The Vegan Steak Market is experiencing rapid growth as consumers increasingly seek plant-based alternatives to traditional meat products. Health-conscious choices, environmental concerns, and ethical considerations are driving the surge in demand for vegan steaks. Industry innovation and expanding product offerings are contributing to the market’s expansion.
The expected value of the global vegan steak market is US$ 598.6 Million in 2023, and it is predicted to grow at a CAGR of 7.3% from 2023 to 2033. According to a survey on the vegan steak market, the market’s total value might reach US$ 1,129.6 Million by 2033.
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.
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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 for the Vegan Steak Market
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 are some of the major players in the global vegan steak market.
The United States is the most lucrative region having a lot of demand for all types of plant based unconventional food items. So a lot of vegan steak market key players are located in this country and tend to monopolize the said market with better product knowledge and higher production capacity. However, the growing focus of governments in other countries, in light of sustainable development commitments, is expected to support the emergence of new market players and compete at a global Level.
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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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Frequently Asked Questions
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