Vegan Steak Market

Vegan Steak Market Outlook (2023 to 2033)

The vegan steak market is predicted to grow at a moderate CAGR of 7.3% during the forecast period covering 2023 to 2033. The vegan steak market share is estimated to reach a value of nearly US$ 1,129.6 million by 2033 expanding from a net worth of US$ 598.6 million in 2023.

As the vegan and vegetarian movements gain momentum worldwide, more consumers are looking for meat alternatives that align with their dietary preferences. This has led to a growing demand for vegan steaks as a plant-based alternative to traditional meat products.

Meanwhile, shifting customer tastes and preferences for other sources of protein have created opportunities for expansion in the global vegan steak industry. It is getting driven in part by environmental and health concerns along with animal welfare movements around the world.

Surprisingly, the top plant-based steak businesses have expanded so quickly since they cater to meat eaters rather than vegans or vegetarians. Introducing new plant-based meat steak items or tastes, such as various types or combinations, might assist to draw new customers and increase sales volumes in the coming days

The rising awareness of the health benefits associated with plant-based diets has resulted in a shift toward vegan and vegetarian lifestyles. Vegan steaks, made from plant proteins and other natural ingredients, offer a healthier option compared to traditional meat steaks, which are often high in saturated fats and cholesterol.

The younger folks are curious about the contents of their meals and also are getting conscious of how their diet impacts the external environment. Youngsters as well as Generation Zers are the key buyers affecting demand in all plant-based food industries, including vegan steaks, and they are driving this emerging trend.

As a result, food labeling is highly expected to alter the eating habits of the greater mass in favor of plant-based proteins. This same holds true for proper product placement and advertisement in supermarkets and hypermarkets to acquire new customers.

Concerns for animal welfare have driven many consumers to adopt vegan and vegetarian diets. Vegan steaks provide a cruelty-free alternative to traditional meat steaks, allowing individuals to enjoy a similar sensory experience without contributing to animal suffering.

Over the years, significant advancements have been made in the development of plant-based meat substitutes, including vegan steaks. These products now offer improved texture, taste, and mouthfeel, closely resembling the sensory experience of consuming traditional meat steaks. This has expanded the market appeal and acceptance of vegan steaks among consumers.

High-profile individuals, including athletes, actors, and influencers, embracing vegan and vegetarian lifestyles have significantly influenced the popularity of vegan steaks. Their endorsements and increased media coverage highlighting the benefits and availability of plant-based alternatives have contributed to the market growth.

Global Vegan Steak Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)

As per the previous market survey reports released by FMI, the net worth of the overall market was around US$ 430 million in 2018 and US$ 557.9 million in 2022. The overall annual growth rate of the global vegan steak market was found to be 6.5% during the period 2018 to 2022. This slight dip in the growth rate can be attributed to the challenges faced by the food & beverage industries during the pandemic.

Between 2018 and 2020, the market experienced significant growth and increased consumer demand. Several factors contributed to driving this trend, including

• changing consumer preferences
• health and environmental concerns
• advancements in food technology

The popularity of veganism and plant-based diets grew during this period as more people became aware of the environmental impact of animal agriculture and the potential health benefits of plant-based eating. This shift in consumer attitudes led to a surge in demand for vegan and vegetarian alternatives to traditional meat products, including vegan steaks.

Consumer demand for plant-based products, including vegan steaks, has attracted significant investment and attention from food companies. This has resulted in increased research and development efforts to improve product quality, develop new flavors and varieties, and enhance production processes, thereby driving market expansion.

Food service outlets such as restaurants and fast-food chains are recognizing the increasing demand for vegan options. As a result, they are expanding their menus to include vegan offerings, including vegan steaks. This expansion allows them to cater to diverse customers with varying dietary preferences and requirements.

By offering vegan steaks, food service outlets are accommodating the needs of individuals following vegan, vegetarian, or flexitarian diets. It also provides an opportunity to attract customers seeking plant-based alternatives and capitalize on the growing popularity of veganism.

What are the Driving Factors for the Global Vegan Steak Market in the Forecast Year?

As per a marketing intelligence firm, Innova, fresh packaged food offers with vegan-related claims have increased by more than 45% annually in the last few years. This indeed represents extraordinary growth prospects in plant-based meat steak aimed at a customer segment that was deemed marginal by maximum multinational food firms only a few years ago.

Though people are not likely to quit eating meat in the near or even distant future, getting aware of the additional benefits of vegan steaks could drive its demand. Then there is substantial evidence that obtaining one's protein and iron requirements simply from animal sources is insufficient.

