Vegan Steak Market Size Worth $1,023.57 million By 2032 | CAGR: 6.2%
The global vegan steak market size is expected to reach USD 1,023.57 million by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The Vegan Steak Market includes various steak alternatives made from plant-based ingredients, offering various flavors, textures, and formulations to cater to diverse consumer preferences. The market targets a broad consumer base, including vegetarians, vegans, flexitarians, and individuals seeking healthier or more sustainable dietary options. Vegan steaks are increasingly featured on restaurant menus, contributing to the market's growth in the food service sector.
The surging prevalence of the movement against cruelty to animals across many parts of the world, the emerging trend of veganism and animal concerns, particularly in European countries, and the introduction of vegan steaks into new flavors and improved nutritional contents are prominent factors propelling the global market growth at a rapid pace. In addition, an exponential rise in the number of companies entering the market and offering plant-based diets, including vegan steaks, coupled with the fueling adoption of new technologies for improving product quality and shelf life, will likely boost the market significantly over the years.
For instance, in June 2023, Made with Plants announced the expansion of its product portfolio by launching a new sirloin-style plant-based steak. The new steak will offer the succulent taste of the premium steak without any need for animal ingredients.
In recent years, environmental consciousness has become one of the most booming trends in the global market, as a large number of consumers across the globe are increasingly becoming aware of the environmental impact of animal agriculture like deforestation, greenhouse gas emissions, and water consumption, thereby resulting in greater adoption of vegan steaks as they are more sustainable and eco-friendly choice over others.
Additionally, a large number of global companies operating in the market have increased their focus and prevalence towards utilizing advanced texturization techniques to improve the mouthfeel of vegan steaks and also implementing extrusion and other processing methods that help them to create fibrous structures and desirable textures more conveniently, which in turn, has drastically increased revenue and sales opportunities in the market.
Vegan Steak Market Report Highlights
- The soy segment accounted for the largest market share in 2022, mainly driven by its growing demand due to the numerous beneficial characteristics of soy.
- The online platforms segment accounted for the highest market share during the forecast period due to the emergence of several online channels and digital shoppers.
- North America dominated the largest market share in 2022 due to the rising number of vegan population and inclination towards plant-based diets.
- The global key market players 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.
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Polaris Market Research has segmented the vegan steak market report based on source, distribution channel, end use, and region:
Vegan Steak, Source Outlook (Revenue - USD Million, 2023 - 2032)
- Soy
- Almond
- Wheat
- Others
Vegan Steak, Distribution Channel Outlook (Revenue - USD Million, 2023 - 2032)
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Platforms
- Others
Vegan Steak, End Use Outlook (Revenue - USD Million, 2023 - 2032)
- Packaged Food Industries
- Hotels and Restaurants
- Retail Food Shops
- Domestic Consumers
- Others
Vegan Steak, Regional Outlook (Revenue - USD Million, 2023 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
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. |
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