plan for scheduled costs
  • Tools to track, target and even fix exchange rates for major payments
  • Free expert guidance and support from a team of specialists

We have been delivering great value currency services for over 40 years and achieved Feefo 2020 Platinum award for consistently outstanding customer service. It is why we are partnering with City AM – visit www.cityam.com/talk/moneycorp-talk to find out more on how we serve the payment needs of global businesses, importers and exporters, online sellers and personal clients.

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