Nandini Roy Choudhury

Principal Consultant

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Vegan Steak Market Trends & Opportunities

Country-wise Insights

United States Vegan Steak Market Makes a Resounding Impact on the World Stage

The United States has experienced a surge in the adoption of plant-based diets driven by health consciousness, ethical concerns, and environmental sustainability. This trend has positively influenced the demand for vegan steak products.

As per the global vegan steak market analysis report, the trend for plant-based unconventional food items such as vegan milk or vegan beef started particularly in the United States. Over the years, it has become quite popular among the vegetarian as well as non-vegetarian citizens of the country. Organizations such as the Culinary Institute of America are concerned with increasing people's exposure to fruits and vegetables since these foods supply components that are absent in meat diets.

In the last two decades, maximum start-ups that surfaced for making some fortune out of it have established themselves as the leading players in recent years. These companies together now contribute to around 30.2% of the global requirement for vegan steak. Last year (2022), the net worth of the total export and sales of vegan steaks from the United States was around US$ 168.5 million as per the recently released survey report.

There are variations in regional preferences for vegan steak products in the United States. Urban areas and coastal regions tend to have higher demand, driven by a larger population of health-conscious individuals and a greater emphasis on sustainability.

Many consumers in the United States identify as flexitarians, reducing their meat consumption without fully adopting a vegan or vegetarian lifestyle. This growing segment presents a significant opportunity for vegan steak products as a meat alternative.

Germany Vegan Steak Market Sizzles with Increasing Consumer Demand

In the year 2022, the total value of the sales of vegan steaks in Germany was figured out to be US$ 94.3 million. Germany has witnessed a notable shift toward plant-based diets. Germany has one of the leading vegan populations in Europe. The increasing number of vegans and flexitarians seeking plant-based alternatives to meat presents a substantial consumer base for vegan steak products. Health consciousness, ethical concerns, and environmental sustainability drive this trend. As a result, the demand for vegan steak products has seen a significant upswing.

Germany has a strong environmental consciousness, with consumers actively seeking products that have a reduced carbon footprint. Vegan steak products, being plant-based, contribute to lower greenhouse gas emissions and require fewer resources compared to traditional meat production. This aligns with the country's sustainability goals and further drives the demand for vegan steak.

Consumers in this country value high-quality food products, and this perception also extends to vegan steaks. Manufacturers focusing on delivering exceptional taste, texture, and nutritional profiles in their vegan steak offerings are likely to gain a competitive edge and attract discerning customers.

The fast-paced lifestyles of consumers in Germany have led to a rise in demand for convenient meal solutions. Vegan steak products that offer quick and easy meal preparation options align well with this trend, providing a viable alternative to traditional meat-based convenience foods.

Celebrity Endorsements Spark Vegan Steak Frenzy in Japan

The Japan vegan steak market has witnessed significant growth in recent years, driven by a rising number of individuals adopting plant-based diets and seeking alternatives to traditional meat products. Consumers are becoming more health-conscious, leading to a growing demand for plant-based alternatives that offer nutritional benefits and align with their dietary preferences.

As per the vegan steak market statistics, Japan generated a revenue of US$ 30.7 million through sales of vegan steak in the global market. The influence of social media and celebrity endorsements on consumer behavior is evident in Japan. Prominent influencers and celebrities advocating for plant-based diets have helped raise awareness and drive interest in vegan steak products.

The number of vegans in Japan is rising steadily, creating a substantial consumer base for vegan steak products. The availability of vegan steak products in both retail and food service channels has expanded significantly. Supermarkets, convenience stores, and restaurants are incorporating vegan steaks into their offerings to cater to the rising demand.

Australia Vegan Steak Market Heats up as Plant-Based Eating goes Mainstream

Australia has a relatively high percentage of vegetarians and vegans compared to other countries. This indicates a substantial consumer base for vegan steak and other plant-based products.

The Australian government has supported the plant-based industry by introducing initiatives to promote sustainable food choices. This includes funding research and development projects and offering grants to plant-based businesses, positively influencing the vegan steak market.

Recently, Australia is getting famous among market players for adopting all types of plant-based alternatives in their mainstream diet. In the last year, 2022, it generated total revenue of US$ 19 million.

Restaurants in the United Kingdom Embrace Vegan Steak as a Mainstream Menu Option

The vegan food market has experienced significant growth in recent years, and the United Kingdom is no exception. The United Kingdom has witnessed a surge in the number of people adopting vegan lifestyles. This shift is driven by concerns about animal welfare, environmental sustainability, and health benefits associated with plant-based diets.

Consumers in the United Kingdom are increasingly conscious of their health and are seeking vegan steak options that provide the taste and texture of meat while offering superior nutritional profiles. Health-conscious consumers highly value clean labels, high protein content, and natural ingredients.

