Global Vegan Steak Market - 2023-2030

Global Vegan Steak Market - 2023-2030

Global Vegan Steak Market reached US$ 598.41 million in 2022 and is expected to reach US$ 990.36 million by 2030, growing with a CAGR of 6.5% during the forecast period 2023-2030.

The market is experiencing a significant rise in adopting plant-based diets worldwide. Consumers are increasingly incorporating vegan steaks into their meals as part of a broader shift towards plant-centric eating habits, reflecting changing lifestyle choices. Market players actively innovate continuously, introducing a diverse range of vegan steak options. For instance, in October 2022, Beyond Meat introduced its inaugural vegan steak. Meticulously designed to provide a delightful, tender, and succulent eating experience.

North American market is experiencing a significant trend toward adopting plant-based lifestyles. This shift in consumer preferences is spurring demand for vegan steak products, expanding the market. Market players in the region are actively diversifying their product offerings and innovating in response to evolving consumer tastes. This trend is leading to the introduction of a variety of vegan steak options, appealing to a broader range of preferences.

For instance, on September 30, 2023, Neat Burger, a plant-based fast food chain, revealed its inaugural steak product in collaboration with Chunk Foods. Presenting the Chunk Steak Sandwich, this delectable creation is now available at the NOLITA venue in New York City. The sandwich boasts sliced Chunk Filet, dairy-free blue cheese, cilantro chipotle sauce, and caramelized onions in an artisan roll.

Dynamics

Growing Awareness about Health Benefits Associated with Plant-Based Diets

The increasing awareness of the health benefits linked to plant-based diets is driving a surge in demand for vegan alternatives, including vegan steak. This heightened demand is driving the market growth and influencing product innovation. As health-conscious consumers seek plant-based protein sources, the vegan steak market is witnessing a shift in consumer preferences, boosting the market growth.

As per the PETA Foundation, studies indicate that individuals following a vegan diet generally exhibit lower blood sugar levels compared to non-vegans. Moreover, adopting a vegan diet leads to a significant reduction in the risk of developing type 2 diabetes, with potential risk reduction reported to be as high as 78%. The consumption of a rich variety of healthy plant-based foods is highlighted as a beneficial practice, potentially aiding in mitigating risk factors associated with diabetes, including obesity.

Awareness of health benefits is being strategically incorporated into marketing efforts by companies in the vegan steak market. Market players are focusing on product innovation to meet the evolving demands of health-conscious consumers. This includes the development of vegan steak products that offer nutritional benefits associated with plant-based diets, expanding the market.

For instance, on February 8, 2023, Waitrose achieved a milestone by becoming the inaugural UK supermarket to offer a plant-based filet mignon. These vegan steaks, crafted from marbled soy and wheat protein, share shelf space with their meat counterparts. Priced at £10 each for the 225g fillets, customers might easily mistake them for premium Wagyu cuts due to their visual resemblance.

Rising Vegan Population

The expanding vegan population contributes to the growth of the vegan steak market by enlarging the consumer base. The market experiences a corresponding increase in demand for plant-based alternatives like vegan steak as more individuals adopt a vegan lifestyle. The rising number of vegans signifies a shift in consumer preferences towards plant-based food choices. This change in preferences is driving market growth.

According to information from the World Animal Foundation, as of 2023, the global vegan population stands at approximately 88 million individuals. Considering the world's population exceeded 8 billion people in December 2022, this translates to roughly 1.1%, indicating a notable presence of vegans within the global demographic landscape.

The surge in the vegan population has a direct impact on market growth, creating a heightened demand for vegan steak products. This demand, in turn, influences manufacturers and suppliers to expand their offerings, contributing to more vibrant and diverse market growth. The growing vegan demographic encourages innovation and product development within the vegan steak market.

As per information from the Sentient Media Organization, the global vegan food market exhibited growth, reaching $15.77 billion in 2021 from $14.44 billion in 2020. Projections suggest a sustained growth trajectory in the coming years. This anticipated expansion in the vegan food industry is attributed to a rising trend where more individuals are actively seeking to decrease their meat consumption, indicating a growing shift towards plant-based dietary preferences.

Perceived Lack of Authenticity

The perceived lack of authenticity leads to consumer skepticism regarding the taste, texture, and overall experience of vegan steak compared to traditional meat-based options. This skepticism can hinder market growth. Consumers often gravitate towards familiar and authentic experiences, and the perception that vegan steak lacks authenticity could result in a preference for traditional meat products. This preference impacts the market's ability to attract a consumer base negatively.

Authenticity is closely tied to cultural and culinary expectations. Consumers perceive vegan steak as not aligning with traditional culinary practices and cultural preferences, which limits its adoption in certain markets. Market players need to invest in effective marketing strategies to address the perceived lack of authenticity. Messaging that emphasizes the taste, texture, and culinary versatility of vegan steak could play a crucial role in shaping consumer perception.

Segment Analysis

The global vegan steak market is segmented based on source, distribution channel, and region.

