The global ‘vegan steak’ market is expected to more than double in value by 2033 to US$1.23 billion, according to data from Future Market Insights.
The largest market for alt-steaks currently is the US at $168.5 million last year, which accounted for 30.2 per cent of worldwide sales, with second-placed Germany accounting for $94.3 million and 16.9 per cent.
The UK is the fastest-growing nation in terms of accepting vegan meat steak alternatives with a cumulative annual growth rate predicted at 8.5 per cent. That would take sales from a predicted $52 million this year to $126.5 million by 2033.
In Asia Pacific, Japan is the largest market both in the production and consumption of plant-based foods and the vegan steak market there reached $30.7 million this year.
FMI says the market in western Europe would grow given that meat has traditionally been an important source of nutrients in developed countries there and there has recently been a rise in demand for traditional protein sources in eastern economies.
In China, meanwhile, vegan food product businesses are surfacing as staunch competitors in the global market. “Moreover, the overall market for vegan steaks in China is projected to register a higher CAGR OF 6 per cent from 2023 to 2033, concluding at a total value of $97.4 million.
“As the trend for veganism spreads across these countries, the demand for vegan steak along with other plant-based protein alternatives is rising exponentially in the global as well local markets,” concluded FMI. “As people are willing to invest time in learning more about these new food alternatives, vegan steak is anticipated to garner more new consumers in the future.”
The world’s largest manufacturers of vegan stakes include Danone, The Archer Daniels Midland Company, Daiya Foods, Ripple Foods, Impossible Foods, Eat Just, Beyond Meat, Amy’s Kitchen, Tofutti Brands, Earth’s Own Food Company, Gardein, and Field Roast.
FMI believes that while major players are currently monopolising the market with better product knowledge and higher production capacity, 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.