Vegan Steak Market Forecasts to 2030 – Global Analysis By Source (Wheat, Soy and Other Sources), Distribution Channel Online Platforms, Specialty Stores and Supermarkets/Hypermarkets), End User (Domestic Consumers, Hotels and Restaurants and Other End Use

Vegan Steak Market Forecasts to 2030 – Global Analysis By Source (Wheat, Soy and Other Sources), Distribution Channel Online Platforms, Specialty Stores and Supermarkets/Hypermarkets), End User (Domestic Consumers, Hotels and Restaurants and Other End Users) and By Geography

According to Stratistics MRC, the Global Vegan Steak Market is accounted for $662.18 million in 2024 and is expected to reach $1,080.32 million by 2030 growing at a CAGR of 8.5% during the forecast period. Vegan steak is a plant-based alternative to traditional meat steak, crafted to replicate both the taste and texture of meat while entirely excluding animal products. Typically made from ingredients like soy protein, wheat gluten, or pea protein, vegan steaks undergo a process to mimic the fibrous texture of meat. They often incorporate seasonings and spices to enhance flavor, providing a savory, umami-rich profile akin to beef steak.

Market Dynamics:

Driver:

Increasing awareness of animal welfare

As people become more conscious of the ethical implications of their dietary choices, there has been a notable surge in demand for plant-based alternatives to traditional animal products. This trend has directly influenced the burgeoning vegan steak market. With consumers seeking cruelty-free options that align with their values, manufacturers have responded by innovating plant-based steak substitutes that mimic the taste, texture, and nutritional profile of conventional steak.

Restraint:

Allergens and dietary restrictions

Many consumers who opt for plant-based diets do so for health reasons, including allergies or intolerances to common ingredients found in meat substitutes. Soy, gluten, and nuts, often used in vegan steak formulations for texture and flavor, can trigger allergic reactions in some individuals. However, dietary restrictions such as gluten intolerance or sensitivity to soy limit the market potential of certain vegan steak products. Manufacturers must navigate these constraints to develop allergen-free options that cater to a broader consumer base.

Opportunity:

Innovations in food technology

Innovations in food technology are revolutionizing the vegan steak market by replicating the taste, texture, and appearance of traditional meat steaks. Advances in plant-based protein extraction and processing techniques have allowed for the creation of vegan steaks that closely mimic the mouth feel and flavor of animal-based counterparts. Additionally, the use of technologies such as 3D printing and molecular gastronomy enables the precise structuring of plant-based ingredients to achieve the desired meat-like consistency.

Threat:

Culinary versatility

Culinary versatility, the ability to adapt and innovate with ingredients, poses a unique challenge to the vegan steak market. While plant-based alternatives have made significant strides in mimicking the taste and texture of traditional meats, their versatility in cooking allows consumers to explore a multitude of other options beyond steak. From hearty grain bowls to innovative vegetable-based dishes, the culinary landscape for vegans is rich and diverse. This broad spectrum of choices means that consumers may not always gravitate towards vegan steaks as their primary protein source, especially when other enticing options are available.

Covid-19 Impact:

Initially, disruptions in the supply chain and changes in consumer behavior led to uncertainties in production and distribution, affecting the availability of vegan steak products. As people became more health-conscious and concerned about the origins of their food, interest in plant-based alternatives surged. With meat shortages and concerns over zoonotic diseases, many consumers turned to vegan steaks as a safer and more sustainable option. This shift in consumer preferences accelerated the growth of the vegan steak market, prompting companies to innovate and expand their product offerings.

The Specialty Stores segment is expected to be the largest during the forecast period

Specialty Stores segment is expected to be the largest during the forecast period by offering a curated selection of high-quality plant-based products tailored to the specific needs and preferences of vegan consumers. These stores often feature a diverse range of vegan steaks, including innovative varieties crafted from alternative proteins like soy, seitan, or pea protein. By focusing solely on vegan and plant-based options, specialty stores can provide a dedicated space where customers can explore, discover, and purchase vegan steaks with confidence, without the distractions of non-vegan products.

The Domestic Consumers segment is expected to have the highest CAGR during the forecast period

Domestic Consumers segment is expected to have the highest CAGR during the forecast period. As more consumers adopt plant-based diets for health, environmental, and ethical reasons, the demand for vegan alternatives to traditional meat products like steak has surged. Domestic consumers, particularly in Western markets, are becoming increasingly health-conscious and environmentally aware, seeking sustainable and ethical food choices. This shift in consumer preferences has prompted food manufacturers and startups to invest in research and development to create high-quality vegan steak substitutes that closely mimic the taste, texture, and nutritional profile of animal-based steak.

Region with largest share:

With a growing emphasis on sustainability and health consciousness, consumers are increasingly turning to plant-based alternatives, Asia Pacific region in the Vegan Steak Market commanded the largest share throughout the projection period. Food scientists in the region are leveraging technologies such as extrusion, fermentation, and 3D printing to create vegan steaks that are indistinguishable from animal-based counterparts. Moreover, the diverse culinary heritage of the Asia Pacific region provides a rich tapestry of flavors and ingredients for developing authentic-tasting vegan steaks, appealing to a global audience.

Region with highest CAGR:

Asia Pacific region is poised to witness profitable growth over the extrapolated time frame. As concerns about climate change and environmental degradation escalate, governments are implementing policies to reduce carbon emissions and promote sustainable food production in the region. This includes incentives for plant-based alternatives to traditional meat products, such as subsidies for research and development, tax breaks for manufacturers, and stricter regulations on meat production. Additionally, health-related regulations focusing on reducing cholesterol and saturated fat intake are driving consumers towards plant-based options like vegan steak.

Key players in the market

Some of the key players in Vegan Steak market include Amy’s Kitchen, Beyond Meat Inc, Daiya Foods Inc, Danone S.A, Earth’s Own Food Company Inc, Eat Just Inc, Gardein, Gold & Green Foods Ltd, Kellogg NA Co, Kraft Foods Inc and Ripple Foods Inc.

Key Developments:

In June 2023, Juicy Marbles introduced new vegan streaks in the Waitrose stores. These steaks are available in the region for everything from solo dinners to family meals.

In January 2023, Subway announced the launch of its new plant-based teriyaki Steak packed along with the teriyaki sauce, veggie, and vegan cheese. The new vegan teriyaki introduced by the company is filled with vegan steak, teriyaki sauce, dairy-free Cheez-It, and a range of vegetables.

In October 2022, Beyond Meat introduced its vegan steak designed to deliver the juicy, & tender bite of the sliced steak tips. The new vegan steak consists of 21 grams of protein per serving and will likely be launched initially in Walmart and Kroger stores

Sources Covered:
• Wheat
• Soy
• Other Sources

Distribution Channels Covered:
• Online Platforms
• Specialty Stores
• Supermarkets/Hypermarkets

End Users Covered:
• Domestic Consumers
• Hotels and Restaurants
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements