Global Vegan Cheese Market is expected to Reach USD 5.64 billion by 2028

According to the latest research by SkyQuest Technology, the vegan cheese market was valued at USD 2.43 billion in 2021. It is expected to reach USD 5.64 billion by 2028, with a CAGR of 12.2% during the forecast period of 2022 - 2028. The research provides an up-to-date vegan cheese market analysis of the current market landscape, latest trends, drivers, and overall market environment.

The distinction between dairy cheese and plant-based cheese is anticipated to become increasingly hazy until vegan cheese alternatives are competitive with their counterparts derived from animals, following an explosive year for the vegan cheese industry in 2021 when even major players in the plant-based meat alternatives industry, like Beyond Meat and The Very Good Food Company, began collaborating with recipe writers to focus on the cheese market.

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The market for dairy alternatives is anticipated to expand as a result of advancements in ingredient technology, and vegan cheese, particularly vegan cream cheese, has been named the next frontier in plant-based innovation. Products made from a variety of ingredients, such as cashews, coconut cream, tapioca starch, olive oil, onion powder, fermented tofu, lemon juice, or nutritional yeast, are sold as vegan cheese. This is in contrast to the traditional dairy market, where the cow is often the product's source.

The vegan cheese market is motivated by a desire for transformation and change, and as consumers become more conscious of animal suffering and the negative environmental repercussions of the dairy industry, they are choosing plant-based alternatives. The vegan cheese market is anticipated to grow over the next ten years as consumers worldwide, particularly Generation Z and millennials, become increasingly accepting of veganism.

In order to produce cheese without employing any animals, primarily cows, the plant-based cheese business is becoming more and more dependent on fermentation technologies. Even though fermentation-produced animal-free cheeses have not yet reached the general market, the first-ever comprehensive study of consumer approval for animal-free cheese has demonstrated that such products will swiftly compete with traditional dairy in the $240 billion cheese market.

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Similar to how the category of plant-based milk includes items like coconut milk, soy milk, and oat milk, there are many vegan varieties of cheese made with ingredients like coconut, soy, and nuts that result in vegan food products like cashew cheese and other dairy-free cheese alternatives that contain healthy fats. A dairy-free variation of the most widely consumed traditional cheeses, such as mild cheddar, smoked gouda, or shredded mozzarella is most likely to increase vegan cheese consumption because it is suitable for lactose-sensitive consumers.

Read Market Research Report, "Global Vegan Cheese Market By Source (Soy, Almond, Cashew, Coconut, Others), End-User ( B2B, B2C), and Region -Forecast and Analysis 2022-2028" by SkyQuest.
Due to the enormous global interest in cooking at home, the COVID-19 pandemic has provided some relief to the market. As a result, the demand for vegan food items has dramatically expanded during the past few years. For instance, the trade in plant-based foods in the U.S. increased from USD 5.0 billion in 2019 to USD 7.0 billion in 2020. The market prospects are likely to remain positive in this scenario.

Global demand for vegan cheese is being driven by changing consumer eating tastes and developing trends in the food and beverage industry. Consumer food preferences have altered recently as a result of the increase in occurrences of lactose intolerance and other food-related allergies among both children and adults. Data given by the Food Intolerance Network show that around 70% of the population of the world suffered from lactose intolerance.

The industry growth in the Hotel/Restaurant/Café (HoReCa) sector is anticipated to be boosted by millennials' propensity for veganism and vegetarian diets. For instance, vegan eateries have been developed all around Saudi Arabia to encourage a healthy lifestyle.

Additionally, the global concern about the carbon footprint caused by an animal-based diet and the rising awareness of animal cruelty have prompted customers to choose plant-based products. In addition, excluding meat, the vegan population abstains from all items derived from animals, such as cheese, milk, cream, yogurt, and even honey, which will help the market expand.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about the vegan cheese Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

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What does this Report Deliver?

● Market Estimation for 20+ Countries
● Vegan cheese Market demand by Region, Sub-Region, and Country
● Customization on Segments, Regions, and Company Profiles
● 100+ tables, 150+ Figures
● Global, Regional, and Country-specific vegan cheese Market Trends
● Comprehensive Mapping of vegan cheese Industry Parameters
● Attractive Investment Proposition in the Global vegan cheese Industry
● Competitive Strategies Adopted by vegan cheese Market Key Players
● Drivers, Restraints, Opportunities, Challenges, and the impact on the vegan cheese Market Size
● Market growth rate till 2028
● Regulatory scenario, regional dynamics, and Vegan cheese market insights of leading countries in each region
● In-depth Market insights by Region and Country
● Market Segmentation Trend Analysis, Opportunities, and Growth
● Porter's five force analysis to know the market's condition
● Pricing Analysis and vegan cheese Market Sales
● Parent market analysis
● Product portfolio benchmarking

SkyQuest has segmented the Global Vegan Cheese Market based on Source, End-User, and Region:
● Global Vegan Cheese Market by Source (Revenue, USD billion, 2021 - 2028)
○ Soy
○ Almond
○ Cashew
○ Coconut
○ Others
● Global Vegan Cheese Market by End-User (Revenue, USD billion, 2021 - 2028)
○ B2B
○ B2C
● Global Vegan Cheese Market By Region (Revenue, USD billion, 2021 - 2028)
○ North America
■ US
■ Canada
○ Europe
■ Germany
■ France
■ UK
■ Italy
■ Spain
■ Rest of Europe
○ Asia Pacific
■ China
■ India
■ Japan
■ Rest of Asia Pacific
○ Central & South America
■ Brazil
■ Rest of CSA
○ Middle East & Africa
■ GCC Countries
■ South Africa
■ Rest of MEA

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This release was published on openPR.