The vegan cheese market size is projected to be valued at US$ 3,313.98 million in 2023 and is expected to rise to US$ 8,064.01 million by 2033. The sales of vegan cheese are expected to record a CAGR of 6.5% during the forecast period.
Market Overview:
The vegan cheese market is experiencing significant growth, fueled by a rising acceptance of veganism, especially among millennials. Increased awareness of animal cruelty and the environmental impact of the dairy industry has led consumers to choose plant-based products. Vegan cheese, known for being lower in fat and gluten-free compared to traditional cheese, is gaining popularity, with a notable surge in the consumption of Ready-To-Eat (RTE) packaged vegan food and drinks and the adoption of gluten-free and plant-based diets.
Market Dynamics:
Industry players are introducing minimally processed product variants, rich in healthy fats, fiber, and micronutrients. Collaborations with fast-food chains to offer vegan cheese-based items like pizza, cream cheese, and cheesecake contribute to market expansion. The growing prevalence of lactose intolerance and increased accessibility to dairy-free products further drive market growth. The trend of online distribution channels for purchasing vegan cheese, providing easy product availability, comprehensive catalogs, and expedited shipping options, is boosting the market. In the coming years, prolonged promotional campaigns and celebrity endorsements on social media platforms are anticipated to positively impact vegan cheese sales.
Request Sample Report and Drive Impactful Decisions@ https://www.futuremarketinsights.com/reports/sample/rep-gb-7772
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.
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.
Seize the opportunity presented by diverse growth factors and ensure your success today. Click here to make a purchase and gain a competitive edge in the global marketplace@ https://www.futuremarketinsights.com/checkout/7772
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.
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)
Access the Complete Report Methodology Now@
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-7772
Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
