According to a report by Polaris Market Research, the global vegan steak market is set to grow with a CAGR of 6.2% through to 2032, reaching a value of about $1.02 billion — up from $562.48 million in 2022.
North America will have the largest market share throughout the forecast period, followed by Europe and the Asia Pacific. Growth will be driven by increasing interest in plant-based diets, along with improved technology for producing meat alternatives and the increased availability of vegan steak in restaurants.
Health concerns will also be a key driver of the market, with red meat increasingly associated with chronic diseases such as colon cancer and cardiovascular disease. Earlier this year, Beyond Meat’s bestselling plant-based steak became the first meat alternative to be certified by the American Heart Association, with studies finding health benefits in participants who replaced conventional meat with Beyond Meat products. The company is now conducting a campaign promoting the nutritional benefits of plant-based meat.
Meanwhile, companies and consumers are becoming increasingly focused on sustainability, providing more opportunities for market growth since plant-based meat uses a fraction of the resources required by conventional beef production.
Online sales on the rise
Supermarkets had the highest share of the vegan steak market in 2022, but this is expected to change over the forecast period, with online platforms eventually dominating the market. In terms of ingredients, soy-based steak alternatives will see the highest sales figures.
Many companies producing vegan steak are already seeing considerable success; Israel’s Chunk Foods raised $15 million in a seed round in April, and has launched its fermentation-based steak at a popular Florida steakhouse chain.
“The feedback from our launch with Charley’s Steak House in Orlando has been overwhelming,” the company told vegconomist. “Customers who have been visiting Charley’s are raving about how delicious and juicy the steak is. We knew this announcement was historic, marking the first time a traditional steakhouse chain in America is serving a plant-based steak, but I’d be remiss to say we expected this type of international media attention. It’s truly been incredible, and positions Chunk as a global leader in the space.”
