The Apprentice founder and business magnate, Lord Sugar said companies that do not offer vegan options could fail and end up like Kodak.
Alan Sugar has just launched a new vegan range at his bakery Dough Bakehouse in Herne Hill, which he owns with Carina Lepore who won the Apprentice show in 2019.
The 72-year-old millionaire invested £250,000 in Lepore's baking business last December.
Lord Sugar told the Evening Standard: "It's become a very important thing, particularly for young people.
"From a business point of view, one can't blame companies and businesses, including our own, for jumping on the bandwagon and starting to produce vegan products. That's exactly why we are doing this.
"That's how you remain in business. If there is a demand for a new kind of product like a vegan item then of course you need to cater for it, and those that haven't will fall behind, it's as simple as that. It's a bit like the demise of Kodak, they kind of ignored the digital revolution, and they went from a company that monopolised photography to zero, basically.
"You see things like that happen, and the same will be applied to food. If big companies don't start observing that vegan stuff is important, they may find that some of their products start to dwindle in sales."Dough House is introducing a new menu including a vegan sausage roll with sage and onion, vegan pastries filled with swede and potato, and a vegan banana cake, vegan chocolate brownie and vegan energy balls.
Carina Lepore said: "We pride ourselves on being across on the latest food trends, so we are really excited to bring our new vegan range to our customers."