Global Availability Accessibility and Versatility in Applications of Wheat Steak

The wheat segment held the largest share in the global vegan steak market. Wheat-based ingredients offer a versatile foundation for creating vegan steaks, allowing for various formulations and textures. This versatility is contributing to the wheat segment's dominance in the market. Wheat is an accessible ingredient on a global scale. This accessibility ensures a stable and consistent supply, meeting the demands of the expanding vegan steak market across various regions.

The advancements in food technology and product innovation have led to the development of wheat-based formulations that closely resemble the sensory attributes of animal-based steaks. This innovation has propelled the wheat segment to the forefront of the market. For instance, on September 29, 2023, Beyond Meat, a frontrunner in plant-based meat, secured the prestigious GOLD award at the Casual Dining Innovation Challenge 2023. The newly introduced Beyond Steak garnered acclaim from judges who hailed it as a ""sustainable game-changer"" with notable benefits such as high protein content and low saturated fat.

Geographical Penetration

Increasing Consumer Demand and Innovations in North America

North America is dominating the global vegan steak market. A surge in consumer demand for plant-based alternatives, including vegan steak, is particularly prominent in North America. The market in the region is characterized by innovative product formulations, textures, and flavors, meeting the preferences of a diverse consumer base. The region's consumers are increasingly seeking sustainable, cruelty-free, and healthier food options, contributing to the growth of the vegan steak market.

North America boasts a diverse range of plant-based food manufacturers and brands, contributing to a wide variety of vegan steak products. Continuous investment fosters innovation in vegan steak products, keeping the market dynamic and competitive on a global scale. For instance, on August 26, 2022, Urbani Foods, a vegan meat brand located in Vancouver, launched 'Misteak,' a plant-based ribeye steak meticulously crafted to emulate the flavor, texture, and visual appeal of a traditional whole cut of meat.

COVID-19 Impact Analysis

The vegan steak market faced challenges due to disruptions in supply chains caused by lockdowns, transportation restrictions, and workforce shortages. These disruptions impacted the timely sourcing of ingredients, hindering market operations. The closure of food service establishments during lockdowns resulted in a decline in sales of vegan steaks. The market suffered as these channels, which often feature plant-based options, experienced reduced consumer traffic.

However, the COVID-19 pandemic led to heightened health awareness globally. As consumers became more health-conscious, there was a positive shift in dietary preferences towards plant-based and healthier alternatives, contributing to the growth of the vegan steak market. Companies adapted to changing consumer preferences, introducing new and improved vegan steak products to meet the growing demand for plant-based options.

For instance, on January 1, 2020, Greggs, the prominent bakery chain in the UK, introduced an innovative vegan steak bake. Following the triumph of its meatless sausage roll, Greggs, serving over 6 million customers weekly across its 2,000 outlets, has actively pursued the development of vegan alternatives for its other top-selling items.

Russia-Ukraine War Impact Analysis

The conflict had led to disruptions in supply chains, affecting the sourcing of key ingredients for vegan steak production. This resulted in shortages, impacting market stability and pricing. Due to disruptions in trade routes and agricultural production, the cost of key ingredients for vegan steak production has experienced fluctuations. These cost variations could have influenced market pricing and profitability.

The geopolitical tensions have contributed to global economic uncertainty. In times of economic instability, consumer spending patterns could have shifted, potentially affecting the demand for premium and specialty products like vegan steak. The war had influenced consumer sentiments and preferences. Changes in attitudes towards geopolitical events could have had a ripple effect on consumer behavior, potentially influencing choices related to food consumption.

By Source
• Soy
• Almond
• Wheat
• Others

By Distribution Channel
• Supermarkets & Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Sales
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On January 19, 2022, Aldi, the budget-friendly supermarket, launched its most impressive range to date, featuring items starting at just 99p. Within the Plant Menu range, customers can explore a variety of plant-based options, including steaks, fish cakes, burgers, and even vegan ducks.
• On May 10, 2023, renowned actor turned investor, threw his support behind Chunk Foods, a vegan steak brand. Using cutting-edge fermentation technology, this biotech company specializes in crafting whole-cut meat alternatives. Chunk Foods secured an impressive $15 million in its recent funding round, signaling significant backing for its innovative approach.
• On May 26, 2021, the Hilcona Taste Factory introduced a new addition to its lineup under The Green Mountain brand—a 200g Plant-Based Steak. Crafted from soya and wheat proteins, this innovative product has been specifically designed to replicate the texture of real meat.

Competitive Landscape

The major global players in the vegan steak market include Beyond Meat Inc., Marlow Foods Limited, VBites Ltd., Urbani Brands, Vivera, LusOasis Inc., Continental Coffee Pvt. Ltd., Redefine Meat Ltd, TheVeganKind Ltd, and Fleury Michon.

Why Purchase the Report?
• To visualize the global vegan steak market segmentation based on source, distribution channel, and region, as well as understand critical commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous vegan steak market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of critical products of all the major players.

The global vegan steak market report would provide approximately 53 tables, 50 figures, and 186 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies