Vegan Cheese Market
Vegan Cheese Market - Global Industry Assessment & Forecast
- By Product Mozzarella, Cheddar, Parmesan, Ricotta, Cream Cheese, Other Products
- By Source Soy, Almond, Cashew, Coconut, Other Sources
- By End Use B2C, B2B
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 2.2 Billion|
|Revenue 2028:||USD 4.4 Billion|
|Revenue CAGR (2021 - 2028):||12.3%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||Europe|
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Global Vegan Cheese Market is valued at USD 2.2 Billion in 2021 and is projected to reach a value of USD 4.4 Billion by 2028 at a CAGR of 12.3% over the forecast period.
The most popular type of Vegan Cheese was mozzarella (32%), followed by cheddar (30%), and Parmesan (13%). When asked why people preferred Vegan Cheese, the top reasons given were that it was healthier (41%), tasted better (39%), and was more environmentally friendly (33%).
Vegan Cheese Market Size, 2021 To 2028 (USD Billion)
The rising demand for plant-based cheese among health-conscious consumers is the primary factor driving the growth of the Vegan Cheese Market. In addition, the increasing number of lactose intolerant and vegan populations is also boosting the demand for Vegan Cheese. Moreover, the growing awareness about the health benefits of Vegan Cheese is anticipated to support the growth of this market in the coming years. In terms of market size, traditional Vegan Cheese currently dominates the market with a share of around 70%. This is because traditional Vegan Cheeses are generally cheaper to produce and have a longer shelf life than their innovative counterparts. As the Vegan Cheese Market continues to grow, several factors are driving this growth. First, there is an increasing awareness of the health and environmental benefits of a plant-based diet. This has led more people to try Vegan Cheese as a way to reduce their impact on the environment and improve their health. Second, the dairy industry is facing increasing scrutiny over its environmental and ethical practices. As more consumers become aware of the issues surrounding dairy production, they are seeking out alternative products like Vegan Cheese. The Vegan Cheese Market is witnessing high growth because of the increasing awareness about animal welfare and environmental concerns among people. In addition, the growing popularity of plant-based diets is also fueling the demand for Vegan Cheese products.
Finally, Vegan Cheese is simply delicious! As more people try it and discover how versatile it can be, its popularity will continue to grow. Due to the enormous global interest in cooking at home, the COVID-19 epidemic has provided some relief to the market. As a result, over the past few years, the demand for vegan food products has significantly increased. For instance, in the United States, the commerce in plant-based meals went to USD 7.0 billion in 2020. In this case, the market prospects are probably still favorable. Global demand for Vegan Cheese is being fueled by shifting consumer eating habits and new trends in the food and beverage industry. Consumer food preferences have lately changed as a result of the growth in the incidence of lactose intolerance and other food-related allergies in both children and adults. According to a study published in the journal Food Science and Technology, global data of lactose intolerant people recorded in 2021 was 10 million. This figure is projected to grow at a CAGR of 3% during the forecast period 2022-2025. The tendency of millennials toward veganism and vegetarian diets is expected to stimulate industry growth in the Hotel/Restaurant/Café (HoReCa) sector. For instance, to promote a healthy lifestyle, vegan restaurants have sprouted up throughout Saudi Arabia. People are also choosing plant-based goods more and more because they are worried about the carbon footprint of an animal-based diet and are becoming more aware of animal cruelty.
The vegan population also avoids all products made from animals, except for meat, including cheese, milk, cream, yogurt, and even honey, which will help the market grow. The Vegan Cheese Market is still in its early stages of development and faces many restraints. The main restraint is the lack of a suitable substitute for milk proteins, which are essential for the texture and taste of cheese. Other restraints include the high cost of Vegan Cheese compared to traditional cheese and the limited availability of Vegan Cheese products.
Impact Of COVID-19
The COVID-19 pandemic has had a significant impact on the Vegan Cheese Market. The market was already growing at a rapid pace before the pandemic, but the pandemic has accelerated this growth. The main reason for this is that more people are now looking for plant-based alternatives to dairy products. Dairy products have been linked to several health risks, and as people become more health conscious, they are increasingly turning to Vegan Cheese as a healthier alternative. In addition, the pandemic has led to a decrease in demand for dairy products overall. This is because many people are now working from home and thus eating fewer meals out. This has resulted in less demand for dairy products, and as a result, the prices of dairy products have decreased. This has made Vegan Cheese more affordable for many consumers, further increasing its popularity. Finally, the COVID-19 pandemic has also led to an increase in interest in veganism overall. As more people learn about the ethical and environmental benefits of veganism, they are increasingly interested in adopting a vegan lifestyle. This is likely to continue to boost the growth of the Vegan Cheese Market in the years to come.
