Vegan Steak Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[217+ Pages Report] According to Facts and Factors, the global vegan steak market size was USD 574.16 million in 2022 and is expected to surpass USD 1021.36 million by the end of 2030. The global vegan steak market is likely to grow with a CAGR of 7.60% during the predicted period.

The market report covers all the industry aspects, including the potential growth drivers, restraints, and leading market players. Also, it offers detailed key insights into the opportunities and challenges in the market landscape. The vegan steak industry report also explores market segmentation and regional developments in the industry.

Market Overview

Vegan steak is a plant-based alternative to animal-based steak. It is widely sourced from plant ingredients. Vegan steaks are the best meal for consumers seeking to lower their consumption of animal food for health, environmental, and ethical reasons. These are made from a large number of protein sources, fats, and flavors to mimic the taste and texture of their animal counterparts.

Key Insights

• As per the analysis shared by our research analyst, the global vegan steak market size is estimated to grow annually at a CAGR of around 7.60% over the forecast period (2023-2030).
• In terms of revenue, the global vegan steak market size was valued at around USD 574.16 million in 2022 and is projected to reach USD 1021.36 million by 2030.
• Changing consumer attitudes is likely to drive the growth of the global vegan steak market.
• Based on the end-users, the restaurant segment is expected to register notable growth in the global market.
• Based on the distribution channels, the online platform is the fastest-growing segment in the global market.
• Based on sources, wheat is expected to dominate the global market.
• Based on the products, the strips & nugget segment is projected to swipe the largest share of the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• Changing consumer attitudes is likely to propel the growth of the global market.

Consumers are shifting their preferences towards plant-based diets instead of animal-based meals because of environmental, health, and ethical reasons. Such a land escape has significantly increased the potential for the growth of the global vegan steak market in the forthcoming years.

Additionally, food companies and venture capitalists are increasing their investments in marketing, development, and research activities to increase their market penetration with improved product offerings. For instance, Beyond Meat introduced its inaugural vegan steak in October 2022. It is aimed to offer a delectable, tender, and a succulent experience to the users, which is very similar to biting steak tips.

Restraints

• Allergies and sensitivities associated with vegan meals are likely to hamper the growth of the global market.

Several people face allergy issues after consuming vegan steak. This is largely because of the presence of gluten or soy in the meals that trigger sensitivities or allergies in some people. As a result, it is expected to limit the growth of the global vegan steak industry.

Opportunities

• Culinary diversity and innovations are likely to offer lucrative growth opportunities in the global market.

Food companies are investing heavily to come up with creative ways to use vegan steaks in a large variety of products to attract more customers. Also, the availability of vegan products in a large number of retail outlets, online platforms, and restaurants makes these products more accessible to a large pool of population.

However, such a landscape is likely to offer lucrative growth opportunities in the vegan steak industry. For instance, Gardein revealed its plan to expand its profile by adding eleven frozen ready meals. The expanded product line is expected to increase the company’s sales and popularity.

Challenges

• Competitive protein sources are a big challenge in the global market.

Vegan meals include a large range of protein alternatives like legumes, seitan, tofu, and several others. These alternatives offer a competitive edge to the vegan steak market, which is a big challenge in the vegan steak industry.

Segmentation Analysis

The global vegan steak market can be segmented into end-users, distribution channels, sources, products, and regions.

By end user, the market can be segmented into domestic consumers, retail food shops, hotels & restaurants, packaged food industries, and others. The restaurant segment is expected to register notable growth in the forthcoming years. Vegan food has become the mainstream menu in several restaurants. Many people are adopting a vegan lifestyle, and this shift can be attributed to the growing concerns among people regarding their health, environment, and animal cruelty issues.

By distribution channel, the market can be segmented into online platforms, specialty stores, convenience stores, supermarkets, and others. The online platform is the fastest-growing segment in the global vegan steak market. Since supermarkets and hypermarkets dominated the market for the distribution of vegan sticks, the on-trade segment is showing graceful growth in recent years due to the increasing preference of people to shop online. The online platform provides an easy browsing and purchasing process that one can use from their comfort zone in one go.

