Vegan Cheese Market Projected to reach US$ 4,651.68 million by 2027; Expected to Grow at a CAGR of 7.1% from 2020 to 2027

The vegan cheese market was valued at US$ 2,705.00 million in 2019 and is projected to reach US$ 4,651.68 million by 2027; it is expected to grow at a CAGR of 7.1% from 2020 to 2027.

Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the world. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular disease. Development in new products like microorganism-cultured vegan cheese is expected to provide lucrative opportunities to the vegan cheese market in the coming years. Based on source, the vegan cheese market is categorized into almond milk, soy milk, coconut milk, cashew milk, and others.

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Competitive Landscape Vegan Cheese Market: Daiya Foods Inc.; Field Roast; Follow Your Heart; Galaxy Nutritional Foods, Inc.; Good Planet Foods; Kite Hill, Miyoko's Creamery; Nush Foods; Uprise Foods LLC; Wayfare

Lactose intolerance is the consumer's incapacity to digest significant amounts of lactose present in milk and milk products. The demand for lactose-free food products such as vegan cheese is driven by increased incidences of food allergies and intolerances. Consumers with lactose intolerance fail to break down all the lactose into its absorbable components, glucose, and simple sugars galactose. Instead, the lactose particles pass through the gastrointestinal tract intact and cause intolerance symptoms. These symptoms include abdominal pain, cramping, bloating, gas (flatulence), and diarrhea gurgling sounds in the digestive system, borborygmi.The North American region has experienced a rising amount of lactose intolerance that has favored the rise and expansion of the vegan cheese market and has been estimated to grow in the coming years.

North America vegan cheese market is expected to grow at the highest CAGR during the forecast period. The US is dominating the regional market, followed by other countries such as Canada and Mexico. Consumers in countries such as the US and Canada are shifting their preferences toward a healthy lifestyle and prefer products that provide health benefits. Therefore, the increasing health concern among consumers drives the growth of the vegan cheese market in North America. Also, vegan cheese product manufacturing companies in North America are continuously enhancing their product portfolio to meet the customers' demand. Most of the consumers in North America are apprehensive about going vegan since they have found it difficult to eliminate cheese from the favorite foods items.

The report segments the global vegan cheese market as follows:

Vegan Cheese Market, by Product Type

• Mozzarella
• Parmesan
• Cheddar
• Cream Cheese
• Ricotta

Vegan Cheese Market, by Form

• Slices
• Diced/Cubes
• Shredded
• Blocks
• Spreads

Vegan Cheese Market, by Source

• Almond Milk
• Soy Milk
• Coconut Milk
• Cashew Milk

Vegan Cheese Market, by Distribution Channel

• Hypermarkets and Supermarkets
• Convenience Stores
• Specialty Stores
• Online

The COVID-19 outbreak has affected economies and industries in various countries due to government-imposed, as well as self-imposed, lockdowns, travel bans, and business shutdowns. Food processing is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The global market breakdown due to COVID-19 spread is also affecting the growth of the market for vegan cheese applications.

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This release was published on openPR.