The global cheese alternative market is expected to reach a market valuation of USD 4.3 Billion by the year 2022, accelerating with a CAGR of 8.3% by 2022 to 2032, to reach a value of USD 9.6 Billion by 2032.
Cheese alternative market size accounted for 20% of the overall non-dairy market globally in 2022 and is expected to rise due to changes in consumer lifestyle and an increase in disposable income.
Cheese is one of the most delicious foods, but many consumers have decided to cut down on their dairy intake or are lactose intolerant. Companies in the cheese alternative market have developed cheese alternatives to fulfill the demand of such consumers who are longing for the same flavor and texture without the side effects of consuming cheese.
To utilize the shift in consumer preference, key players are launching different plant-based substitutes of cheese that are GMO-certified and gluten-free. Furthermore, due to these factors, the sales of cheese alternative products are anticipated to rise throughout the forecast period.
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Key Takeaways from Market Study
- The cheese alternative market statistics are expected to increase at a CAGR of 6.7% and 6.4% in North America and Latin America, respectively, through 2032.
- The Asia Pacific is expected to account for 20% of its market share during the assessment year.
- The European cheese alternative market share is expected to reach the US$ 84 Mn by 2032.
- Growing customer preference for healthy and wholesome diets is driving sales of cheese alternative products globally.
- By Form Type, the cheese dips hold the highest cheese alternative market trends and are expected to increase at a CAGR of 7% during 2022-2032.
“Consumers are emphasizing on maintaining good health by consuming products that do not contain high amounts of fats, sugar and carbohydrates. Companies that interpret change in consumer need for healthy food alternatives are expected to generate more revenue in long run. Key players are focusing on developing plant- based alternatives that do not contain any chemical ingredients”- Analyst at Future Market Insights.
Competitive Landscape
Key players in the cheese alternative market are collaborating and developing new product lines to penetrate untapped markets during the forecast period.
- Tofurky, the iconic vegan brand, is likely to expand its Moocho sub-line with additional vegan cheese products. Three types of vegan cheese shreds (Mozzarella, Cheddar, and Fiesta Blend) and three flavors of cream cheese are among the new goods (Plain, Garden Vegetable, and Strawberry).
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Cheese Alternative Market by Category
By Source, Cheese Alternative Market is Segmented as:
- Analogue Cheese
- Filled Cheese
- Tofu-Based Cheese
By Application, Cheese Alternative Market is Segmented as:
- Cheese Topping
- Cheese Dip
- Cheese Sauce
- Ready Meals
- Bakery
- Others
By Sales Channel, Cheese Alternative Market is Segmented as:
- Offline Sales Channel
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- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region, Cheese Alternative Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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