A new report details the rapidly growing size of the vegan steak market.
The global market value for vegan steak is estimated to be $598.6 million in 2023, and is anticipated to register a compound annual growth rate (CAGR) of 7.3% from 2023 to 2033. This is according to a report by Future Market Insights. The report anticipates the overall valuation of the market to reach up to $1.13 billion by the year 2033.
“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”, states the report. “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.”
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The study notes that hyperuricemia (elevated uric acid level in the blood) is a well-known risk factor for chronic kidney disease, and that little is known about whether a vegetarian or vegan diet is associated with a lower risk of chronic kidney disease (CKD) in patients with hyperuricemia.
The study was published in JAMA Network Open and was epublished by the U.S. National Library of Medicine. It was conducted by researchers from Queen’s University (UK), the University of Barcelona (Spain), the University of Zurich (Switzerland), the University of Oxford (UK), the Danish Cancer Society Research Centre, Cowan University (Australia), the International Agency for Research on Cancer (France), and the University Hospital (Germany).
Titled Isocaloric substitution of plant-based protein for animal-based protein and cardiometabolic risk factors in a multi-ethnic Asian Population, the study was conducted by researchers at the National University of Singapore, Curtin University in Australia, The University of Newcastle and George Washington University in Washington D.C.
The study found that 63% in Spain are willing to or have already tried lab-grown meat, sometimes called cultivated meat. While 63% would try it, 46% said they’d be willing to actually buy it themselves. The three primary reasons behind participants willingness to try this new type of meat was due to animal welfare (63%), environmental concerns (50%), and curiosity (48%).
