Vegan Cheese Market Forecast to 2028 Impact and Global Analysis – The Insight Partners.
Posted by niket gore on July 11th, 2022
The global vegan cheese market is accounted for US$ 2,705.00 million in 2019 and is expected to grow at CAGR of 7.1% during the forecast period 2020 – 2027, to account for US$ 4,651.68 million by 2027. Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the world. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular disease. Development in new products like microorganism-cultured vegan cheese is expected to provide lucrative opportunities to the vegan cheese market in the coming years. Based on source, the vegan cheese market is categorized into almond milk, soy milk, coconut milk, cashew milk, and others. In 2019, the almond milk segment dominated the market by accounting for major share of the total market share. The almond milk base is highly in demand as the consumers believe that it is a healthier product with a higher concentration of nutritional compounds. Scientific studies have shown that almond milk consumption is known to reduce the risk of cardiovascular diseases and hence has been recommended by consumers globally. Thus the high nutritional profile of almond milk has been one of the major contributing factors for its source base in the vegan cheese production.
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Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the globe. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular disease. Development in new products like microorganism-cultured vegan cheese is expected to provide lucrative opportunities to the vegan cheese market in the upcoming years.
There has been a rising demand for vegan cheese due to the rising awareness of the health benefits related to vegan cheese. Vegan cheese is prepared using various sources such as almond milk, coconut milk, cashew milk, and soy milk, among many others. These sources have been well known for their high nutritional properties that have garnered the inclination of consumers worldwide. The vegan cheese is a rich source of various minerals, vitamins, potassium, calcium, and fibers. This strong nutritional profile of vegan cheese has led to an upsurge in its demand globally. Vegan cheeses are comparably lower in fat and are likely gluten-free. Recent studies have shown that vegan cheese helps in reducing cardiovascular diseases and has been highly recommended by people and the aging population worldwide. The high carbohydrate and fiber content of vegan cheese is noted to provide abundant energy to the consumer. Additionally, the vegan cheese contain probiotic bacteria that help in protecting the micro biota or intestinal flora. Thus all these factors have been contributing to the expansion and development of the vegan cheese market all over the globe.
The COVID-19 outbreak has affected economies and industries in various countries due to imposed lockdowns, travel bans, and business shutdowns. Food processing is one of the major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The overall market breakdown due to COVID-19 is also affecting the growth of the vegan cheese market due to shutting down of factories, obstacles in supply chain, and downturn in world economy.
Based on geography, the global vegan cheese market is segmented into five regions — North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). North America vegan cheese market is expected to grow at the highest CAGR during the forecast period. The US is dominating the regional market, followed by other countries such as Canada and Mexico. North America also accounted for the significant share of the global market in 2019, followed by Asia Pacific. North America region is a home to a few major vegan cheese producers, including Daiya Foods Inc., Good Planet Foods, and Kite Hill, among others.
Vegan Cheese Market Breakdown — by Region, 2019
The List of Companies - Vegan Cheese Market
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About the Authorniket gore
Joined: July 6th, 2022
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