Vegan Cheese Demand Surges: Market Size to Reach USD 8,231 Million by 2034

In 2024, the market for vegan cheese is expected to be valued at USD 3,467 million. Vegan cheese, sometimes referred to as plant-based cheese, dairy-free cheese, cruelty-free cheese, or cheese alternative, is extremely well-liked by the general public. Their popularity is growing as more consumers select foods that are cruelty-free, environmentally friendly, and have qualities similar to those of conventional food options.

Over ten years, the industry is expected to grow at a compound annual growth rate (CAGR) of 9% and reach a valuation of USD8,231 million by 2034. The market is expected to grow positively as more companies launch distinctive lines of mouthwatering dairy-free cheese.

Millennials in particular are becoming more accepting of veganism, which has sparked industry growth. Due to increased public awareness of animal cruelty and the negative environmental effects of the dairy industry, consumers are increasingly choosing products that are made from plants.

Vegan cheese often contains less fat and is gluten-free than normal cheese. One of the main factors driving the market expansion is the huge increase in the consumption of Ready-To-Eat (RTE) packaged vegan food and drinks as well as gluten-free and plant-based diets.

Players are introducing product variants that have undergone minimal processing and are high in healthy fats, fiber, and micronutrients. Also, they are forming partnerships with fast food chains to provide vegan cheese-based pizza, cream cheese, and cheesecake. The market will be fueled by the increasing prevalence of lactose intolerance and the simpler accessibility of dairy-free products. Along with the growing trend of purchasing vegan cheese through online distribution channels, which offer simple product availability, comprehensive catalogs, and expedited shipping options, this is assisting in boosting the market. In the upcoming years, it is anticipated that protracted promotional campaigns and celebrity endorsements by product manufacturers on social media platforms are likely to have a positive impact on vegan cheese sales.

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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.

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.

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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)

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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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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