The sales of Plant Based Cheese are estimated to be valued at US$ 1,530.2 Mn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 3,416.6 Mn by 2032, rising at a CAGR of 8.4% for 2022-32.
Plant-based cheese has a range of health benefits such as lower blood glucose levels, increased insulin tolerance, and a lower risk of type 2 diabetes, to name a few. Additionally, for those who are sensitive to dairy products, plant-based cheese is highly suggested.
Factors such as the rise in acceptability of allergen-free and plant-based meals can be linked to the fast growing market for plant-based cheese over the last few years. Veganism’s societal acceptability has roughly doubled in the last five years, reaching an all-time high. Veganism is gaining popularity, especially when celebrities endorse the practice.
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The growth of the plant-based cheese market has been fuelled by an added focus on eco-friendly products. The dairy farm accounts for more than 92 % of the greenhouse gas emissions associated with cheese production. Plant-based cheese is far more eco-friendly, which is why it is becoming increasingly popular.
North America presently controls the majority of the global plant-based cheese market. North America’s progress is being aided by an increase in the number of people in the region embracing a vegan diet, as well as a rise in environmental awareness. EMEA is the second-largest market for plant-based cheese across the globe, with excellent development possibilities in the next years. In Europe, the growing vegan community is contributing to the growth of the plant-based cheese sector.
Oat milk is an excellent choice for making plant-based cheese because of its numerous nutritional benefits. Oat milk is high in vitamin B and beneficial to bone health. It also provides several health benefits. It is ideal for people with food sensitivity, lactose sensitivity, and other food sensitivities because it is lactose and gluten free.
Key Takeaways from Market Study
- The plant based cheese market is expected to expand at CAGRs of 31.4% and 26.8% in Europe and America, through 2032.
- Market share of oat milk increased by 19% to reach USD 277 Mn in 2021.
- The North American plant based cheese market is currently pegged at USD 580 Mn.
- Growing consumer demand for healthy and nutritious foods, as well as rising vegetarianism, are propelling sales of plant-based cheese across the globe.
- The outbreak of COVID-19 has had a good impact on the popularity of vegan cheese. For a variety of reasons, including supply shortages amongst traditional meat and dairy products and health concerns, consumers are increasingly turning to plant-based substitutes.
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“Producers of plant-based cheese could generate revenue if they focus on the non-dairy market. The vegan-based ingredients sector could be a prospective market for plant-based cheese, which is expanding in popularity around the world.” says a Future Market Insights analyst.
Competitive Landscape
Key players in the plant-based cheese market are emphasizing their efforts on research and development in order to improve the quality of their products.
Daiya Foods Inc. introduced a new service platform in October 2021, with the goal of assisting operators in meeting rising consumer requirements for plant-based foods. This new portal intends to increase the company’s presence on university campuses, eateries, and healthcare facilities.
Following the debut of the firm’s Flora brand in 2020, Violife Cheese, manufactured by Upfield Holdings B.V entered the Middle Eastern market in July 2021. The product is available in the United Arab Emirates, Saudi Arabia, Doha, Oman, and Bahrain.
Segments Covered in Plant Based Cheese Market Analysis
Source:
- Oat Milk source
- Rice Milk Source
- Corn Milk Source
- Soy-Milk Source
- Pea Milk Source
- Almond Milk Source
- Coconut Milk Source
- Cashew Milk Source
- Flax Milk Source
- Hemp Milk Source
- Other Milk Source
Distribution Channel:
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others Retail Formats
Region:
- North America
- Latin America
- Europe
- Asia
- Oceania
- MEA
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Frequently Asked Questions
- How much is the current worth of plant based cheese market?
- At what CAGR is the market expected to grow?
- How was the performance in the last five years?
- What is the demand outlook forecast for the plant based cheese market?
- Who are the top 5 players operating in the market?
- How are market players reacting to the new developments in the market?
- Which are the major countries driving demand for plant based cheese?
- What outlook does Europe provide?
- At what rate will the U.S. plant based cheese market grow?
About Future Market Insights (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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