Top Market Trends
The Vegan Cheese Market is growing at a rapid pace as more and more people are looking for dairy-free alternatives. The top trends driving this growth include the following:
· Increasing health consciousness: With the rise of health concerns like lactose intolerance and heart disease, many people are avoiding dairy products altogether. Vegan Cheese provides a delicious and nutritious alternative that doesn't sacrifice taste or texture.
· The European Union has recently proposed a regulation that would require all food products to list both animal and plant ingredients on their labels. This would make it much easier for consumers to choose Vegan Cheese options. Other governments are also starting to take notice of the growing Vegan Cheese Market, and some have even started promoting its benefits.
· The rise of plant-based diets: More and more people are adopting plant-based diets for ethical, environmental, or health reasons. As a result, the demand for Vegan Cheese has increased significantly.
· Improved technology: Thanks to advances in food science and technology, Vegan Cheese products have come a long way in recent years. They now offer a realistic alternative to traditional dairy cheese in terms of taste, texture, and nutrition.
· Growing acceptance: Veganism was once considered a fringe lifestyle, but it has now gone mainstream. This is evident in the increasing number of Vegan Cheese products available in supermarkets and restaurants.
· Increasing disposable income: As people's disposable incomes grow, they are increasingly willing to spend on premium products like Vegan Cheese. This is especially true in developed markets like North America and Europe where Vegan Cheese is relatively expensive compared to traditional dairy cheese.
· Daiya's products are available in grocery stores across North America and Europe. Treeline Tree nut Cheese is an American company that produces artisanal nut-based cheeses. Their products are available online and in select stores in the United States.
The Global Vegan Cheese Market is segmented based on Product, Source, End Use, and Region. Based on Product, the market is segmented based on Mozzarella, Cheddar, Parmesan, Ricotta, Cream Cheese, and Other Products. Furthermore, based on the Source, the market is segmented into Soy, Almond, Cashew, Coconut, and Other Sources. In addition, based on End Use, the market is segmented into B2C and B2B. Moreover, based on the Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Product
The Mozzarella segment is expected to dominate the Vegan Cheese Market throughout the forecast period. This is due to its high demand from food industry applications such as pizza and pasta. The cheddar segment is also expected to grow rapidly during the forecast period owing to its higher demand from dairy industry applications such as ice cream and yogurt. The Parmesan segment is expected to grow at a slower rate owing to its high price point and limited availability in some regions. Ricotta is expected to grow at a faster rate owing to its expanding use in desserts and other bakery products. Cream cheese is expected to register modest growth due to its low price point relative to other types of Vegan Cheeses. Other Vegan Cheeses include blue cheese, goat cheese, brie, Camembert, feta, queso Blanco, queso fresco, and panela.
Based on Source
Soy-based Vegan Cheese is projected to be the largest segment of the Vegan Cheese Market in terms of revenue. This is owing to its high demand from the dairy-free and plant-based food sectors. almond-based Vegan Cheese is also expected to be lucrative due to its increasing popularity among health-conscious individuals. Coconut-based Vegan Cheese is expected to register a higher growth rate than other types due to its expanding applications in food products such as yogurt and ice cream. However, challenges such as soy allergies and low milk solids content in coconuts may restrain the growth of this segment over the next few years. Soy-based Vegan Cheeses are also often the most affordable option. Almond-based Vegan Cheeses tend to be creamier and milder in flavor than soy-based cheeses. Cashew-based Vegan Cheeses are often rich and flavorful, making them a good choice for those who want a more robust cheese flavor. They can be more expensive than other Vegan Cheese options, however. Coconut-based Vegan Cheeses can be a good choice for those who are looking for a dairy-free cheese option that is higher in fat. Nut-based Vegan Cheeses are a relatively new product and account for only a small portion of the overall market. Finally, there are also Vegan Cheeses made from coconut milk. These cheeses tend to be the richest and creamiest of all the Vegan Cheese options, making them perfect for desserts or rich sauces.
