The sales of Plant Based Cheese Market is estimated to be valued at US$ 1,530.2 Million 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 several health benefits, including lowered blood glucose levels, improved insulin sensitivity, and a decreased risk of type 2 diabetes. Additionally, for those who are sensitive to dairy products, plant-based cheese is highly recommended.
In recent years, the market for plant-based cheese has expanded due to consumer demand for allergen-free and plant-based cuisine. The acceptance of veganism in society has almost doubled during the last five years, reaching an all-time high. The growth of veganism is being promoted by celebrities who endorse it.
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A greater emphasis on eco-friendly products has fueled the market expansion for plant-based cheese. More than 92% of the greenhouse gas emissions related to the manufacture of cheese are attributed to the dairy farm. Since plant-based cheese is much more environmentally friendly, it is gaining popularity.
North America currently holds the largest share of the global market for plant-based cheese. An growth in North Americans’ veganism and a rise in environmental consciousness are contributing to the continent’s prosperity. The potential for growth in EMEA, the second-largest market for plant-based cheese globally, is considerable. The demand for plant-based cheese is rising across Europe as the number of vegans rises.
Oat milk’s various nutritional advantages make it a great option for producing plant-based cheese. Vitamin B is abundant in oat milk and is good for bones. It also has numerous health advantages. Because it is lactose and gluten free, it is perfect for persons with food sensitivity, lactose sensitivity, and gluten sensitivity.
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.
“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.
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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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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