The Vegan Steak Market is rapidly growing due to rising consumer preference for plant-based options driven by health, ethics, and the environment. Predicted to reach $598.6 million in 2023 and with a projected 7.3% CAGR, it’s expected to hit $1,129.6 million by 2033, showcasing substantial market expansion and innovation in product alternatives.
The market for vegan steak is expanding quickly as more people choose plant-based goods over traditional meat-based ones. The rising demand for vegan steaks can be attributed to environmental consciousness, ethical concerns, and health-conscious lifestyles. Market expansion is being driven by increasing product options and industry innovation.
The market for vegan steak is expected to develop at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2033, with a projected value of US$ 598.6 million worldwide in 2023. According to a market analysis, the vegan steak market might be valued US$1,129.6 million by 2033.
Vegan Steak Market Thrives Globally, Predicted to Reach $1,129.6 Million by 2033
In response to the surging demand for plant-based alternatives fueled by health, ethical, and environmental concerns, the Vegan Steak Market is poised for substantial growth. According to a comprehensive market analysis by Future Market Insights, the global vegan steak market is expected to reach $598.6 million in 2023, with a projected Compound Annual Growth Rate (CAGR) of 7.3%, anticipating a remarkable value of $1,129.6 million by 2033.
Key Points:
1. Market Segmentation:
- By Source: Soy, Almond, Wheat, Others
- By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Platforms, Others
- By End User: Packaged Food Industries, Hotels and Restaurants, Retail Food Shops, Domestic Consumers, Others
2. Growth Outlook and Projections:
- The vegan steak market is anticipated to grow at a CAGR of 7.3% from 2023 to 2033.
- Projected market value of $1,129.6 million by 2033.
3. Industry Innovation:
- Increasing product options and innovation in the plant-based food sector drive market expansion.
4. Global Awareness and Adoption:
- Rising demand for vegan steaks aligns with growing environmental consciousness, ethical considerations, and health-conscious lifestyles.
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Since meat has long been a significant source of nutrition in industrialised or Western European nations, there is a sizable market for vegan steaks. On the other hand, eastern economies have recently seen an increase in demand for conventional protein sources.
The demand for vegan steak and other plant-based protein substitutes is growing tremendously in both the global and local markets as the veganism trend expands throughout these nations. It is projected that vegan steak will attract more new customers in the future as more people are willing to spend time learning about these innovative culinary options.
Key Takeaways from the Vegan Steak Market Study
- The US vegan steak market size was estimated to be around US$ 168.5 Mn in the previous year. As per the market analysis report, this regional market contributes to around 30.2% of the overall sales of vegan steak achieved around the world.
- Germany is the second leading market in the demand for vegan steaks which contributes to around 16.9% of the overall sales. In the European region, it is the largest market that generated a revenue of US$ 94.3 Mn in the year 2022.
- In the Asia Pacific region, Japan is the dominant market in the production and consumption of several plant based food products. As per the market statistics report for the year 2022, this market for vegan steaks in Japan reached a market size of US$ 30.7 Mn.
- Contrarily, the United Kingdom is the fastest-growing nation in terms of accepting vegan meat steak alternatives by following a CAGR of 8.5%. Such a higher growth rate is predicted to take the vegan steak market share of the UK from US$ 52 Mn in 2023 to US$ 126.5 Mn by 2033.
- On the other hand, vegan food product businesses in China are surfacing as staunch competitors in the global market in these years. Moreover, the overall market for vegan steaks in China is projected to register a higher CAGR OF 6% from 2023 to 2033 concluding at a total value of US$ 97.4 Mn.
Competitive Landscape:
- Major players in the global vegan steak market include Danone S.A, The Archer Daniels Midland Company, Daiya Foods Inc., Ripple Foods Inc., Impossible Foods Inc., Eat Just, Inc., Beyond Meat, Inc., Amy’s Kitchen, Tofutti Brands Inc., Earth’s Own Food Company Inc., Gardein, and Field Roast.
- The United States, being the most lucrative region, houses key players, dominating the market with product knowledge and production capacity.
- Increasing focus on sustainable development globally is expected to encourage the emergence of new market players.
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Key Segments
By Source:
- Soy
- Almond
- Wheat
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Platforms
- Others
By End User:
- Packaged Food Industries
- Hotels and Restaurants
- Retail Food Shops
- Domestic Consumers
- Others
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1. Regional Market Insights:
- The US leads the vegan steak market, contributing 30.2% to global sales, with an estimated market size of $168.5 million in the previous year.
- Germany follows as the second-largest market, accounting for 16.9% of overall sales, generating a revenue of $94.3 million in 2022.
- Japan dominates the Asia Pacific region, reaching a market size of $30.7 million in 2022.
- The United Kingdom emerges as the fastest-growing nation, with a projected CAGR of 8.5%, anticipating a market share increase from $52 million in 2023 to $126.5 million by 2033.
- China’s vegan steak market is expected to register a CAGR of 6%, reaching a total value of $97.4 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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