Demand for Plant Based Cheese Is Anticipated To Augment at a CAGR of 15.5% By 2031

Demand for plant based cheese is anticipated to augment at a CAGR of 15.5% from 2021 to 2031, representing a fourfold increase. As of 2021, the market is anticipated to be valued at US$ 924.4 Mn, eventually reaching US$ 3.9 Bn by 2031.

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Key Takeaways from the Market Study

• By source, soy cheese to gain maximum traction, capturing 40% of global revenue
• HoReCa to be the fastest growing segment by buyer type, registering a CAGR of 13%
• Cashew cheese to account for a notable revenue share, accounting for over 35% revenue
• Indirect channels to remain primary source of plant based cheese sales, clocking a CAGR of 10%
• U.S to register an impressive growth rate, registering a CAGR worth 10% until 2031
• A CAGR worth 12% is expected for the plant based cheese market in the U.K
• China to emerge as the fastest growing market, registering 14% CAGR through 2031

"Millennials and Generation Z are the primary consumers of plant-based cheese products, owing to their proclivity for experimenting with and trying out new foods. The availability of choices is a significant driver of the plant-based cheese market's expansion," says a Fact.MR Analyst.

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Competitive Landscape

The growing demand for plant based foods is providing opportunities for both start-ups and established companies to develop new products to address market gaps. Plant based cheese manufacturers keep their prices low. The following are some significant developments in the market for plant based cheese:

• In October 2021, Daiya Foods Inc. unveiled a new foodservice website, designed to help operators meet growing consumer demand for plant based foods. This new online interface aims to expand the company's visibility across college campuses, restaurants and healthcare facilities
• In July 2021, Violife Cheese, manufactured by Upfield Holdings B.V, has made its foray into the Middle Eastern market, following the introduction of the company's Flora brand in 2020. The product is sold across the UAE, Saudi Arabia, Qatar, Oman and Bahrain

Prominent Key Players Of The Plant Based Cheese Market Survey Report:

• Field Roast Grain Meat Co. Inc.
• Follow Your Heart
• Galaxy Nutritional Foods Inc.
• Lyrical Foods Inc.
• Lisanatti Foods Inc.
• Miyokos Creamery
• Bute Island Foods Ltd.
• Gardener Cheese Company
• Greenspace Brands
• Otsuka Holdings Co. Ltd.

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The report covers following Plant Based Cheese Market insights and assessment that are helpful for all participants involved in the Plant Based Cheese market:

• Data on recently introduced regulations and their impact on key industries and on demand in Plant Based Cheese
• Latest industry Analysis on Plant Based Cheese Market, with key analysis of market drivers, trends, and influencing factors
• Key trends Analysis of Plant Based Cheese Market and changing consumer preferences in major industries.
• Changing Plant Based Cheese demand and consumption of diverse products
• Major trends underlining funding by key investors in numerous countries
• New investment opportunities in diverse technology and product or service types
• Comprehensive data and Competitive analysis of Plant Based Cheese major players
• Plant Based Cheese Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
• Plant Based Cheese demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth

Questionnaire answered in the Plant Based Cheese Market report include:

• How the market for Plant Based Cheese has grown?
• What is the present and future outlook of the global Plant Based Cheese on the basis of region?
• What are the challenges and opportunities for the Plant Based Cheese?
• Why the consumption of Plant Based Cheese highest in region?
• In which year segment is expected to overtake segment?

Key Segments Covered

• Source
o Soy Cheese
o Coconut Cheese
o Cashew Cheese
o Almond Cheese
o Other Plant Based Cheese

• Form
o Plant Based Cheese Blocks & Wedges
o Plant Based Cheese Slices
o Plant Based Cheese Spreads
o Plant Based Cheese Shreds

• Buyer Type
o Plant Based Cheese for Households
o Plant Based Cheese for HoReCa
o Plant Based Cheese for Food Processors

• Sales Channel
o Plant Based Cheese Retail Sales
 Hypermarkets / Supermarkets
 Departmental Stores
 Convenience Stores
 Specialty Stores
 Online Retailers
o Plant Based Cheese Direct Sales

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What makes Fact.MR report stand out from others?

• MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Plant Based Cheese market. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the market stakeholders.
• Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Plant Based Cheese market, thus, making it different and special from other reports.
• Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of market get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
• Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Plant Based Cheese market and assists to create strategies to overcome the obstacles that may hinder the growth of the Plant Based Cheese market.
• Leverage: The Plant Based Cheese market can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
• Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
• Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Plant Based Cheese market.

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