The vegan cheese sauce market is anticipated to be worth US$ 100.9 million in 2023 and US$ 192.3 million by 2033. The rise of the vegan market can be ascribed to veganism’s rising acceptance, particularly among younger generations. As consumers become more aware of the negative consequences the dairy business has on both animals and the environment, they are choosing plant-based alternatives more frequently.
The increasing number of vegans in the population, especially among the youth, has contributed to the growth of the vegan cheese saucemarket. Now that people know how the dairy business treats animals and the environment, they are less likely to support it and more likely to opt for plant-based alternatives.
As a result, experts predict that the vegan cheese sauce market is expected to expand at a CAGR of 7.4%, with the United Kingdom, the United States, Germany, and Japan rising to prominence as major suppliers.
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Rising numbers of flexitarians and vegans, as well as increased public outcry over the ethical treatment of animals, are expected to fuel demand for vegan cheese sauce over the next few years. Including vegan cheese in one’s diet is beneficial to health. Furthermore, plant-based diets are trending in popularity among lactose intolerant and dairy allergy individuals. Like dairy, plant foods are a good source of protein, vitamins, and carbs.
The hospitality and restaurant sectors have been major drivers of the vegan cheese sauce market, with more and more hotels, restaurants, and fast-food chains identifying their products as vegan cheese sauce and offering appetisers using vegan cheese sauce. Moreover, the expansion of the urban and millennial populations, both of which represent a large and growing market for the product, is a significant element in its development. The younger generation is health-conscious and learning about the advantages of dairy-free alternatives like cheese.
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Key Takeaways
- The soymilk segment is expected to have a share of 28.2%.
- Shifting consumer dietary tastes and shifting food and beverage sector trends are boosting global demand for vegan cheese sauce.
- Japan vegan cheese sauce market is expected to grow at a rate of 5.6%.
- During the anticipated period, the supermarket segment holds the largest share of the global market. This is mostly because supermarkets provide superior self-service and excellent shopping convenience.
Competitive Analysis
To extend their foothold in the vegan cheese sauceindustry, boost profits, and keep up with the competition, key players have turned to a variety of innovative approaches. Bute Island Foods Ltd., GreenSpace Brands, violifefoods.com, Vtopian Artisan Cheeses., Chicago Vegan Foods, Gardener Cheese Company, Tofutti Brands Inc., Kite Hill, DAIYA FOODS INC., and Nush Foods are only few of the major players in the market.
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The vegan cheese sauce market is also attracting a lot of new market players. Two of the key startups operating in the market are:
Urban Platter
This business is India’s leading manufacturer of plant-based dairy products. Its supply of vegan cheese sauce and milk had already taken off. All their cheeses are produced with cashews, almonds, and coconut oil. Cheeses made in this way have no cholesterol, few calories, and plenty of nutrients. Vegan mozzarella, cheddar, smoked cheese; parmesan, mild, and cheese spread are just some of the cheese varieties offered by this firm. Each cheese weighed 200 grammes and cost roughly Rs. 440. Customers have raved about the deliciousness of each of these cheeses, so it is clear that they are well worth a try.
Live Yum
Taanya Ravi, the company’s founder, had the vision to create a business that would benefit both animals and people. Allergen-free raw ingredients and 100% cholesterol-free oils are used in the production of the plant-based company’s three primary cheese varieties, which are cheddar cheese, cream cheese, and mozzarella cheese. Prices ranged from about Rs. 250 to Rs. According to customer reviews, both the flavour and quality are high.
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Key Segments
By Source:
- Almond Milk
- Soy Milk
- Coconut Milk
- Cashew Milk
- Others
By 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
By Nature:
- Conventional
- Organic
By Sales Channel:
- Direct Sales
- Indirect Sales
- Hypermarkets/Supermarkets
- Convenience Stores
- Speciality Retail Stores
- Traditional Grocery Stores
- Online Retailers
Frequently Asked Questions
- How much is the Vegan Cheese Sauce Market Worth?
- What is the Demand Outlook for the Vegan Cheese Sauce Market?
- At What Rate Does the Vegan Cheese Sauce Market Grow in the Last Five Years?
- Which Segment has the Highest Potential in the Vegan Cheese Sauce Market?
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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