The Vegan Steak Market is rapidly growing due to rising consumer preference for plant-based options driven by health, ethics, and the environment. Predicted to reach $598.6 million in 2023 and with a projected 7.3% CAGR, it’s expected to hit $1,129.6 million by 2033, showcasing substantial market expansion and innovation in product alternatives.
As more consumers opt for plant-based products over conventional meat-based ones, the market for vegan steak is growing swiftly. The increasing popularity of vegan steaks can be ascribed to ethical, health-conscious, and environmental considerations. Growing product alternatives and industry innovation are driving market expansion.
The vegan steak market is anticipated to increase at a 7.3% compound annual growth rate (CAGR) between 2023 and 2033, reaching an estimated global value of US$ 598.6 million in 2023. A market estimate suggests that by 2033, the vegan steak market may be worth US$1,129.6 million.
Boost your potential in this industry that is booming! You can obtain a copy of our most recent sample report by requesting it @
https://www.futuremarketinsights.com/reports/sample/rep-gb-16308
Since meat has long been a significant source of nutrition in industrialised or Western European nations, there is a sizable market for vegan steaks. On the other hand, eastern economies have recently seen an increase in demand for conventional protein sources.
The demand for vegan steak and other plant-based protein substitutes is growing tremendously in both the global and local markets as the veganism trend expands throughout these nations. It is projected that vegan steak will attract more new customers in the future as more people are willing to spend time learning about these innovative culinary options.
Key Takeaways from the Vegan Steak Market Study
- The US vegan steak market size was estimated to be around US$ 168.5 Mn in the previous year. As per the market analysis report, this regional market contributes to around 30.2% of the overall sales of vegan steak achieved around the world.
- Germany is the second leading market in the demand for vegan steaks which contributes to around 16.9% of the overall sales. In the European region, it is the largest market that generated a revenue of US$ 94.3 Mn in the year 2022.
- In the Asia Pacific region, Japan is the dominant market in the production and consumption of several plant based food products. As per the market statistics report for the year 2022, this market for vegan steaks in Japan reached a market size of US$ 30.7 Mn.
- Contrarily, the United Kingdom is the fastest-growing nation in terms of accepting vegan meat steak alternatives by following a CAGR of 8.5%. Such a higher growth rate is predicted to take the vegan steak market share of the UK from US$ 52 Mn in 2023 to US$ 126.5 Mn by 2033.
- On the other hand, vegan food product businesses in China are surfacing as staunch competitors in the global market in these years. Moreover, the overall market for vegan steaks in China is projected to register a higher CAGR OF 6% from 2023 to 2033 concluding at a total value of US$ 97.4 Mn.
Competitive Landscape for the Vegan Steak Market
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, and Field Roast are some of the major players in the global vegan steak market.
The United States is the most lucrative region having a lot of demand for all types of plant based unconventional food items. So a lot of vegan steak market key players are located in this country and tend to monopolize the said market with better product knowledge and higher production capacity. However, the growing focus of governments in other countries, in light of sustainable development commitments, is expected to support the emergence of new market players and compete at a global Level.
By personalizing your insights, you can save up to 30%! Decide which countries or regions are significant to you :
https://www.futuremarketinsights.com/customization-available/rep-gb-16308
Key Segments
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
To stay ahead, keep yourself current. To obtain a competitive advantage, schedule a meeting with one of our knowledgeable research specialists :
https://www.futuremarketinsights.com/ask-question/rep-gb-16308
Frequently Asked Questions
- What is the Growth Outlook of the Vegan Steak Market?
- What is the projected Value of Vegan Steak Market By 2033?
- What was the Historical Size of the Vegan Steak Market?
- Which Country is the Dominant Share Holder in the Vegan Steak Market?
- Which Country has the Highest Growth Potential in the Vegan Steak Market?
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube