Shifting consumer preferences and a rise in disposable incomes are key factors driving the growth of the vegan cheese market in India, says a market analysis by RationalStat
A comprehensive report provides a detailed historical and future market size with a comprehensive market trend analysis. The market share analysis, production capabilities of the top companies, leading food categories, adoption of vegan cheese, consumer sentiments, major distribution channels, competition overview, strategic imperatives, key end users, startup and financial background, potential growth areas, and competition analysis for the target players evaluated in the India vegan cheese market study.
Market Overview and Dynamics: Rising demand has propelled businesses to introduce vegan products
India vegan cheese market is anticipated to gain a strong growth rate of 15.3% during the forecast period 2022-2028.
• A shift in consumption patterns, increasing demand for plant-based dairy products, rise in disposable income, and increasing adoption of the western lifestyle are some of the key factors expected to fuel the demand for vegan cheese in India.
• Moreover, the food service industry has been considerably contributing to the growth of the vegan cheese market as hotels, restaurants, and fast-food outlets are labeling their products with vegan cheese and also serving food with vegan cheese as appetizers. Lactose-indolent and dairy-allergic people are increasingly inclined towards plant-based cheese.
The rise of veganism and plant-based diets is causing a rapid change in the food sector. Numerous dairy substitutes have entered the market in recent years. Since vegan cheese is now widely accessible, "clean" labeling is quickly becoming more popular. Soy, almond, cashew, and other nut-based components are generally used to make vegan or plant-based cheese. It mostly consists of fermented cheese and cheese analogues (produced from plant-based starch and oil - made from nuts).
Although there is a limited selection of plant-based cheese in India compared to dairy cheese, it is nonetheless available. This scenario is, nevertheless, evolving. The hospitality and food service industry is playing a big role in the expansion of the vegan cheese business by offering vegan meals on its menus. Due to the rising demand, more businesses have been experimenting with and creating novel cheese alternatives.
• Based on the cheese type, the cashew segment held the largest revenue share of more than 35.0% in 2021 and is expected to maintain its dominant position throughout the forecast period.
o Cashew-based vegan cheese contains vitamins B2 & B12 and is low in fat. This makes it favorable among health-conscious consumers all over the world. Furthermore, gluten-free and cholesterol-free cashew products are gaining traction owing to their health benefits.
• Based on end user type, the B2C segment led the global market in 2021 and accounted for a revenue share of more than 50.0%. Factors such as increased consumer disposable income levels and willingness to spend on premium products have led to a rise in the demand for plant-based products in the B2C segment.
o Easy product availability in supermarkets and convenience stores has boosted the growth of this segment.
Competition Analysis: Regional Players Dominate the Domestic Markets
Over the last decade, the India vegan cheese market has grown rapidly. India's vegan cheese market is fragmented in nature with the presence of various players in the market. These players adopt various strategies including mergers and acquisitions, partnerships and collaborations which directly results in propelling the growth of the India vegan cheese market.
• In March 2022, India's Goodmylk announced its acquisition of the nutrition brand PRO2FIT. The acquisition of PRO2FIT signifies maturity in the emerging India alt protein sector. Both brands saw synergies in their missions to make plant-based food and nutrition accessible to all.
• In January 2020, plant-based butter and spreads producer Upfield Group announced its acquisition of dairy-free cheese manufacturer Arivia.
o As a result of this strategic acquisition, Arivia and its VIOLIFE brand will become part of the Upfield Group of companies and join its household names, including Flora, Rama, Country Crock, Blue Band, and Proactiv.
According to RationalStat, leading players involved in the production and marketing of the vegan cheese market in India include Live Yum Foods, Bombaycheesecompany, Urban Platter, Cowvathi, Goodmylk, Vegandukan, Vvegano, ICL Speciality Products Inc., Arivia, BlacjLiving Foods, and Anata India among others.
RationalStat has segmented the India vegan cheese market on the basis of cheese type, source, form, end user, application, sales channel, and region.
• By Cheese Type
o Cream Cheese
o Others (Gouda, Pepper Jack, etc.)
• By Source
o Almond Milk
o Coconut Milk
o Soy Milk
o Cashew Milk
o Others (Pine Nuts, Hazelnuts, etc.)
• By Form
o Others (Spreads, Cubes, etc.)
• By End User
o Personal, Household, and Residential
• By Application
o Fast Food Snacks
o Baked Goods
o Processed and Packed Food
o Dairy and Desert
o Dips and Sauces
• By Sales Channel
• By Region
o North India
o West and Central India
o South India
o East India
For more information about this report
Kimberly Shaw, Content and Press Manager
Phone: +1 302 803 5429
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support regional and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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