In terms of revenue, the Global Vegan Cheese Market is expected to reach USD 4.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2028.
A surge in acceptance of veganism, particularly among millennials, drives the growth of the Vegan Cheese Market. Also, the rising awareness of animal cruelty and the negative impacts on the environment caused by the dairy sector is encouraging consumers to go for plant-based products. This is contributing significantly to their booming demand.
Increasing concerns about animal welfare and novel product launches for vegans are fuelling the Vegan Cheese Market. In addition, the top manufacturers in this industry are innovating Vegan Cheese flavors using pea protein, arrowroot, tapioca flour, xanthan gum, carrageenan, and thickening agar flakes to increase their purchaser base.
The presence of top-tier Vegan Cheese brands and growth in the number of social media influencers & celebrities promoting Vegan Cheese, along with the change toward a healthier lifestyle, is driving market sales.
Key Highlights from Report
· Based on Product, the Mozzarella Vegan Cheese dominates the Vegan Cheese Market with the maximum market share. It will continue its dominance over the forecast period owing to its extensive usage in pizzas, burgers, and others.
· Among Sources, the Almond Milk segment accounted for the highest CAGR in the forecast period. In Vegan Cheese preparation, almond milk is a broadly used source and is low in calories, getting attention from health-conscious consumers. It is also known for its high nutritional profile.
· In terms of region, Europe holds the significant market share within the Vegan Cheese Market. This is due to the growing investments in the plant-based foods industry, Vegan Cheeses, and numerous product launches in this region. The United States and Canada are key contributors driving the demand for the product.
The Vegan Cheese Market growth is driven by the increased adoption of gluten-free and plant-based diets and the rise in popularity of ready-to-eat (RTE) packaged vegan food& beverages worldwide. And other growth factors, such as the surging number of people with lactose intolerance and the growing access to dairy-free products, also accounted for the market growth. In addition, the ever-increasing acceptance of veganism, mainly among millennials and the consumer’s preference for plant-based goods owing to the mounting awareness of animal cruelty and the severe environmental implications of the dairy industry, is expected to fuel the demand for the product and boost the market expansion.
Key participants introduce Vegan Cheese in different flavors, bases, forms, and textures such as cream, block, sliced, shredded, soft, dips, and parmesan-style. For example, in October 2020, Boursin (Bel Brands USA), a brand of Gournay cheese, introduced a dairy-free garlic and herbs cheese spread on Amazon Fresh. In addition, these market players are introducing minimally processed product variants with vital micronutrients, higher amounts of fiber, and healthy fats. Along with this, they partner with fast food service joints to provide products like cream cheese, cheesecake, and pizza made with Vegan Cheese.
Geographically, Europe market is estimated to witness major market growth with the highest growth rate in the forecast period. The region’s market growth is attributable to the escalating demand for healthy ready-to-eat snacks and the availability of advanced manufacturing and production facilities. Additionally, rising consumer awareness concerning lactose intolerance and the high adoption of non-dairy cheese products in snack items and baked food are other vital aspects expected to fuel the regional market's growth in the future. Moreover, the demand for innovative food substitutes has been progressively ascending. Therefore, brands are placing more emphasis on organic products, which is projected to expand Vegan Cheese in the market among consumers.
The Global Vegan Cheese Market is Segmented as follows
- Cream Cheese
- Other Products
- Other Sources
- End Use
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vegan Cheese Market is
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)
The Global Vegan Cheese Market Scope can be Tabulated as below
|Market Size Provided for Years||2016-2028|
|Regions & Counties 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|