Influential celebrities, athletes, and chefs in the United Kingdom have been endorsing vegan diets and products, contributing to the mainstream acceptance of veganism. Their endorsements significantly impact consumer preferences and can drive the demand for vegan steak in the country.

Several key restaurant chains and fast-food outlets in the United Kingdom have expanded their plant-based menu options, including vegan steak alternatives. This indicates a growing demand for such products and the willingness of establishments to cater to vegan and flexitarian customers.

Vegan Steaks Make a Splash in China's Meat-loving Culture

The China vegan steak market presents substantial growth potential. Traditional Chinese cuisine relies heavily on meat-based dishes, presenting a challenge for the widespread adoption of vegan steaks. However, younger generations and urban populations are more open to exploring alternative food options, including plant-based proteins.

Looking at the huge demand potential for vegan protein substitutes around the world, China is recently investing heavily in the establishment of its industries. With the government's support, vegan steak market in China to reach up to US$ 97.4 million.

China has witnessed a rise in health-conscious consumers prioritizing nutritious and clean-label food choices. Vegan steaks, with their low cholesterol and saturated fat content, align with this trend, making them an appealing option for health-conscious individuals.

Given the country's large population and shifting consumer preferences, the sales potential for vegan steaks in China is significant. The rapid growth of e-commerce in China provides a significant growth opportunity for vegan steak brands. Online platforms allow companies to reach a wider consumer base, particularly in lower-tier cities with limited access to vegan products.

Vegan Steaks Emerge as the Next Big Food Trend in India

The India vegan steak market has experienced significant growth in recent years, driven by

• the rising adoption of plant-based diets
• increasing health consciousness among consumers
• an increasing recognition of the ecological consequences associated with consuming meat

Interestingly, India is the top-performing region in the growing demand for all types of plant-based meat steaks. As per this market report, this regional market is anticipated to reach a valuation of US$ 50.2 million by 2033.

There is a growing trend among Indian consumers to adopt plant-based diets due to health concerns, ethical reasons, and environmental consciousness. Veganism is gaining popularity in India, with a significant increase in the number of vegans and vegetarians seeking plant-based alternatives to traditional meat products.

India has a diverse population, with a significant portion following vegetarian diets. This cultural aspect provides a unique opportunity for the vegan steak market to cater to vegetarian and vegan consumers.

Rapid urbanization and changing lifestyles have resulted in a shift toward convenience foods, providing an opportunity for vegan steaks to tap into the market for quick and easy-to-prepare plant-based meals. Rising disposable income levels in India have increased consumer spending on premium and healthier food options, creating a demand for vegan steaks.

Category-wise Insights

Vegan Beef Steak is Ruling the Roost in the Vegan Meat Market

Beef is one of the vastly consumed meats globally, and its popularity has led to a high demand for vegan alternatives. Vegan beef steaks cater to this demand and offer a plant-based option for individuals who still want to enjoy the taste and experience of steak without consuming animal products.

Vegan beef steaks are often made with seitan, which is a high-protein wheat gluten that can be molded into a variety of shapes and textures. Seitan can have a very meaty flavor and texture when seasoned and cooked correctly.

Vegan Beef Steak has been developed to be versatile in terms of cooking methods and recipes. It can be grilled, pan-fried, baked, or used in various dishes such as stir-fries, sandwiches, and salads. This versatility expands its appeal and allows for various culinary applications.

There has been a lot of innovation in the vegan beef steak category in recent years. New products are constantly being introduced that are more realistic in terms of taste, texture, and appearance. This innovation has helped to drive sales and make vegan beef steaks more appealing to consumers.

Online Platforms Propel the Vegan Steak Market to New Heights

Though the retail consumption distribution channel for the sales of vegan steak is growing promisingly, the on-trade segment still holds a larger share of the market. Over the last few years, supermarkets and hypermarkets had remained the main point for the distribution of vegan steaks.

This segment became the key contributor as it could spread awareness of the availability of such products in the market. Nevertheless, online sales channels are growing rapidly these days in the supply of all types of vegan alternative food products. With the proliferation of e-commerce websites as well as delivery networks, his segment is anticipated to outcompete all other segments in the near future.

Online platforms offer the convenience of browsing and purchasing vegan steak products from the comfort of one's home or on the go. Consumers can easily compare prices, read reviews, and select from a wide range of options, which enhances the overall shopping experience.

Online platforms often host multiple sellers and brands, resulting in a greater variety of vegan steak products than traditional retail stores. This diversity of options encourages competition and drives innovation as companies strive to offer unique and high-quality vegan steak alternatives to attract customers.

Start-ups are Disrupting the Meat Industry with Plant-powered Innovation

New entrants in the vegan steak market focus on developing innovative and high-quality vegan steak products that closely mimic the taste, texture, and appearance of traditional meat. They often differentiate themselves through unique branding and marketing strategies. Start-ups recognize that price can be a barrier to entry for many consumers. They strive to make their vegan steak products affordable and competitive with conventional meat, aiming to attract a broader customer base.

