Vegan Cheese Market Record CAGR of 8.6% Increase in Revenue by 2028

The vegan cheese market is expected to continue its steady growth on account of the growing trend of veganism, coupled with the increasing consumer awareness about the health benefits associated with cholesterol-free vegan cheese consumption. The global vegan cheese market is projected to register 8.6% CAGR during the forecast period 2018-2028, owing to the myriad factors mentioned in the PMR report. Individuals with a fondness for cheese have shown a reluctance towards veganism, however the growing awareness about the different vegan cheese options and variants available in the market has altered the scenario completely.

As veganism has already gone mainstream, and consumers inclination towards cheese is showing no signs of waning, vegan cheese companies have focused on introducing plant-based cheese substitutes, including cream cheese, parmesan, cheddar, ricotta, to name a few. Leading vegan cheese companies are focusing on introducing cost-effective vegan cheese variants to appeal to a wider, cost-sensitive demographic.

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PMR report opines that vegan cheese market has witnessed collective growth in the recent years. It is likely to accelerate further in the forthcoming years, on the back of the growing awareness about the lactose-intolerant conditions, in tandem with a significant shift in eating patterns. The report finds that globally, roughly 75% of the population is lactose intolerant, and suggests that the growing awareness about the potential health impact of dairy products will prompt consumers to shift to plant-based milk products, including vegan cheese, among many other dairy substitutes.

According to the study, the growing animal welfare and environmental concerns associated with dairy product consumption are gravitating consumers towards vegan cheese products. The transition to vegan cheese will further solidify, owing to numerous factors, including growing demand for eco-friendly, animal-free sources of protein, and raising concerns about allergens, antibiotic, and hormone use. Many leading food chains, such as Domino's Pizza, McDonald's have listed vegan food products on their menu to tap the expanding vegan population. The report opines convenience stores as the most common and imperative sales channel for vegan cheese customers, with leading grocery chains such as Aldi and Walmart, offering many exotic plant-based cheeses on shelves.

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To capitalize on the growing trend for veganism, vegan cheese companies are introducing novel forms of vegan cheese to move ahead of the increasingly competitive vegan cheese market. With the existing players taking efforts to produce vegan cheese variants with an added nutritional value, the global vegan cheese market is anticipated to witness tremendous changes during the forecast period.

The growing consumption of plant-based products in North America has made the region lucrative for the vegan cheese companies; 200 companies have already entered into the market in the recent three years. Meanwhile, the study opines that vegan cheese consumption accounts for roughly 4-5% of plant-based food consumption globally, with Western Europe and North America being the most lucrative and matured markets, owing to the preference for ready-to-eat snacks.

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This release was published on openPR.