Based on End Use
The B2C segment includes retail stores, supermarkets, and hypermarkets. The B2B segment includes food service providers, such as restaurants, hotels, and caterers. The B2C segment is expected to grow at a faster rate than the B2B segment during the forecast period. The growth of the B2C segment can be attributed to the increasing awareness about the benefits of veganism among consumers and the availability of Vegan Cheese products in retail stores. The B2B segment is expected to grow at a moderate rate during the forecast period. The growth of this segment can be attributed to the increasing demand for Vegan Cheese products from food service providers.
Based on Region
North America is expected to be the leading region in terms of revenue during the forecast period, followed by Europe. Asia Pacific is projected to be the fastest-growing region, owing to growing consumer interest in plant-based food products and increasing demand from the wellness segment. Latin America is anticipated to register modest growth during the forecast period, while the Middle East and Africa are likely to witness moderate growth due to increased investment in plant-based foods by major manufacturers. North America: The United States and Canada are the major markets for Vegan Cheese in North America. The growing number of health-conscious consumers and the rise in the prevalence of lactose intolerance are the key factors driving the growth of the Vegan Cheese Market in this region. There are several significant players in the US market, such as Follow Your Heart, Treeline Tree nut Cheese, and Miyoko’s Creamery. Canadian brand Nutritional Yeast Food Company also has a strong presence in the North American Vegan Cheese Market.
Europe: The United Kingdom, Germany, France, Italy, and Spain are the major markets for Vegan Cheese in Europe. The growing awareness about the health benefits of plant-based diets is fueling the demand for Vegan Cheese in this region. In Europe, the UK and Germany are leading the way in terms of both production and consumption. The UK has several well-established Vegan Cheese brands, such as Violife and Daiya, which are widely available in supermarkets and health food stores. Germany is also home to several Vegan Cheese producers, such as Veganz and Sojasun. Asia Pacific: China, India, Japan, Australia, and New Zealand are the key markets for Vegan Cheese in Asia Pacific. The increasing popularity of Western diets and the growing disposable incomes are boosting the demand for Vegan Cheese in this region. Latin America: Brazil, Mexico, and Argentina are the major markets for Vegan Cheese in Latin America. The changing food habits of consumers and the rise in health consciousness are driving the growth of the Vegan Cheese Market in this region. Middle East & Africa: The United Arab Emirates, Saudi Arabia, Iran, South Africa, and Israel are the key markets for Vegan Cheese in the Middle East & Africa. The increasing awareness about animal welfare and the growing preference for healthy diets are fueling the demand for Vegan Cheese in this region.
The key players in the Global Vegan Cheese Market include- Treeline Cheese (US), Follow Your Heart (US), Daiya Foods Inc. (Canada), Kite Hill (US), Violife (Greece), Dr-Cow Tree Nut Cheese (US), Tofutti Brands Inc. (US), Tyne Cheese Limited (UK), Miyoko's Creamery (US), Parmela Creamery (US) and others.
· Innovation by key players to meet the increasing demand for Vegan Cheese, key players in the market are innovating and launching new products. For example, Miyoko's Kitchen has launched a line of Vegan Cheeses made from cashews, and Vegusto has launched a line of Vegan Cheeses made from almonds.
· Vegan Cheese is becoming more mainstream, with new product launches by major brands such as Daiya Foods and Follow Your Heart. Daiya Foods has launched a line of dairy-free shredded cheeses made from tapioca flour and Follow Your Heart has launched a line of vegan cream cheeses.
· In 2020, The United Kingdom became the first country to legalize plant-based cheeses for sale in supermarkets. The Netherlands followed suit in 2021, and France plans to do the same by 2024.
· One of the biggest breakthroughs has been in the area of manufacturing. Until recently, most Vegan Cheeses were produced using soy milk or other plant-based liquids, which often resulted in a product that was watery and lacked flavor. However, new techniques that involve fermentation and culture have resulted in Vegan Cheeses that are much richer and creamier.
Segmentation of the Global Vegan Cheese Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Vegan Cheese in terms of revenue?
The global Vegan Cheese valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 12.3%.
Which are the prominent players in the market?
The prominent players in the market are Treeline Cheese (US), Follow Your Heart (US), Daiya Foods Inc. (Canada), Kite Hill (US), Violife (Greece), Dr-Cow Tree Nut Cheese (US), Tofutti Brands Inc. (US), Tyne Cheese Limited (UK), Miyoko's Creamery (US), Parmela Creamery (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 12.3% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Vegan Cheese include
- Increase in purchasing power
Which region accounted for the largest share in the market?
Europe was the leading regional segment of the Vegan Cheese in 2020.