New York, NY, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has broadcasted a recent study report titled "Vegan Steak Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Wheat, and Others); By Distribution Channel; By End Use; By Region; Segment Forecast, 2023 – 2032" in its research database.
In accordance with Polaris Market Research, the global vegan steak market size/share worth was estimated at USD 562.48 Million in 2022 and is anticipated to expand to USD 1,023.57 Million at a CAGR of 6.2% during the forecast period of 2032. The soy segment accounted for the largest market share in 2022, mainly driven by its growing demand due to the numerous beneficial characteristics of soy.
What Does Vegan Steak Actually Mean?
The vegan steak is prepared with essential wheat gluten for a tender yet chewy appearance and is charred in a salty, savory garlic butter sauce. The steak has a profuse, umami savory flavor that matches with the roasted potatoes, green beans, and roasted asparagus. The rapidly rising demand in the vegan steak market can be attributed to the fact that it is abundant in proteins that will keep one full and satiated.
Increasing consumer scrutiny of plant-based diets, together with the growing consciousness for animal rights through several welfare firms, is anticipated to drive market growth. As the vegan and vegetarian action gains momentum globally, more consumers are seeking meat options that are associated with their dietary proclivity. This has caused increasing demand for vegan steak as a plant-based option for conventional meat products.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Essential Takeaways from the Report
- Amazingly, the apex plant-dependent steak businesses have proliferated so swiftly since they serve meat eaters instead of vegans or vegetarians. This has contributed to the market growth.
- The market is expanding as a result of increasing consciousness amongst health-aware consumers.
- The vegan steak market segmentation is primarily based on source, distribution channel, end-use, and region.
- North American region is expected to grow enormously during the forecast period.
Leading Players Appeared in the Report
- Amy’s Kitchen
- Beyond Meat Inc.
- Daiya Foods Inc.
- Danone S.A.
- Earth’s Own Food Company Inc.
- Eat Just Inc.
- Field Roast
- Gardein
- Gold & Green Foods Ltd.
- Kellogg NA Co.
- Kraft Foods Inc.
- LikeMeat GmbH
- Maple Leaf Foods
- Moving Mountains
- No Evil Foods
- OmniFoods
- Ripple Foods Inc.
- The Archer Daniels Midland Company
- Tofutti Brands Inc.
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Vegan Steak Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 1,023.57 Million |
| Market size value in 2023 | USD 595.16 Million |
| Expected CAGR Growth | 6.2% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Type, End Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Important Growth Aspects of the Market
- Avoiding animal brutality: Vegan steak is becoming a fundamental part of the vegan diet, wherein the acquisition of a vegetarian lifestyle that is bereft of animal-dependent foods is becoming the norm. The vegan steak market size is expanding as consumers are prepared towards veganism for health and moral grounds, while some other consumer categories are selecting vegetarian components to steer clear of animal brutality and to take in viable food and beverage commodities.
- Increase in the funding by food enterprises: Food enterprises and venture capitalists are increasing their funding in marketing, development, and research efforts to improve their market penetration through improvised product offerings. For instance, in October 2022, Beyond Meat initiated its introductory vegan steak, carefully custom-built to offer a congenial and succulent eating participation remindful of suggestive conventional steak tips.
- Spread of sustainability: Additionally, the vegan steak market sales are soaring due to the escalating concentration and spread of sustainability globally; many massive and extensive firms have commenced funding in legitimate and moral validating of constituents utilized in vegan steaks or other plant-dependent food commodities, thus engendering profuse growth and revenue opportunities for the company.
Market's Latest Key Trends
- Vegan steak alternatives in restaurants: Speedy development and progression in plant-dependent meat replacements such as vegan steaks provide improvised taste, texture, and mouthfeel, and the augmentation of vegan steak alternatives in restaurants and food service is expected to bring about massive growth opportunities in the market. For instance, in October 2022, Beyond Meat initiated its vegan steak directed to convey the juicy and tender bite of the sliced steak tips. The contemporary vegan steak comprises of 21 grams of protein per serving and will apparently launch at the outset in Walmart and Kroger stores.
- Growing advancement in food science: Increasing progression in food science has caused the advancement of contemporary and enhanced plant-based components that notably assist in the taste, texture, and nutritional account of vegan steaks, together with the integration of flavoring technology to generate plant-based seasonings and marinades that attach savory umami taste to vegan steaks are acquiring massive traction and approval in recent years.
Segmental Overview
- The soy segment accounted for the largest market share
Based on the source, the soy segment accounted for the largest market share. The vegan steak market demand is on the rise as rapidly springs up as a profuse or adequate source of branch amino acids and improvised benefit involving escalated microwave capacity and enhanced slice capacity. As consumers worldwide are becoming more health aware and worried about the health and the environmental influence on their health options, the demand for plant-based diets involving commodities such as vegan steak made from soy is acquiring momentum and is being recognized as fit and more viable alternatives than conventional meat.
- The online platforms segment dominated the market
Based on distribution channels, the online platforms segment dominated the market during the forecast period. The vegan steak market trends include a continual upswing in the spreading of several e-commerce websites, enhanced delivery meshwork, and escalated concentration of companies to initiate their online presence to gratify an escalating consumer base by rendering them conscious about several advantages linked with the intake of vegan steak. Apart from this, online platforms offer comprehensive product explanations, component lists, and customer reviews. Permitting consumers to make illuminated commitments about the vegan steak products they buy. It has caused escalated consumers to select these platforms for their buying, thereby pushing the segment market growth.
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Geographical Outlook
North America: The region held the largest vegan steak market share due to the upswing in the acquisition rate of plant-based or healthier diets due to the growing reach if moral worries, environmental sustainability, increasing health awareness, and the surge in consumer lessening their meat intake and selecting vegan or vegetarian lifestyles. For instance, as per recent studies, roughly 6% of the US population contemplates themselves as vegans, nearly one-third of the US population demands vegan food, and the aggregate of vegans is constantly surging.
Europe: The European region is surfacing as the escalating region in the global market due to a serious shift in consumer intake motifs towards plant-based diets and increasing consciousness about the obtainability and advantages of options of meat in both terms of health and environment, especially in developed nations such as Germany, UK and Spain amongst others.
Browse the Detail Report “Vegan Steak Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Almond, Wheat, and Others); By Distribution Channel; By End Use; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/vegan-steak-market
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Competitive Landscape
In the spirited topography of the market, many notable players protrude as central, each subscribing distinct upheavals and plans to benefit the increasing demand for plant-based options to conventional meat. These aggressive insights players are at the vanguard of this culinary rebellion, continuously casting the market with their provisions and market presence.
Market's Common Queries Answered by the Report
- Who are the key companies in the vegan steak market?
- What is the CAGR estimated to be calculated for the vegan steak market?
- What are the key segments covered?
- What are the key driving factors in the vegan steak market growth?
- What will be the market value estimated by the end of the forecast period?
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