Vegan Steak Market Size - By Source (Soy, Almond, Wheat), By End User (Packaged Food Industries, Hotels and Restaurants, Retail Food Shops, Domestic Consumers), By Distribution Channel & Forecast, 2024 – 2032

Vegan Steak Market Size

Vegan Steak Market size was valued at USD 588 million in 2023 and is anticipated to register a CAGR of over 6.7% between 2024 and 2032. The demand for vegan steak is primarily driven by shifting consumer preferences towards plant-based diets, fueled by health, environmental, and ethical considerations. As individuals become more health-conscious, they are increasingly seeking alternatives to traditional meat products, with vegan steak offering a flavorful and nutritious option.
 

Concerns over animal welfare and sustainability are also significant drivers, prompting consumers to opt for cruelty-free and environmentally friendly food choices. Moreover, the growing availability and variety of vegan steak options in supermarkets, restaurants, and online platforms are expanding consumer accessibility and driving demand.

One significant pitfall for the vegan steak market lies in the challenge of achieving an optimal balance between price point and affordability. While consumers increasingly seek plant-based alternatives for health, environmental, and ethical reasons, some may be deterred by the perceived high cost of vegan steak products compared to their animal-derived counterparts.
 

Achieving affordability without compromising on quality and taste poses a significant hurdle for manufacturers, particularly as they strive to source high-quality ingredients and employ innovative production techniques. Failure to address this pitfall adequately could limit the market's growth potential and hinder widespread adoption of vegan steaks among price-sensitive consumers, ultimately restricting the market's expansion and mainstream appeal.
 

Vegan Steak Market Trends

In the vegan steak industry, several key trends are shaping the landscape. Firstly, there's a growing emphasis on product innovation, with companies developing new plant-based formulations that closely mimic the taste, texture, and appearance of traditional steak. Additionally, there's a surge in demand for healthier and more sustainable food options, driving consumers towards vegan steaks as a cruelty-free and environmentally friendly alternative to animal-derived products.
 

The market is also witnessing increased collaboration between food manufacturers and chefs to create gourmet vegan steak offerings, catering to the evolving tastes of discerning consumers. Moreover, there's a notable expansion in distribution channels, with vegan steaks becoming more readily available in supermarkets, specialty stores, and online platforms, enhancing accessibility for consumers worldwide.
 

Vegan Steak Market Analysis

Based on source, the market is divided into soy, almond, wheat and other. Soy held the dominant market share of 371.07 million in 2023 and is expected to reach USD 682.56 million by 2032. Soy possesses a remarkable ability to mimic the texture and protein content of traditional steak, making it a versatile and widely accepted substitute.
 

Additionally, soy is readily available and cost-effective, contributing to its popularity among manufacturers seeking to produce affordable vegan steak options. Moreover, soy is rich in essential amino acids, making it a nutritionally dense choice for consumers seeking plant-based protein alternatives. Its neutral flavor profile also allows for easy flavor customization, appealing to a broad range of taste preferences. Lastly, soy's long history of use in plant-based meat products and its familiarity to consumers contribute to its dominance in the market.
 

Based on end use, the vegan steak market is categorized into packaged food industries, hotels and restaurants, retail food shops, domestic consumers and others. Domestic consumers accounted for 47% market share in 2023 and is projected to grow through 2032. The rise of plant-based diets among households globally has fueled demand for convenient and tasty vegan alternatives to traditional meat products. With an increasing number of consumers preparing meals at home, domestic households have become a primary market segment for vegan steaks.
 

Additionally, the growing awareness of health and sustainability issues associated with meat consumption has prompted many individuals to seek healthier and more environmentally friendly dietary choices, driving the popularity of vegan steaks in home kitchens.
 

Based on distribution channel, the vegan steak market is categorized into supermarkets/ hypermarkets, convenience stores, specialty stores, online platforms and others. Supermarkets/Hypermarkets held the dominant market share of 277.13 million in 2023 and is expected to reach USD 511.51 million by 2032. These retail giants offer a diverse selection of vegan products, including vegan steaks, catering to the needs of mainstream consumers as well as those transitioning to plant-based diets.
 

