Vegan Cheese Alternatives Market Segmented By Mozzarella, Cheddar, Ricotta, Parmesan, Cream Product in Soy, Coconut, Almond, Cashew Source
Industry: Food and Beverages
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP32650
Vegan cheese is made from a variety of plant foods including soy, nuts, seeds, and root vegetables, and comes in various tastes and styles as regular dairy cheese. Vegan cheese is often added to food products owning to enhance nutrition which gets lost during food processing.
According to the latest research by Persistence Market Research, the vegan cheese alternatives market is set to witness steady growth during 2021-2031. Increasing acceptance of veganism among people around the world has been fueling market growth with a significant CAGR.
The increasing demand for processed and convenience food products as well as the consumption of confectionery products, has triggered the global vegan cheese market. Growing awareness for animal safety and negative impact on the environment due to the dairy industry is encouraging consumers to go for vegan products.
As a result of this, producers are offering a broad range of plant-based alternatives to dairy cheese such as, cheddar cheese, vegan camembert, vegan mozzarella, vegan cottage cheese, vegan feta, vegan cream cheese, vegan blue cheese, vegan fondue which has increased the consumption of vegan products developing many opportunities for the market key players in the food and beverages industry
Further, the industry is witnessing significant growth due to increasing cases of allergy from lactose, changing consumer lifestyles, growing health awareness among people. Consumers are adopting a vegan diet which has been contributing to the growth of the dairy alternatives market. Increasing consumption of convenience food products, ready-to-go meals, growing disposal income of the millennials drive the market.
The rising demand for alternatives for milk, cheese, yogurt, a cream that is used in various food like pizza, pasta, soups is contributing to the growth of the vegan industry. Manufacturers in the sector are focusing on the diversification of product portfolios to enhance existing products’ taste, which is likely to help the market growth in the forecasted period.
Also, the demand is anticipated to further propel the continuous innovation towards new vegan cheese alternatives and growing demand for plant-based options.
The covid-19 pandemic has severely affected this market in western regions. A lot of small-scale operators had to shut their business during the lockdown due to unavailability of recognition, a high level of competition, and disruption in the food delivery chain. Also, a lot of workers fled back to their country in distress due to fear. These were some of the main causes of the fall of the vegan cheese market.
Apart from these, many consumers stopped ordering foods from outside due to the rumors, lack of knowledge, and fear of covid-19 in the earlier part of the pandemic. These things impacted not only the vegan cheese market but also the overall food chain market. Now the things have changed a little in the last couple of months. People know much more about the covid-19, taking all the precautions and markets are now open in most of the regions up to certain limits.
According to the research of Persistence Market Research, Region-wise, North America is expected to grow with a significant share in the industry. Within North America, the US accounts for a major market share owing to the thriving food and beverages industry in the region. The increasing purchasing power of the consumers is allowing them to spend on premium products, like vegan alternatives, including camembert plant-based and cheese.
Moreover, the foodservice sector is witnessing significant growth since many restaurants, fast-food chains have been starting plant-based foods and beverages in their menus due to the increasing popularity of the vegan diet. Also, the easy availability of vegan products in supermarkets and convenience stores is boosting the growth of the vegan market.
Due to the high production of dairy and dairy-based products such as ice-cream, yogurt, and cheese in the Asia Pacific countries the demand for vegan alternatives is expected to grow since consumers of the region are witnessing their changing food habits, growing health consciousness is expected to drive the demand for the product.
There is a rising opportunity for the manufacturers to meet the regional demand as well as the international demand. China, Australia, and Japan are the major markets of vegan cheese alternatives in the region.
The Asia Pacific is expected to witness significant growth in the forecast period, owing to the high population in the region and increasing disposable incomes.
There are many manufacturers and suppliers which are connected with vegan cheese alternatives markets such as:
By Product
By Source
By End-use Industry
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By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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The market is expected to rise from US$23.1 million in 2024 to US$35.2 million by 2031.
Growing demand for plant-based alternatives and the popularity of vegan cuisines are propelling market growth.
Daiya Foods Inc., Galaxy Nutritional Foods Inc. (Greenspace Brands Inc.), Good Planet Foods LLC, Kite Hill, and Miyoko's Creamery are some of the key industry players.
Stress on raw material suppliers and higher cost of vegan are the major challenges that are restraining market expansion.
Growing adoption of vegetarian and vegan diets and an increasing lactose-intolerant population are key opportunities that are prowling market expansion.
