0
2020
Vegan Cheese Market

Vegan Cheese Market

by Product(Mozzarella, Cheddar, Pepper Jack, Parmesan, Gouda, and Other), Source (Soy Milk, Almond Milk, Rice Milk, and Other), and End Use (Household, Food Industry, and Foodservice Industry): Global Opportunity Analysis and Industry Forecast 2021-2027

Report Code: A07197
Pages: 269
Sep 2020 | 8028 Views
Author(s) : Anil K , Roshan D
Tables: 122
Charts: 49
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The Vegan Cheese market size was valued at $1,237.8 million in 2019, and is estimated to reach $4,425.6million by 2027, registering a CAGR of 15.5% from 2021 to 2027.         

Vegan cheese is entirely plant-based food product is one of the dairy alternatives. Various plant-based milk sources are used to make vegan cheese, which includes soy milk, coconut milk, peanut milk, almond milk, and oat milk. Growth in flexitarian and vegan population and rise in voice against animal slaughtering and concerning about their welfare are major attributes for the growth of the vegan cheese market during the forecast period. Vegan cheese in the diet adds benefits to individual physiological state. Furthermore, lactose indolent and dairy allergic people are increasingly inclining toward the plant-based foods. As plant-based food products provide protein, vitamins, and carbohydrates like dairy product.

The food service industry has been significantly contributing for the growth of the vegan cheese market as hotel, restaurants, and fastfood outlets are labeling their products with vegan cheese and also serving food with vegan cheese as appetizer. Furthermore, growth in urbanized and millennial population, which are potential and targeted consumer group are majorly influencing factors for the product growth. Young population is concerning for the heath and getting aware of benefits of plant-based dairy products including cheese.    

Vegan-Cheese-Market-2021-2027

The report segments the vegan cheese market into product, source, end use, and region. On the basis of product, the market is categorized into mozzarella, cheddar, pepper jack, parmesan, gouda, and other. By source, it is segregated into soy milk, almond milk, rice milk, and other. According to end use, it is divided into household, food industry, and foodservice industry. Region wise, the market 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 (the Middle East, Latin America, and Africa).  

Vegan Cheese Market
By Product

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Mozzarella segment helds the major share of 30.4% in 2019

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On the basis of products, the parmesan segment accounted for the around one-third half of the global vegan cheese market share in 2019and is expected to sustain its share during the forecast period. Vegan parmesan cheese is widely used in Italian cuisines such as pasta, spaghetti, and macaroni. Thus, rise in demand for continental cuisines has fueled the need for vegan parmesan cheese. The intense flavor of parmesan and gluten and lactose free content as compared to dairy cheese further augments its demand. Moreover, development in technology and new techniques of cheese production, which aid in making high-quality cheese and reduce the cost of production are projected to provide lucrative opportunities for the market growth in the near future.

Vegan Cheese Market
By Source

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Soy Milk segment helds the major share of 36.9% in 2019

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Depending on source, the almond milk segment was valued at $387.7 million in 2019, and is expected to grow to $1317.6 million by 2027, with a CAGR of 14.7%. In developed countries including the U.S., Japan, and Canada, premium brand and quality almond-based dairy alternative products are in major demand, owing to high disposable income and growth in expenditure on functional food and high concentrated protein and carbohydrates products. Almond cheese is used in making of popular yogurt, which has been significant popularity as it is low in calories, sugar phosphorus, and enriched with vitamin D. Yogurt is produced using various fruits such as peaches, cherries, apricots, papaya, cactus pear, and blueberries, which makes it healthier and more nutritious.  

Vegan Cheese Market
By End Use

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Household segment helds the major share of 61.5% in 2019

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According to vegan cheese market analysis, by end use, the food industry segment is projected to grow at $1,052.3 million by 2027, registering a CAGR of 16.1%. Food industries are promoting their food product by labeling vegan, owing to growing veganism and rise in trend of flexitatrian diet. Growth in the food industry and dynamic changes in consumption pattern is further added to the growth of the vegan cheese market during the forecast period.    

