Vegan Steak Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Wheat, and Others); By Distribution Channel; By End Use; By Region; Segment Forecast, 2023 – 2032
- Published Date:Oct-2023
- Pages: 118
- Format: PDF
- Report ID: PM3794
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global vegan steak market was valued at USD 562.48 million in 2022 and is expected to grow at a CAGR of 6.2% during the forecast period.
Vegan steak refers to meat alternatives designed to mimic the taste, texture, and appearance of traditional animal-based steak using entirely plant-based ingredients. Plant-based meat alternatives, including vegan steaks, have been gaining popularity due to various factors such as health and environmental concerns, ethical considerations, and changing dietary preferences. These products are typically made from soy protein, wheat gluten, pea protein, and various plant-based flavorings and additives.
To Understand More About this Research: Request a Free Sample Report
The rising need and adoption of vegan steak all over the world, as they offer a cruelty-free alternative to traditional meat products and allow individuals to enjoy a better sensory experience, coupled with the increasing people interest in plant-based diets and the adoption of a vegetarian lifestyle, are among the primary factors driving the global market growth. Additionally, rapid development and advancements in plant-based meat substitutes like vegan steaks, offering enhanced taste, texture, and mouthfeel, and the expansion of vegan steak options in restaurants and food service are further anticipated to generate huge growth opportunities in the market.
For instance, in October 2022, Beyond Meat introduced its vegan steak designed to deliver the juicy, & tender bite of the sliced steak tips. The new vegan steak consists of 21 grams of protein per serving and will likely be launched initially in Walmart and Kroger stores.
Furthermore, growing advancements in food science have led to the development of new and improved plant-based ingredients that significantly contribute to the taste, texture, and nutritional profile of vegan steaks, along with the incorporation of flavoring technology to create plant-based seasonings and marinades that add savory umami taste to vegan steaks, are gaining huge traction and popularity in the recent years.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the vegan steak market. There was an increased emphasis on health and wellness during the pandemic, which led to a surge in the number of consumers exploring plant-based diets, including vegan steaks, which fueled the product demand globally. However, the pandemic spread also resulted in a lockdown and many other restrictions on trade activities, which were important to huge disruptions in the global supply chain and negatively influenced the market.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
Increasing Awareness among Health-Conscious Consumers
The continuous change in consumer tastes and preferences for the source of protein and other nutritional components other than meat products and huge momentum in the vegan and vegetarian movements across the world, coupled with the increased awareness among health-conscious consumers about the numerous benefits associated with plant-based diets like vegan steaks, are the chief factors expected to drive the demand and growth of the global market.
Also, food enterprises and venture capitalists are escalating their investments in marketing, development, and research endeavors to enhance their market reach through enhanced product offerings.
- For instance, In October 2022, Beyond Meat introduced its inaugural vegan steak, meticulously crafted to provide a delightful, tender, and succulent eating experience reminiscent of savoring traditional steak tips.
Furthermore, with the growing focus and proliferation of sustainability worldwide, several large and major companies have started investing heavily in sustainable and ethical sourcing of ingredients used in vegan steaks or other plant-based food products, thereby creating ample growth and revenue opportunities for the companies.
Report Segmentation
The market is primarily segmented based on source, distribution channel, end use, and region.
|
By Source |
By Distribution Channel |
By End Use |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Source Analysis
The soy segment accounted for the largest market share in 2022
The soy segment accounted for the largest market share in 2022. It maintained its market position throughout the anticipated period because of its rapid emergence as a rich or good source of branch amino acids and enhanced convenience, including higher microwave ability and improved slice ability. As consumers across the globe are becoming more health-conscious and concerned about their health and the environmental impact of their food choices, the demand for plant-based diets, including products like vegan steak made from soy, is gaining traction and being perceived as healthier and more sustainable options than traditional meat.
The almond segment is likely to exhibit a significant growth rate over the next coming years, which is largely accelerated by its growing popularity and adoption among health-conscious and vegan consumers due to their higher nutritional benefits, including rich in proteins, minerals, healthy fats, fiber, and minerals and are also likely to cause a smaller number of allergies compared to other traditional nuts.