Also, people can easily read reviews, compare, and select from a wide range of available products, which further enhances the overall shopping experience. However, the wide proliferation of e-commerce websites is one of the major factors out-competing all the segments.

By source, the market can be segmented into wheat, almond, soy, and others. Wheat is expected to dominate the vegan steak industry because it is the most widely consumed cereal grain loaded with antioxidants, minerals, fiber, and vitamins. It is an ideal vegetarian meat alternative meal to cater to the growing demands of consumers. Wheat is the major ingredient used in nuggets, sausages, deli slices, and others.

By products, the market can be separated into meatballs, sausages, strips & nuggets, burger patties, and others. The strips & nugget segment is projected to swipe the largest share of the global vegan steak market due to their high demand because of its taste and texture appeal. Additionally, its growing popularity, particularly in European and American countries, is further likely to propel the growth of the segment.

By type, the market can be separated into fish, pork, chicken, beef, and others. Beef accounts for the largest share of the vegan steak industry. Beef is the most widely consumed meat globally because of its high demand for vegan alternative meals.

Vegan beef steaks offer a good plant-based option for people who want to enjoy the experience and taste of vegan steak without animal ingredients. Vegan beef steak is manufactured with versatile techniques in terms of cooking techniques and recipes. It is available in various forms like baked, fried, stir-fried, sandwiched, and many others.

Report Scope

Regional Analysis

• North America dominates the global market.

North America accounts for the largest share of the global vegan steak market. The region is experiencing a surge in the adoption of vegan steaks because of the growing number of conscious people regarding environmental sustainability, ethical concerns, and healthy issues.

Many companies and startups are coming up with unique culinary experiences to broaden their market share. The coastal regions and urban areas are driving more revenue because of the greater emphasis of people on sustainability and health.

Europe is expected to witness a notable shift towards vegan diets which in turn is expected to increase the overall sales of the region in the forthcoming years. Germany is leading the regional growth because of the presence of a wide population preferring vegan diets. Also, people in the region are more conscious of environmental cruelty and ethical concerns, which is further expected to drive this trend.

Asia Pacific is expected to witness steady growth in the forthcoming years because of increasing social media influence and celebrity endorsements. Athletes, sports enthusiasts, and flourishing influencers are highly encouraging people to adopt plant-based diets, which is positively impacting the growth of the vegan steak industry.

However, Australia is also likely to grow with a high CAGR as compared to other countries because of the substantial rise in consumer base in the region for plant-based products. Also, the growing initiatives by the government to promote sustainable food is also likely to promote market growth in the region. For instance, Waitrose came up with vegan steak in February 2023, which is very similar to marbled meat and is highly placed alongside real meat on hyper and supermarket shelves.

Competitive Analysis

The key leaders in the global vegan steak market include:

• MeatlessMarvels 
• VerdantCut Foods 
• VeganVibe Proteins 
• LeafyLuxe Steaks 
• TofuTender Meats 
• WholesomeSteak Co. 
• PlantFare Steaks 
• GoodnessGrill Proteins 
• PrimeLeaf Steaks 
• VeggieMelt Meats 
• EthicalEats Steaks 
• FloraFusion Foods 
• NoBeef Bites 
• EarthyBite Steaks 
• VivaVegan Cuts 
• SavoryVeg Steaks 
• PurePlant Proteins 
• NutriSlice Meats 
• Herbivore Steaks Co. 
• GreenGrill Delights

For instance, Impossible Foods in March 2023 launched Beef Lite to come up with high-quality lean ground animal beef. The product is a modified rendition of a plant-based beef substitute.

The global vegan steak market is segmented as follows:

By End-Users Segment Analysis

• Domestic Consumers
• Retail Food Shops
• Hotels & Restaurants
• Packaged Food Industries
• Others

By Distribution Channel Segment Analysis

• Online Platforms
• Specialty Stores
• Convenience Stores
• Supermarkets
• Others

By Source Segment Analysis

• Wheat
• Almond
• Soy
• Others

By Product Segment Analysis

• Meatballs
• Sausages
• Strips & Nuggets
• Burger Patties
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America