Global Vegan Cheese Market: Growing Dairy Substitute Cheese Market is Leading the Demand

According to the latest report published by Variant Market Research, the global vegan cheese market size is projected to reach $3,906 million by 2024 from $2,174 million in 2016. In this report, vegan cheese market forecast says that the global market is growing at 7.6% CAGR from 2016 to 2024.
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Increase in number of vegan consumers to fuel the global market
The global vegan cheese market trend comprises growing dairy substitute cheese market, change in consumption pattern, increase in number of vegan consumers, and growth in receptiveness of lactose intolerant conditions. However, high price of vegan cheese might limit the vegan cheese market growth. Furthermore, increasing awareness over advertisements as well as emerging markets would offer an opportunity for players of market.
Market Segmentations
The global vegan cheese market is classified into source type, product type, distribution channel, application, and geography. Source type segment includes soy milk, almond milk, rice milk and other sources (include coconut milk, peanut milk, hazelnut, and cashew). Further, the market is classified on basis of product type into mozzarella, parmesan, cheddar, cream cheese and other product types. By distribution channel, the market is further classified into large retail, small retail, specialty store, and online. Moreover, the market by application includes fast food snack, dips & sauces, bakery & confectionery, and other applications. North America (U.S., Mexico, and Canada), Europe (France, Italy, Germany, UK, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.
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Soy milk, by source type dominated the global market in 2016
In 2016, soy milk in the source type dominated the global vegan cheese market with maximum market share and expected to continue its dominance over the forecast period, 2016– 2024. The growth of this segment is driven by its benefits such as relieving menopausal symptoms, helpful in keeping healthy bones, as well as preventing prostate & colorectal cancer.
Mozzarella of product type segment, accounted for the largest share of the vegan cheese market in 2016
In the product type segment, mozzarella held the major market shares in 2016, and likely to be predominant during the forecast period 2016– 2024. The high acceptance this vegan cheese in various fast food items including, pizza, pastas, salads, and many other is the driving factor for the growth of this segment.
Asia-Pacific dominated the global market in 2016
Asia-Pacific held major market share of 41.9% in 2016 and anticipated to continue its dominance over the forecast period, 2016– 2024, due to growing disposable income, change in consumption pattern, as well as growth in number of vegan consumers in the region (including countries such as Australia, and New Zealand).
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Competitive Landscape
Key players are offering innovative products and services to increase their vegan cheese market share. Major players of the market are Miyoko’s Kitchen, Punk Rawk Labs, Uhrenholt A/S, Kite Hill, Treeline Treenut Cheese, Dr. Cow Tree Nut Cheese, Vtopian Artisan Cheeses, Heidi Ho., Parmela Creamery, and Hochland Group, among others.
Scope of the Global Vegan Cheese Market
Source Type Segments
• Soy Milk
• Almond Milk
• Rice Milk
• Others Sources (Include Coconut Milk, Peanut Milk, Hazelnut, and Cashew)
Product Type Segments
• Mozzarella
• Parmesan
• Cheddar
• Cream Cheese
• Other Product Types
Distribution Channel Segments
• Large Retail
• Small Retail
• Specialty Store
• Online
Application Segments
• Fast Food Snack
• Dips & Sauces
• Bakery & Confectionery
• Other Applications
Geographical Segments
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
• Asia-Pacific
o India
o China
o Japan
o South Korea
o Rest of Asia-Pacific
• RoW
o South America
o Middle East
o Africa

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