Vegan Cheese Market Expected to Increase at a CAGR ~8.6%% through 2019 to 2028
Posted by ankush Nikam on March 24th, 2020
Future Market Insights (FMI) delivers key insights on the global vegan cheese market in its upcoming outlook titled, 'Vegan Cheese Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028'. In terms of value, the global vegan cheese market is projected to register a CAGR of 8.6% during the forecast period, due to various factors, regarding which, FMI offers vital insights in detail.
Most people are afraid to go vegan, reason being, they cannot live without cheese and fast food products such as burgers, pizzas, and other foods in which cheese is an essential ingredient. It can be difficult for consumers to give up classic cheesy foods such as pizzas, lasagna, and many more. Though, there is growing awareness among consumers that there are many vegan cheese options available in the market. Today, plant-based alternatives can replace any cheese – cheddar, parmesan, ricotta, cream cheese, and many more vegan cheeses. Plant-based yogurt, which is also used as a culture for many of the cheeses, is extensively available commercially. While some consumers may think a vegan diet is overpriced, a wholesome plant-based diet can prove to be cheaper than an omnivorous diet.
Growing veganism is triggering the demand for vegan cheese. The market has witnessed collective growth in the past few years, and is expected to increase more over the next few years. Major influences helping the growth of the vegan cheese market are the growing awareness towards lactose-intolerant conditions, and an altering eating pattern, globally.
Around 75% of the global population is lactose intolerant, and with the increased exposure to the dangers of dairy products, more consumers are leaning towards plant-based milk products such as vegan cheese or dairy alternatives. With concerns over the adverse effects of dairy and animal welfare, and the mounting environmental concerns linked with dairy product consumption, an inclination towards vegan cheese products is expected in more and more consumers. Also, a decline in dairy has been recorded in the last few years. Recently, a lot of new vegan cheese products have emerged in the market, providing choice for consumers to help animals live better, and help the environment and their health.
The global vegan cheese market is segregated into different sales channels, with convenience stores being the most imperative of them for vegan cheese customers, and also online concepts as a new development in fresh produce. Retail vegan cheese purchases are increasing at broadly significant rates, globally, in reaction to rising incomes and growing urban populations. Increasing media advertising and new customs of retail channels are encouraging growth in nations where non-dairy products are marketed to the world's millennial population, which forms the most attractive target consumers for new emerging plant-based products.
Also, due to high competition and saturation in the vegan cheese market, companies are increasingly following the trend of innovating new forms of vegan cheese to stay ahead in this increasingly competitive market. A lot of new companies and products have emerged in the market to keep up with the growing pace of the vegan cheese market. In North America, more than 200 companies have entered the market in the past three years, as the opportunity lies there, due to the growing consumption of plant-based products such as vegan cheese.
This report covers the trends driving each segment, and offers analysis and insights of the potential of the vegan cheese market in specific regions. Asia Pacific excluding Japan is expected to register high growth rates between 2018 and 2028, and Western Europe is expected to remain a fairly significant market for vegan cheese through 2028.
According to market attractiveness, Western Europe and APEJ are relatively more striking regions in the vegan cheese market. Some of the key players in the market are Go Veggie, Daiya Foods, Inc., Follow Your Heart, Heidi Ho, Parmela Creamery, and Miyoko’s Kitchen, Inc., among other manufacturers of vegan cheese.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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About the Authorankush Nikam
Joined: December 21st, 2016
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