Global Plant-based Cheese Market: Market Outlook
Plant-based cheese is derived from soy, almond, coconut, rice, vegetable oil, grains, fruits, nuts, seeds and from many other plant-based sources. Plant-based cheese offers a wide variety of options to the consumers who are seeking alternative options to the dairy products. Cheese is considered one of the delicious products in the food and beverage industry. As the market for plant-based alternatives grows, a wider range of ingredients is being used to broaden the product range. Plant-based cheese is made with several plant-extracts, oils, ingredient which is filled with nutritional ingredients as well as the real taste of dairy cheese. Plant-based cheese is widely used in the food and beverage industry such as food premixes, soups, sausage, dips, bakery, processed and packaged food and in many other food products. Plant-based cheese products have witnessed high demand from the foodservice industry and household and retail sector owing to increasing foodservice outlets and health-conscious consumers across the world.
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Global Plant-based Cheese Market: Market Dynamics
Dairy-usage among consumers has always persisted due to nutrition and limited options in dairy-alternatives products. But a change in this trend has been observed in recent years as a larger proportion of plant-based products are produced. There are various types of plant-based alternative products on the market undergoing significant levels of new product development. Plant-based products also contain the same nutritional content, flavor, appearance which can fulfill the traditional taste and nutritional requirements of consumers. Besides, plant-based cheese products are comparatively low in fat, gluten-free, lactose-free with the goodness of plant-based ingredients. Increasing lactose intolerance and sensitivity towards animal welfare are the key factors influencing the growth of the plant-based product’s market. Thus, these factors are fueling the growth of the global cheese market. The packaged and processed food sectors are witnessing increased demand for healthy food products which influencing the healthy growth for the plant-based cheese market. Millennials and generation Z are the main consumers of plant-based cheese products as they show an inclination towards experimenting and trying out new products. The availability of options is a major factor for the growth of the plant-based cheese market.
Global Plant-based Cheese Market: Market Segmentation
Based on nature, the global plant-based cheese market has been segmented as,
- Organic
- Conventional
Based on the source, the global plant-based cheese market has been segmented as,
- Soy Milk
- Almond Milk
- Coconut Milk
- Rice Milk
- Vegetable Oil
- Others
Based on the type, the global plant-based cheese market has been segmented as,
- Mozzarella
- Parmesan
- Cheddar
- Cream Cheese
- Others
Based on application, the global plant-based cheese market has been segmented as,
- Food and Beverage Industry
- Food Premixes
- Soups and Sauces
- Bakery
- Prepared and Packaged Food
- Foodservice Industry
- Household/Retail
Based on the distribution channel, the global plant-based cheese market has been segmented as,
- Business to Business
- Business to Consumer
- Hypermarkets/Supermarkets
- Conventional Stores
- Specialty Stores
- Retail Stores
- Online Retail
Global Plant-based Cheese Market: Key Players
Several key players are engaged in the business of the global Plant-based cheese market are Epic Provisions, The Plantbased Cheeses Co., Paleo Baking Company, PRIMAL PACS, Blue Mountain Organics, Paleo Braaap, LLC., Black Bear GmbH, Back Roads Food Company, Paleo snacks, PaleoPure, Paleo Baking Company, Caveman Foods, Plant based Cheese Prodotti Per La Dieta Paleo, Pacific Foods of Oregon, Steve’s PaleoGoods (SPG), others.
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Opportunities for the Key Players in the Global Plant-based Cheese Market
In established markets such as North America and Europe, veganism is a popular trend. The population is showing an increasing inclination towards veganism owing to health consciousness. This section of the population consumes only plant-based products that driving the growth of the global plant-based cheese market. This trend is also affecting emerging markets such as South Asia and East Asia. This increasing popularity of the vegan trend is expected to bolster the growth of the plant-based cheese market in the international market place.
COVID 19 Impact on Global Plant-based Cheese Market
As the effects of COVID-19 are felt around the world, consumer products food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. In addition, the lockdown in many countries and disruption in trade of food and beverage products leading to reduced production of premium dairy alternative products such as plant-based cheese products. The retail chain is completely disturbed in recent days due to lockdown and time limits. In addition, the agricultural output is declined; supply chains are disrupted, largely due to rapidly changing consumer buying behaviour and demand. These factors are expected to leave larger footprint on the global food and beverage market for at least next couple of years.