Project Eaden is a food technology company based in Germany. It has successfully developed a method to produce whole sections of plant-based meat substitutes. Its proprietary fiber-spinning technology is used for this manufacturing process. The company has introduced its first product, which is a vegan beef steak.

In January 2023, Project Eaden secured an investment of around US$11 million to further advance its groundbreaking technology in creating lifelike vegan steaks. The company's distinctive approach involves producing edible protein fibers that closely resemble animal meat.

NovaMeat is a start-up from Spain. It focuses on creating plant-based alternatives to steak and pork. Its products aim to closely mimic the texture of real meat. The company uses advanced biomimetic micro-extrusion technology. It also employs specialized 3D printing machines. These technologies help replicate the tissue structure found in muscles. NovaMeat's meatless offerings include pea and rice isolates. It also incorporates brown seaweed and beetroot juice into its products.

In February 2022, NovaMeat secured pre-Series funding of US$ 6 million. The purpose of this investment is to improve the production efficiency of their texturized plant-based whole cuts. Additionally, the funding aims to address the current gap in the alternative meat market.

New Product Development and Capturing New Market Is the Key Strategy of Competitors

Collaboration with bloggers or chefs promoting vegetarianism has emerged as an effective strategy for the vegan steak market participants. Advertising the top plant-based steak and developing new dish ideas on vegan steak meat can assist to raise brand visibility and boost sales.

Moving toward a more ambitious goal of developing vegan foods according to each customer's unique demands is anticipated to reorient the market. Mankai Company has declared to raise consumer awareness by 2025 to the point where the insignia or stamp on packaged food is associated with authenticity and bioavailability.

Scalability is the main difficulty for vegan fish sauce market participants. It is a costly endeavor for them since it necessitates the construction of highly precision-agriculture units in greenhouses. So to become more efficient in their production capacity they are anticipated to keep their focus on increasing yield during the forecast years.

Worldwide, demand for non-meat protein sources including whole foods vegan fish sauce is growing exponentially. Participants in the vegan steak business that want to capitalize on the possibility must grasp the changing market trends and determine where to make their bets. Providing a broader range of products or flavors may help vegan fish sauce market players to appeal to a larger client base while also providing new growth prospects.

It is believed that in the near future, regulators may define a food labeling scale that could explicitly state the food's bioavailability as well as its environmental impact. So, more emphasis on labeling requirements and marketing strategies for vegan alternatives is anticipated to increase the demand for vegan fish sauce during the forecast years.

Recent Developments in the Vegan Steak Industry

• In March 2023, Impossible Foods unveiled Beef Lite, a modified rendition of its plant-based beef substitute that aims to surpass lean ground animal beef in quality. With a protein content of 21 grams, Beef Lite boasts 75% less saturated fat and 45% less total fat compared to 90/10 lean beef from traditional cattle. Additionally, it serves as a valuable source of fiber and is entirely devoid of cholesterol and Trans fats.
• In February 2023, Waitrose introduced a vegan steak that resembles marbled meat and placed it alongside real meat on the store shelves. The steaks, developed by biotechnicians from the Slovenian start-up Juicy Marbles, feature nuggets of solidified sunflower oil to replicate the appearance of fat marbling. Additionally, beetroot powder gives the "flesh" and juices a red hue.
• In October 2022, Beyond Meat, a well-known brand for vegan meat alternatives introduced its inaugural vegan steak. This innovative product aims to provide a succulent, tender, and delectable experience akin to biting into slices of steak tips. Each serving of this steak contains an impressive 21 grams of protein.
• In July 2019, Gardein revealed plans to broaden its selection by introducing eleven additional frozen ready meals. Alongside the groundbreaking Sliced Italian Sausage, Gardein is introducing the first-ever vegan meat product of its kind. The lineup includes a vegan Shakshuka Breakfast Bowl, a Steak & Eggs Breakfast Bowl, and a Lambless Vindaloo Skillet Meal.

How can Vegan Steak Market Players Grow Their Businesses?

• Innovate products for better taste and nutrition.
• Focus on effective marketing and branding.
• Expand retail and distribution networks.
• Collaborate with industry partners.
• Educate consumers about vegan steak benefits.
• Prioritize sustainability and transparency.
• Engage with customers and gather feedback.
• Participate in industry associations and trade shows.
• Adapt to local preferences in different markets.
• Continuously improve strategies and operations.

Key Players Profiled in the Vegan Steak Market Report

• 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
• Field Roast

Key Segments in the Vegan Steak Market

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

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East and Africa (MEA)