According the vegan cheese market analysis, the market is segmented into product, end use, and region. By product, it is categorized into mozzarella, cheddar, pepper jack, parmesan, gouda, and other. Depending on source, it is fragmented into soy milk, almond milk, rice milk, and other. On the basis of end use, it is differentiated into household, food industry, and food service industry. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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The global vegan cheese market size is expected to reach $4,425.6 million by 2027 at a CAGR of 15.5% from 2021 to 2027.
Vegan cheese is one of the plant-based non-diary food products, which has been gaining significant popularity among the vegan and flexitatrian population. Dynamic changing food consumption pattern and increase in awareness among population regarding lactose intolerance drive the market growth. Furthermore, increase in animal welfare concerns coupled with rise in demand for diary analogue products further boost the market growth.
However, animal-based cheese gained extreme popularity among consumer, which is likely to be very intense challenge for the vegan cheese manufactures to gain attention. High prices and lack of awareness are anticipated to hinder the growth of the vegan cheese market during the forecast period.
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The vegan cheese market growth is primarily attributed to a host of factors, including consistent rise in the number of vegan consumer base worldwide, growing awareness regarding the benefits of vegan food products, mounting environment protection concerns, animal welfare, and evolving consumer trends.
The players operating in the vegan cheese market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Bute Island Foods Ltd, GreenSpace Brands, violifefoods.com., Vtopian Artisan Cheeses, Chicago Vegan Foods, Gardener Cheese Company, Tofutti Brands Inc., Kite Hill, DAIYA FOODS INC. and Nush Foods.
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Key findings of the study
The vegan cheese market was valued at $1,237.8 million in 2019, and is estimated to reach $4,425.6 million by 2027, growing at a CAGR of 15.5% during the forecast period.
By product, the mozzarella segment is estimated to witness the fastest growth, registering a CAGR of 14.5% during the forecast period.
In 2019, by end use, the household segment was valued at $760.8 million, accounting for 61.5% of the global vegan cheese market share.
In 2019, the U.S. was the most prominent market in North America market, and is projected to reach $867.2 million by 2027, growing at a CAGR of 14.5% during the forecast period.
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