By Distribution Channel Analysis
The online platforms segment had the highest market share during the forecast period.
The online platforms segment accounted for the highest market share during the forecast period, which is mainly driven by a continuous surge in the proliferation of various e-commerce websites, improved delivery networks, and increased focus of companies to establish their online presence to cater rising consumer base by making them aware about the numerous benefits associated with the consumption of vegan steak. Besides this, online platforms often provide detailed product descriptions, ingredient lists, and customer reviews, allowing consumers to make informed decisions about the vegan steak products they purchase. It has led to increased consumers opting for these platforms for their purchases, pushing the segment market growth.
The supermarkets & hypermarkets segment led the industry market with a noteworthy share in 2022, which is highly attributable to the easy availability and accessibility to a wide range of vegan steaks in these retail networks along with their rising focus on meeting emerging consumer demands by increasing shelf space for vegan options and investments towards bringing new options.
Regional Insights
North America dominated the largest market share in 2022
In 2022, North America dominated the largest market share. The regional market growth can be mainly accelerated by a surge in the adoption rate of plant-based or healthier diets because of rising penetration for ethical concerns and environmental sustainability, growing health consciousness, and the rise in consumers reducing their meat consumption and opting for vegan or vegetarian lifestyles. For instance, according to a recent study, approx. 6% of the US population considers themselves vegan, almost one-third of the US population wants more vegan food, and the number of vegans is continuously rising.
The European region is emerging as the growing region in the global market throughout the study period, mainly due to a drastic shift in consumer consumption patterns towards plant-based diets and growing awareness about the availability and benefits of alternatives of meat in both terms of health and environments particularly in developed countries like Germany, UK, and Spain among others.
Competitive Insight
In the dynamic landscape of the Vegan Steak Market, several key players stand out as prime, each contributing unique innovations and strategies to cater to the growing demand for plant-based alternatives to traditional meat. These competitive insights players are at the forefront of this culinary revolution, continually shaping the market with their offerings and market presence.
Some of the major players operating in the global market include
- Amy’s Kitchen
- Beyond Meat Inc.
- Daiya Foods Inc.
- Danone S.A.
- Earth’s Own Food Company Inc.
- Eat Just Inc.
- Field Roast
- Gardein
- Gold & Green Foods Ltd.
- Kellogg NA Co.
- Kraft Foods Inc.
- LikeMeat GmbH
- Maple Leaf Foods
- Moving Mountains
- No Evil Foods
- OmniFoods
- Ripple Foods Inc.
- The Archer Daniels Midland Company
- Tofutti Brands Inc.
Recent Developments
- In June 2023, Juicy Marbles introduced new vegan streaks in the Waitrose stores. These steaks are available in the region for everything from solo dinners to family meals.
- In January 2023, Subway announced the launch of its new plant-based teriyaki Steak packed along with the teriyaki sauce, veggie, and vegan cheese. The new vegan teriyaki introduced by the company is filled with vegan steak, teriyaki sauce, dairy-free Cheez-It, and a range of vegetables.
Vegan Steak Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 595.16 million |
|
Revenue forecast in 2032 |
USD 1,023.57 million |
|
CAGR |
6.2% from 2023 – 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Source, By Distribution Channel, By End Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
Amy’s Kitchen, Beyond Meat Inc., Daiya Foods Inc., Danone S.A., Earth’s Own Food Company Inc., Eat Just Inc., Field Roast, Gardein, Gold & Green Foods Ltd., Kellogg NA Co., Kraft Foods Inc., LikeMeat GmbH, Maple Leaf Foods, Moving Mountains, No Evil Foods, OmniFoods, Ripple Foods Inc., The Archer Daniels Midland Company, Tofutti Brands Inc. |
FAQ's
key companies in vegan steak market are LikeMeat GmbH, Maple Leaf Foods, Moving Mountains, No Evil Foods.
The global vegan steak market is expected to grow at a CAGR of 6.2% during the forecast period.
The vegan steak market report covering key segments are source, distribution channel, end use, and region.
key driving factors in industrial vegan steak market are increasing Awareness among Health-Conscious Consumers
The global vegan steak market size is expected to reach USD 1,023.57 million by 2032.