Additionally, supermarkets and hypermarkets typically allocate substantial shelf space to plant-based alternatives, providing prominent visibility and exposure to vegan steak brands. Furthermore, the convenience of one-stop shopping and the ability to compare products side by side make supermarkets and hypermarkets a preferred destination for consumers seeking vegan steak options.
 

North America vegan steak market generated a revenue of USD 220.31 million in 2023 and is expected to reach USD 407.53 million by 2032. There's a growing trend towards plant-based diets across the region, driven by increasing awareness of health, environmental sustainability, and animal welfare concerns. This shift in consumer preferences is reflected in the rising demand for meat alternatives, including vegan steaks, as individuals seek healthier and more sustainable dietary options.
 

Moreover, North America boasts a vibrant food culture and a dynamic culinary scene that embraces innovation and experimentation, creating fertile ground for the development and adoption of new plant-based products like vegan steaks. Additionally, the region's robust retail infrastructure, including supermarkets, specialty stores, and online platforms, provides ample opportunities for vegan steak brands to expand their market presence and reach a diverse consumer base.
 

In North America, the United States dominates the vegan steak market, owing to its large population, strong economy, and established consumer demand for plant-based products. The U.S. market benefits from a thriving ecosystem of vegan brands, food startups, and established food manufacturers that continually introduce innovative vegan steak offerings to meet evolving consumer preferences. Furthermore, the presence of influential food influencers, celebrities, and media personalities advocating for plant-based diets further propels the popularity of vegan steaks in the country.
 

Additionally, the U.S. boasts a diverse culinary landscape with a growing number of restaurants, fast-food chains, and foodservice establishments incorporating vegan steaks into their menus, further driving market growth and adoption. Overall, the United States stands as the leading market for vegan steaks in North America, poised for continued expansion and innovation in the years to come.
 

Vegan Steak Market Share

In the competitive landscape of the vegan steak industry, several key players vie for market share and consumer attention with their innovative offerings and unique value propositions. Beyond Meat, Inc. and Impossible Foods Inc. stand out as pioneers in plant-based meat alternatives, leveraging cutting-edge technology to create vegan steaks that closely mimic the taste, texture, and appearance of traditional beef steak. Their global presence and strong brand recognition have cemented their positions as leaders in the industry, appealing to a broad range of consumers seeking sustainable and delicious meat alternatives.
 

Additionally, companies like Gardein, Field Roast, and Amy's Kitchen offer a diverse range of vegan steak options catering to various taste preferences and dietary needs. These brands prioritize high-quality ingredients and flavorful formulations, appealing to health-conscious consumers looking for convenient and satisfying plant-based meal solutions. Furthermore, newcomers such as Eat Just, Inc. and Ripple Foods Inc. are making waves in the market with their innovative approaches to vegan protein production, contributing to the dynamic and rapidly evolving landscape of the market.
 

With ongoing advancements in plant-based technology and growing consumer demand for sustainable and cruelty-free food options, competition among these companies is expected to intensify, driving further innovation and expansion in the market.
 

Vegan Steak Market Companies

Major companies operating in the vegan steak industry 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
• Impossible Foods Inc.
• Ripple Foods Inc
   

Vegan Steak Industry News

• In March 2024, A players in the European plant-based meat sector, Switzerland’s Planted has launched a clean-label whole-cut steak leveraging a proprietary fermentation process, hitting flavour, health and climate touchpoints all at the same time.
   
• In July 2022, Beyond Meat launched vegan steak slices. Plant-based meat brand Beyond Meat is expanding its range of meat-free products to include a brand-new vegan steak.
   

The vegan steak market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2018 to 2032, for the following segments:

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Market, By Source

• Soy
• Almond
• Wheat
• Others

Market, By End User

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

Market, By Distribution Channel

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

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA