NEWARK, Del, May 26, 2022 (GLOBE NEWSWIRE) -- Newly released data from the global vegan cheese market Analysis shows that the global vegan cheese market enjoyed year-on-year (YoY) growth of 5.7% in 2022 and is estimated to be USD 3,032.0 Mn in 2022 and is expected to witness a prominent growth rate of 9.3% to reach the value of USD 7,352.2 Mn in 2032.
The report examines the factors influencing the market from a global as well as regional perspective. It discovers hidden opportunities for the leading market players. In addition to this, the report identifies the chief growth drivers, restraints, and opportunities.
Additionally, the rise of the vegan cheese business is fueled by rising personal disposable income, altering tastes and preferences, and more adoption of the western lifestyle. Other market growth determinants include an increase in the worldwide vegan population and growing worries about the safety and health of animals. Manufacturers’ increased focus on novel product offerings, combined with increased limits on animal-based food items, will provide the market with even more profitable growth potential.
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Some of the key takeaways from the report are:
- The expansion of plant-based food industry will support the growth of the vegan cheese market. With the demand for plant-based alternative rising, the market is likely to report impressive growth through the course of the forecast period.
- In terms of distribution channel, the vegan cheese market is broadly categorized into direct and indirect sales channels. Of these, the indirect sales segment holds dominant vegan cheese market share.
- Among indirect sales segments, convenience store is likely to emerge as the most attractive segment.
- Among product types available in the market, the demand for mozzarella vegan cheese is expected to remain high owing to its versatility of use in different recipes.
- On the basis of source, the almond milk segment is forecast to witness highest growth.
Rising Incidence of Lactose Intolerance to Fuel Demand for Vegan Cheese
A considerably large section of population around the world is lactose intolerant. People with lactose intolerance can rarely enjoy delicacies prepared with milk or milk-derived ingredients. It is due to this that the demand for vegan cheese is on a rise. Vegan cheese is a plant-based dairy alternative, particularly suitable for those suffering from lactose intolerance. Against this backdrop, an increasing number of hotels, restaurants, and cafes have started introducing vegan cheese in their menu to attract consumers who prefer vegan diets and those who are lactose intolerant.
Increasing Disposable Income of Consumers Supports their Purchase Decision
In the last couple of years, consumers’ willingness to spend on exotic and humane plant-based diet has greatly increased. In addition to this, a stable increase in the demand for novel food alternatives is noticed. They are motivated by various advertisements and campaigns to obtain essential nutrients from plant-based alternatives, and this decision is supported to an extent by their increasing disposable income.
Who is winning
Despite witnessing impressive growth opportunities, lack of awareness is a key factor limiting the market’s expansion in developing and underdeveloped regions. As a result of this, conventional dairy products continue to remain popular in several potentially lucrative markets. This is a chief factor restraining the market’s expansion.
Nonetheless, the market players are likely to overcome this challenge as they invest in marketing strategies besides innovating healthier and more cost-effective vegan cheese. Also, concerns pertaining to animal welfare is expected to tip scale in favour of veganism, in turn bolstering growth opportunities for the vegan cheese market.
Some of the leading players operating in the vegan cheese market are Daiya Foods, Inc., Follow Your Heart, Go Veggie, Parmela Creamery, Kinda Co., Bute Island Foods Ltd., Vtopian Artisan Cheeses, Kite Hill, Miyoko’s Kitchen, Vermont Farmstead, and Good Planet Foods.
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Market Segments Covered in Vegan Cheese Market Analysis
Vegan Cheese Market by 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, Speciality Retail Stores, Traditional Grocery Stores, Online Retailers)
Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global Vegan Cheese Market Forecast Scenario Comparison of Annual Growth Rates for short Term (2022-2026) and Long Term (2027-2032)
2.1.1. Optimistic Scenario
2.1.2. Likely Scenario
2.1.3. Pessimistic Scenario
2.2. Key Factors Impacting the Market
Note: Market Assessment shall be Provided for Likely Scenario
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Product Launches
3.6. Product Claims & Nutritional Information Scan by Buyers
3.7. Macro-Economic Factors
3.8. Forecast Factors - Relevance & Impact
3.9. Consumers Survey Analysis
TOC Continue…
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