Vegan Cheese Market Expectation Surges With Rising Demand And Changing Trends 20

Posted by pooja paralkar on February 24th, 2020

Vegan cheese is a plant cheese analogue or a non-dairy product which targets the growing population of vegan worldwide. The increasing awareness about harmful effects of meats and evolving consideration about animals is expected to drive the global vegan cheese market.

Depending on the brand and the type, vegan cheese is made up of soybeans, seeds like sunflower and sesame, cashew, almond, and pine nut. It also uses ingredients such as peanuts, nutritional yeast, and coconut oil, rice, and tapioca. Vegan cheese is generally considered a healthy source of soy protein and is popular with diabetics due to its cholesterol-free nature.

The global vegan cheese market is still in its nascent stages. Vegan cheese started gaining prominence in the 90s, as increasing exposure to different cultures in the US led to a growing awareness about the negative effects of relying on large quantities of meat in everyday life. Since then, the growing transparency in meat production has also made several consumers sit up and take notice of a vegan lifestyle. Due to the growing awareness, several high-quality vegan cheese products were launched in the market thereafter. The first available vegan cheese did not taste or smell as good as regular cheese. However, today vegan cheese makers are focused on improving quality to make the product indistinguishable from regular cheese.

Despite the recent highs, the vegan cheese market is still in its nascent stages. Today, average person in the US consumes nearly 38 pounds of cheese every year. A very small proportion of this reflects the upward trajectory of the global vegan cheese market, despite the advent of many varieties.

Global Vegan Cheese Market: Notable Developments

• Burger King, one of the largest fast food chains in the US has introduced a meatless version of its signature burger. The new burger is made using potato protein, soy, and features ingredients like sunflower oil, coconut oil, and heme. Burger King has tied up with Impossible Food, a vegan startup to deliver the new burger. The vegan startup has also tied up with White Castle and Red Robin. Additionally, Impossible Food is expected to launch its range of vegan products in super markets this year.

• Blue Hero Creamery, a Vancouver based vegan cheese shop was ordered by the Canadian Food Inspection Agency (CFIA) to stop labelling its products as cheese. The CFIA found the description to be misleading for consumers. The CFIA later reversed the rejection.

The vegan cheese market is expected to grow significantly during the forecast period, thanks to rising acceptance of vegan products in large retail and food chains. Earlier, the market was limited in reach, thanks to a niche consumer audience. However, growing adverse effects of meats and growing demand for healthy, environmental conscious alternatives are expected to drive significant growth for the vegan cheese market. Additionally, the players in the vegan cheese are also expected to enjoy robust opportunities, thanks to growing demand for fresh foods and growing visibility.

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The vegan cheese market is expected to register a robust growth in North America, Europe, and Asia Pacific. The market is expected to face some challenges like high prices and various alternatives, especially in the emerging Asia Pacific region. However, the North America regional market is expected to register the highest revenue growth, thanks to changing diets and increased acceptance of vegan lifestyle. On the other hand, Asia Pacific region will witness a growing visibility for products and conventional dominance of vegetarian lifestyle will drive growth of the vegan cheese market in this region.