Wilmington, Delaware, July 21, 2023 (GLOBE NEWSWIRE) -- The report titled “Global Vegan Cheese Market Analysis and Forecast 2019-2028” assesses the global market based on cheese type, source, form, end user, application, sales channel, and region. According to RationalStat analysis, the global vegan cheese market size was valued at US$ 3.2 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of more than 16% from 2022 to 2030
A comprehensive report provides a detailed historical and future market size with a comprehensive market trend analysis. The market share analysis, leading food categories, adoption and penetration levels, production capabilities of the top companies, an overview of the competition, import-exports, pricing by brands, strategic imperatives, key end users, potential growth areas, and competition analysis for the target players evaluated in the global vegan cheese market study.
Market Overview and Dynamics: Europe is dominating the global vegan cheese market due to the increasing vegetarian population in the region
The global vegan cheese market size is valued at a market value of US$ 3.2 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of more than 16% from 2022 to 2030.
- Increasing acceptance of veganism, especially among millennials has been fueling the market growth. The growing awareness regarding animal cruelty and the negative impacts on the environment caused by the dairy industry has encouraged consumers to opt for plant-based products.
- The rising cases of lactose intolerance and other food-related allergies among children and adults have changed the food preferences of consumers in recent years. According to the data provided by the Food Intolerance Network, in 2019, around 70% of the population of the world suffered from lactose intolerance.
The inclination toward veganism and vegetarian diet among millennials is expected to boost the industry growth in the Hotel/Restaurant/Café (HoReCa) sector globally.
The COVID-19 pandemic has offered some respite to the market as people around the world have taken an unprecedented interest in cooking at home. Hence, the demand for vegan food products has significantly increased during this period.
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Segmental Analysis
- Based on the cheese type, the mozzarella segment held the largest revenue share of over 30.0% in 2021 and is expected to maintain its lead over the forecast period.
- Mozzarella is widely used in Italian dishes, such as pasta, pizzas, croquettes, and Caprese salad, and is available in the form of slices, cubes, shredded, and spreads. The demand for mozzarella is significantly high in countries where Italian cuisine is popular.
- Based on the source type, the cashew segment held the largest revenue share of more than 35.0% in 2021 and is expected to maintain its dominant position throughout the forecast period. Cashew-based vegan cheese contains vitamins B2 & B12 and is low in fat.
- This makes it favorable among health-conscious consumers all over the world. Furthermore, gluten-free and cholesterol-free cashew products are gaining traction owing to their health benefits.
- Based on end user type, the B2C segment led the global market in 2021 and accounted for a revenue share of more than 50.0%. Factors such as increased consumer disposable income levels and willingness to spend on premium products have led to a rise in the demand for plant-based products in the B2C segment. In addition, easy product availability in supermarkets and convenience stores has boosted the growth of this segment.
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Competition Analysis: Regional Players Dominate the Domestic Markets
Over the last decade, the global vegan cheese market has grown rapidly. The global vegan cheese market is fragmented in nature with the presence of various players in the market.
These players adopt various strategies including mergers and acquisitions, partnerships and collaborations which directly results in propelling the growth of the global vegan cheese market.
- In November 2022, plant-based cheese producer Treeline announces the launch of Treeline Reserve – a new line of artisanal, “ultra gourmet” non-dairy cheeses. To create Reserve, Treeline partnered with Spanish cheesemakers to “take vegan cheesemaking to new heights” and offer products that capture the true essence of fine blue and ripened rind cheeses.
- In January 2022, Aldi U.K. launched vegan cheese sold under the chain’s Plant Menu brand. It is made from coconut oil and is free of gluten and soy.
Some of the leading players involved in the production and marketing of the global vegan cheese market include Treeline Cheese; Follow Your Heart; Daiya Foods Inc.; Kite Hill; Violife; Dr-Cow Tree Nut Cheese; Tofutti Brands, Inc.; Tyne Chease Limited; Miyoko's Creamery; and Parmela Creamery.
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RationalStat has segmented the global vegan cheese market on the basis of cheese type, source, form, end user, application, sales channel, and region.
- By Cheese Type
- Mozzarella
- Parmesan
- Cheddar
- Cream Cheese
- Ricotta
- Others (Gouda, Pepper Jack, etc.)
- By Source
- Almond Milk
- Coconut Milk
- Soy Milk
- Cashew Milk
- Others (Pine Nuts, Hazelnuts, etc.)
- By Form
- Blocks
- Slices
- Shredded
- Others (Spreads, Cubes, etc.)
- By End User
- Personal, Household, and Residential
- Commercial
- Retail
- HoReCa
- Food Processing
- By Application
- Fast Food Snacks
- Continue!
Key Questions Answered in the Vegan cheese Report:
- What will be the market value of the global vegan cheese market by 2030?
- What is the market size of the global vegan cheese market?
- What are the market drivers of the global vegan cheese market?
- What are the key trends in the global vegan cheese market?
- Which is the leading region in the global vegan cheese market?
- What are the major companies operating in the global vegan cheese market?
- What are the market shares by key segments in the global Vegan cheese market?
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