WASHINGTON, Nov. 24, 2022 (GLOBE NEWSWIRE) — 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 (Compound Annual Growth Rate) of 12.3% over the forecast period 2022-2028.
One of the most significant economic sectors is the Vegan Cheese Market, and consistent growth is predicted going forward. Despite the industry’s volatility, a range of factors could have an impact on its development or demise. This study examines current trends and potential developments to provide a comprehensive overview of the industry. It also provides details on the key players in the industry and their expansion strategies.
The study provides a complete evaluation of worldwide producers and suppliers, as well as their current state and future potential. It also includes information on demand-side variables influencing the global need for, such as rising investment demands, expanding technology, and new laws.
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Vegan Cheese Market Overview:
According to Vantage Market Research, some of the key factors anticipated to accelerate the Vegan Cheese Market growth over the forecast period. Growing consumer acceptance of veganism, particularly among millennials, has spurred market expansion. Sales of vegan cheese are rising due to consumer preferences for plant-based foods, growing public awareness of animal suffering, and negative environmental repercussions of the dairy industry. The market has also been pushed and will continue to be pushed by the prevalence of lactose sensitivity and the vegan diet.
We forecast that the soy-based category in Vegan Cheese Market sales will account for more than 30% of total sales by 2028. Soy milk is an affordable alternative to dairy and contains a perfect ratio of healthy fatty acids and amino acids. As a result, it is an economical choice for large-scale vegan cheese makers. Additionally, soy-based cheese is simple to melt, so it is becoming more popular among customers.
North America dominates the Vegan Cheese Market, and this trend of dominance will continue throughout the projection period. This is mostly because of the region’s active vegan outreach programs and growing public awareness of veganism as a healthy lifestyle. Additionally, numerous product makers make it possible for the product to be sold at a reduced price and be easily accessible, unlike in other parts of the world.
Rising Disposable Income:
The primary drivers of the growth of the vegan cheese market are increasing personal disposable income, evolving tastes and preferences, and rising acceptance of the western lifestyle. In addition, the millennial generation, a potential and targeted consumer group is growing more urbanized, significantly impacting the product’s growth. Young people are becoming more aware of the advantages of cheese and other plant-based dairy products, which is alarming for their health.
Rising Trend of Veganism:
The main factors promoting veganism and boosting product demand are growing concern for animal welfare and growing awareness of the sustainability provided by the vegan food industry. Additionally, the consumption of vegan products is rising due to rising worries about health issues related to consuming dairy products.
Various Health Benefits Offered by Vegan Cheese:
Due to the public’s growing understanding of the health advantages of vegan cheese, there has been an increase in demand for it. Almond, cashew, coconut, and soy milk are just a few of the sources used to make vegan cheese. The high nutritional value of these sources is well known and has attracted consumers worldwide. The high fiber and carbohydrate content of vegan cheese gives the consumer tons of energy. The probiotic bacteria in the vegan cheese also aid in preserving the intestinal flora and microbiota. The vegan cheese market has thus been growing and developing worldwide due to all these factors.
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Top Players in the Global Vegan Cheese Market
- 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)
Top Trends in Global Vegan Cheese Market
- One trend that Vantage Market Research (VMR) expects to see in the Vegan Cheese Market industry is the growing trend toward health-conscious dietary options. This factor has impacted customers, and it is anticipated that they will spend more money on wholesome foods like vegan cheese than on animal-based varieties that are more likely to include saturated fats and cholesterol.
- Another trend that VMR predicts will continue in the Vegan Cheese Market industry is veganism was once regarded as a niche lifestyle but has since become popular. As people become more aware of the environmental harm that dairy operations inflict, they are turning away from dairy in favor of alternatives. The dairy industry harms watercourses because of nitrogen and phosphorus emissions from spreading manure and overgrazed pastures. Increased knowledge of the harm dairy practices due to the environment is likely to help the vegan cheese industry grow.
Top Report Findings
- Based on product, most of the Vegan Cheese Market’s revenue is controlled by the mozzarella category. This is because products used in the culinary business, including pizza and pasta, have high demand. There is a particularly high demand for mozzarella in nations where Italian cuisine is well-liked.
- Based on the source, the soy-based category dominated the Vegan Cheese Market, which is anticipated to continue. This is because the dairy-free and plant-based food industries have a high demand for it. Vegan cheese made from almonds is anticipated to be profitable as more people become health-conscious.
- Based on end use, the B2C category dominated the Vegan Cheese Market. It is anticipated that this trend will continue due to the availability of vegan cheese products in retail outlets and customers’ growing knowledge of the advantages of veganism.
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Top 10 Players Generates More Than 45% of the Global Vegan Cheese Market Revenue
The report also found that the largest players in the Vegan Cheese Market are technology providers such as Treeline Cheese (US), Follow Your Heart (US), Daiya Foods Inc. (Canada) and Kite Hill (US). These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players 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. As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
B2C Category in Vegan Cheese Market to Generate Over 30% Revenue
Vegan Cheese Market is an expensive investment. Vantage Market Research has analyzed the market for Vegan Cheese Market to understand its current state and potential future growth factors. For better understanding, based on end-use Vegan Cheese Market is divided into B2C and B2B.
During the forecast period, the market for Vegan Cheese Market is anticipated to experience the highest CAGR for the B2C category. Demand for plant-based goods has increased in the B2C market due to rising consumer disposable income levels and their willingness to spend on high-end goods. The simple availability of products has also aided the segment’s growth in supermarkets and convenience stores.
On the other hand, the B2B category is anticipated to grow at a significant rate over the forecast period. Due to the growing acceptance of flexitarian and plant-based diets, several eateries, fast food chains, and casual dining establishments have begun including plant-based meals and beverages.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Vegan Cheese Market Forecast Report (2022-2028).
Global Vegan Cheese Market Segmentation
- Cream Cheese
- Other Products
- Other Sources
By End Use
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
|Market Size in 2021||USD 2.2 Billion|
|Revenue Forecast by 2028||USD 4.4 Billion|
|CAGR||12.3% from 2022 to 2028|
|Forecast Year||2022 to 2028|
|Key Players||Treeline Cheese, Follow Your Heart, Daiya Foods Inc., Kite Hill, Violife, Dr-Cow Tree Nut Cheese, Tofutti Brands Inc., Tyne Cheese Limited, Miyoko’s Creamery, Parmela Creamery.|
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.
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