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PayPal CEO: "Dead-Cow Wallets" to Be Obsolete by 2028

Younger generations are putting a dent in the leather industry by choosing fashion accessories free of animal products.

According to a recent report by Bloomberg, consumers are increasingly seeking out animal-free apparel such as footwear and wallets—a trend that is putting the more than $90 billion leather industry in jeopardy. “While the shift partly reflects an abundance of choices in materials,” Bloomberg stated, “consumers cite growing discomfort with the slaughter of cattle and concern over the environmental impact of raising them by the millions.” While athletic footwear sales grew by 14.3 percent in 2016, the sales of leather shoes plummeted by 12 percent and experts predict the downward trend for leather will continue. During a recent conference call, PayPal CEO Daniel Schulman predicted that the iconic leather billfold wallet would become obsolete in 10 years. “Dead-cow wallets,” Schulman said “… will be a thing of the past” as consumers choose more modern materials and move away from paper-based money. Market research firm Grand View Research recently predicted that the global vegan leather industry will continue to grow to be worth $85.05 billion by 2025.

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Vegan Just Egg Expands to Washington DC

Food technology startup JUST expands its vegan mung bean-based scrambled egg replacer to Equinox, the second restaurant to offer the innovative product in the United States.
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Cultured Koji Dog Food Has More Protein Than Steak

An independent study found that new clean-meat startup Wild Earth's fungus-based companion animal foods contain 45 percent protein by weight—compared to only 24 percent found in steak.
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Vegan Narwhal Ice Cream Debuts for Summer

Ottawa ice cream shop Little Jo Berry's honors the "unicorn of the sea" with a blue-hued, horned, and totally vegan frozen treat.
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New Vegan Grocery Store Opens in North Carolina

In addition to a variety of grocery items, Wilmington's new store UpBeet Market features a vegan jerky tower, beer-filling station, and a variety of dairy-free cheeses.
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800 Sets of Vegan Frosting Sell in 10 Minutes on QVC

Home-shoppers snatch up Dollop Gourmet's vegan frostings made by Cupcake Wars winner and author Heather Saffer.
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This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

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