Vegan Cheese Market Share 2020 Industry Size CAGR Value Top Manufacturers Growth Prospects Sales Size and Forecast 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.

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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; and among the key players operating in the global vegan cheese market.

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. In 2019, the almond milk segment dominated the market by accounting for major share of the total market share. The almond milk base is highly in demand as the consumers believe that it is healthier as it contains higher concentration of nutritional compounds. Scientific studies have shown that almond milk consumption is known to reduce the risk of cardiovascular diseases and hence has been recommended by consumers globally. Thus the high nutritional profile of almond milk has been one of the major contributing factors for its source base in the vegan cheese production.

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.

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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.

The report segments the global vegan cheese market as follows:
Vegan Cheese Market, by Product Type

• Mozzarella
• Parmesan
• Cheddar
• Cream Cheese
• Ricotta
• Others
Vegan Cheese Market, by Form

• Slices
• Diced/Cubes
• Shredded
• Blocks
• Spreads
• Others
Vegan Cheese Market, by Source

• Almond Milk
• Soy Milk
• Coconut Milk
• Cashew Milk
• Others
Vegan Cheese Market, by Distribution Channel

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

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