The vegan cheese market size is projected to be valued at US$ 3.0 billion in 2023 and is expected to rise to US$ 6.5 billion by 2033. The sales of vegan cheese are expected to record a CAGR of 8.0% during the forecast period.
Millennials in particular are becoming more accepting of veganism, which has sparked industry growth. Due to increased public awareness of animal cruelty and the negative environmental effects of the dairy industry, consumers are increasingly choosing products that are made from plants.
Vegan cheese often contains less fat and is gluten-free than normal cheese. One of the main factors driving the market expansion is the huge increase in the consumption of Ready-To-Eat (RTE) packaged vegan food and drinks as well as gluten-free and plant-based diets.
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Players are introducing product variants that have undergone minimal processing and are high in healthy fats, fiber, and micronutrients. Also, they are forming partnerships with fast food chains to provide vegan cheese-based pizza, cream cheese, and cheesecake. The market will be fueled by the increasing prevalence of lactose intolerance and the simpler accessibility of dairy-free products. Along with the growing trend of purchasing vegan cheese through online distribution channels, which offer simple product availability, comprehensive catalogs, and expedited shipping options, this is assisting in boosting the market. In the upcoming years, it is anticipated that protracted promotional campaigns and celebrity endorsements by product manufacturers on social media platforms are likely to have a positive impact on vegan cheese sales.
Key Takeaways from the Vegan Cheese market
- From 2023 to 2033, Asia Pacific is anticipated to experience to record a significant CAGR of 14.1%. In the approaching years, it is anticipated that the rising demand for plant-based bakery and confectionary products in Asia Pacific would drive the sale of goods, including vegan cheese.
- The product segment containing ricotta is anticipated to grow at the fastest rate, 14.0%, between 2022 and 2030. Demand for the product has been fueled by its increasing use in Italian cuisine like manicotti, lasagna, roll-ups, high tea, and ravioli.
- The soy source market is anticipated to grow at the quickest rate, 13.1%, between 2022 and 2030. It is a cheap alternative to dairy and contains an ideal mix of fatty acids and amino acids.
- From 2022 to 2030, the B2B end-use segment is anticipated to experience the fastest CAGR of 13.0%. As flexitarian and vegan diets are becoming more and more popular, many restaurants, fast food chains, and casual dining establishments have started adding plant-based items and drinks to their menus.
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Market is majorly controlled by few selected firms
The vegan cheese market has expanded quickly during the past ten years. Due to the presence of numerous companies, the vegan cheese industry is fragmented. These participants employ a variety of methods, such as mergers and acquisitions, partnerships, and collaborations, which directly contribute to the market growth for vegan cheese globally.
Latest Developments
India’s Goodmylk announced in March 2022 that it has purchased the nutrition company PRO2FIT. The acquisition of PRO2FIT denotes development in the expanding alternative protein market in India. In their efforts to make plant-based food and nutrition available to everyone, both brands saw synergies.
Upfield Group, a manufacturer of plant-based butter and spreads, said in January 2020 that it had acquired Arivia, a company that makes dairy-free cheese.
Through this tactical acquisition, Arivia and its VIOLIFE brand will join other well-known brands including Flora, Rama, Country Crock, Blue Band, and Proactiv in the Upfield Group of companies.
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Key Segments Covered in the Vegan Cheese Market Report
Product Type:
- Mozzarella
- Parmesan
- Cheddar
- Cream Cheese
- Ricotta
- Others
Form:
- Shreds
- Blocks and Wedges
- Slices
Source:
- Almond Milk
- Soy Milk
- Coconut Milk
- Cashew Milk
- Others
End-Use:
- Food Processing
- Baked Goods
- Sauces, Dips and Dressings
- Snacks
- Processed and Packed Foods
- Ready Meals
- Dairy and Desserts
- Food Service/HoReCa (Hotels, Restaurant, Cafes)
- Household/Retail
Nature:
- Conventional
- Organic
Sales Channel:
- Direct Sales
- Indirect Sales
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Retail Stores
- Traditional Grocery Stores
- Online Retailers
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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