Vegan Cheese Market to reach $2.5 Billion by 2024 - Arizton

The vegan cheese market is likely to grow at a CAGR of over 15% during the period 2018-2024.

Rise of Veganism

Veganism is one of the most popular trends in recent times. Vegan diets can reduce the risk of obesity, heart diseases, diabetes, and even cancer. Several consumers around the world are increasingly shifting toward the consumption of vegan diets to protect animal rights as well as the environment. According to the Vegan Society, the number of vegan consumers globally increased by over 360% in the last 10 years.

Vegan food manufacturers have captured the opportunity to represent a large consumer base by introducing vegan cheese alternatives. These products are manufactured using plant-based ingredients such as soymilk, almond, and cashew milk to produce a similar cheesy product that resembles real dairy cheese in terms of flavor and texture. Plant-based cheese contains, low cholesterol and fat content, which makes these products ideal for health-conscious consumers. The high prevalence of diseases such as heart diseases, obesity, diabetes, and stroke has become a major threat to individuals around the world.

Product Insights

Parmesan accounted for the second-largest share of approximately, 22% in 2018, and is expected to grow at a CAGR of 15% during the forecast period. Some of the most popular brands for vegan parmesan cheese includes Follow Your Heart, Go Veggie, Parma! Vegan parmesan, Gopal's Rawmesan, Nooch It!, and others. Nooch It!, a cashew grated parmesan cheese is one of the most popular parmesan cheese alternative, which has an excellent flavor and a texture. These brands are emphasizing on clean labeling such as organic, gluten-free, soy-free, non-GMO, and others.

Geographical Insights

The demand for non-dairy milk products in the APAC region is mainly driven by the high prevalence of lactose intolerance and the rising health awareness among consumers in the region. The rising adoption of vegetarian diets and veganism in countries like India and China has also led to the growth of the market in recent years. Approximately 90% of the population in Southeast Asia and East Asia are estimated to be lactose intolerant. The rising working middle-class population, higher income, changing lifestyles, and other socio-economic factors are also driving the growth of the market. The APAC is also expected to be the fastest-growing market for non-dairy milk products with a CAGR of 14.56% during the forecast period.

The rapid urbanization and the rise of modern trade benefits the availability of dairy and dairy alternative products due to the reliance on chillers and cold chain logistics for categories like yogurt and fresh milk. In the APAC market, where health consciousness is gaining traction, the demand for non-dairy milk products is expected to rise further during the forecast period.

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The following factors are likely to contribute to the growth of the plant-based cheese market during the forecast period:

o Growth in the Vegan Population
o High prevalence of lactose intolerant population
o Rise in the Health-conscious Population
o High Demand for Non-GMO Food Products
o Growth in Consumer Demand for Clean Label Products

Base Year: 2018
Forecast Year: 2019-2024

The study considers the present scenario of the plant-based cheese market and its market dynamics for the period 2019-2024. The report covers a detailed overview of several market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. It profiles and examines leading and prominent companies operating in the plant-based cheese market.

Prominent Vendors

o Kite Hill
o Bute Island - Cheese
o Violife
o Field Roast
o Daiya Foods
o Miyoko's Creamery
o Wayfare

Other Prominent Vendors

o Lisanatti Foods
o Tofutti
o Dairy Free Down Under
o Angel Food
o Green Vie
o Koko Dairy Free
o Dr. Cow
o Follow Your Heart
o Go Veggie
o Punk Raw Labs
o Vermont Farmstead Cheese Company (VFCC)
o Kinda Co.
o Good Planet Foods
o Reine
o Serotonina
o Vtopian Artisan Cheese
o Parmela Creamery
o Tree Line Cheese
o New Roots
o Sister River
o Heidi Ho
o The WhiteWave Company
Market Segmentation by Product Types
o Mozzarella
o Parmesan
o Cheddar
o Ricotta
o Cream Cheese
o Others

Market Segmentation by Sources

o Soy
o Coconut
o Cashew
o Almond
o Others

Market Segmentation by Forms

o Shreds
o Blocks and Wedges
o Slices
o Others

Market Segmentation by Distributions

o Supermarkets and Hypermarkets
o Convenience Stores
o Specialty Stores
o Online Channels
o Others

Market Segmentation by Geography

o North America
o US
o Canada

o Europe

o Italy
o Germany
o France
o UK
o Spain

o APAC

o China
o Japan
o Australia
o South Korea
o Indonesia

o Latin America

o Brazil
o Mexico

o MEA

o GCC
o South Africa

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Source : Plant-based Cheese Market - Global Outlook And Forecast 2019-2024 by Arizton Advisory & Intelligence

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