Vegan Cheese Market
By Region

2027
Europe 
North America
Asia Pacific
LAMEA

Europe region helds the higest market share of 42.0% in 2019

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Region wise, Asia-Pacific is the fastest growing market for vegan cheese market and is expected to continue its growth throughout the vegan cheese market forecast period. This is majorly attributed to growing spending on nutritional. Growth in urbanization, increase in spending on health products, and awareness regarding the medicinal benefits of the plants based dairy products are expected to drive the vegan cheese market growth in Asia-Pacific during the forecast period. Furthermore, change in lifestyle and rise in trend of eating out and drastic changes in the food preference is further influencing the growth of the vegan cheese market.

The players in the vegan cheese market have adopted various 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  

Key Benefits For Stakeholders

  • The report provides a quantitative analysis of the current vegan cheese market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assist to determine the prevailing vegan cheese market opportunities.
  • The major countries in each region are mapped according to their revenue contribution to the market. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the vegan cheese industry.

Vegan Cheese Market Report Highlights

Aspects Details
By Product
  • Mozzarella
  • Cheddar
  • Pepper Jack
  • Parmesan
  • Gouda
  • Other
By Source
  • Soy Milk
  • Almond Milk
  • Rice Milk
  • Other
By End Use
  • Household
  • Food Industry
  • Foodservice Industry
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Russia, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players 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., NUSH FOODS
 

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As per the perspective of top-level CXOs, the global vegan cheese market is expected to offer remunerative business opportunities in the developing economies such as India and China. This is attributed to increase in disposable income, awareness regarding health benefits of the plant-based food products, and growth in concerns about animal welfare. 

The CXOs further added that innovation in cheese processing is the key factor that significantly contributes toward the growth of the vegan cheese market. The expansion of the retail market and improvement in economy further support the market growth. However, availability of substitute product and perishability of vegan cheese are the factors that are projected to hinder the market growth. Furthermore, surge in demand for fast food such as pizza and burger significantly boost the demand for vegan cheese. In addition, growth of fastfood chains such as McDonalds & Dominos is anticipated to have a significant impact on the consumption pattern of vegan cheese.

Growth in concerns of young population regarding obesity, allergies for the dairy products, and increase in curiosity of millennial to try innovative food boost the growth of the vegan cheese market. Furthermore, rise in rate of internet penetration around the major parts of the world makes way for manufacturers to initiate several key online marketing programs. These online platforms are one of the easiest ways to create awareness about the specifications and features of the plants-based ingredients among the target customers. Hence, tapping into such markets is expected to create potential opportunities for the expansion of the global vegan cheese market.

Discoveries and finding of the new plant sources for milk which can be used for the manufacturing of cheese is the key factor for the growth of the global vegan cheese market. Rise in demand for various vegan cheese products from target customer makes way for the manufacturers to come up with innovation in plant-based products, which is anticipated to boost the growth of the market.

The key players in the market have adopted product launch, continuous innovation, and acquisition as their key developmental strategies to cater to the rising demands for vegan cheese. The food service industry is potential buyer of vegan cheese and is growing at highest CAGR, owing to growing trend of flexitarian diet and rising vegan population.                                                `

However, the existing challenges such as close substitutes and lack of awareness regarding the vegan cheese benefits are expected to hamper the growth of the vegan cheese market during the forecast period.

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FREQUENTLY ASKED QUESTIONS?

A. The CAGR of Vegan Cheese Market is 15.5%.

A. The Vegan Cheese market size was valued at $1,237.8 million in 2019, and is estimated to reach $4,414.5million by 2027, registering a CAGR of 15.5% from 2021 to 2027.

A. You can get sample report of vegan cheese market through website https://www.alliedmarketresearch.com/ or you can mail to Help@alliedmarketresearch.com.

A. Rising vegan and lactose insolences people are likely to bolster the growth of the vegan cheese market.

A. 2021-2027 is the forecast period.

A. Product, source and end use are the segments of vegan cheese market.

A. Rising trend of flexitarian diet is majorly influencing the growth of the market

A. Growing popularity for the plant based food and rise in voice against animal slaughtering & concerning about their welfare are major current trends is likely to shape the market in future.

A. Bute Island Foods Ltd, GreenSpace Brands, violifefoods.com, Vtopian Artisan Cheeses., Chicago Vegan Foods, and Gardener Cheese Company are some of the active players in the vegan cheese market.

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