Vegan Cheese Market on Pace to Reach US$ 86.1 Mn by 2031 - Persistence Market Research

The global vegan cheese market is experiencing significant growth, with projections indicating a rise from US$23.1 Mn in 2024 to US$86.1 Mn by 2031, registering a robust CAGR of 12.6%. As the shift toward plant-based diets accelerates, fueled by consumer preferences, health awareness, and sustainability concerns, the vegan cheese industry is set to thrive.

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Key Highlights of the Market
• Consumer Preference Shift: The growing inclination towards plant-based alternatives is a primary driver of market growth.
• Accessibility and Availability: Vegan cheese is now widely available in supermarkets, specialty stores, and online platforms.
• Influence of Social Media: Increased visibility through food bloggers, influencers, and chefs is amplifying consumer interest.
• Rising Disposable Incomes: Growing purchasing power and product availability in digital marketplaces enhance market prospects.
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Market Introduction and Trends
The vegan cheese market was valued at US$13.2 Mn in 2019, growing at a CAGR of 11.8% from 2019 to 2023. China leads in consumer adoption, with an estimated 56 to 70 million vegetarians and vegans.
The rising trend of veganism, particularly among millennials, and growing awareness of animal cruelty and environmental impact are significant factors driving demand for plant-based products.
The COVID-19 pandemic further accelerated interest in vegan foods, with the U.S. plant-based food market surpassing US$9.7 Mn in 2019. Consumers' awareness of carbon footprints and sustainability concerns is propelling the global vegan movement.
To meet demand, vegan cheese brands are expanding production capacities and launching innovative product variants. By 2031, the market is projected to reach US$86.1 Mn, with high competition among new entrants and existing brands.
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Market Growth Drivers
Increasing Health Consciousness
• Growing consumer awareness regarding health benefits, including high protein and calcium content, is spurring demand.
• Changing dietary habits and rising obesity and cholesterol issues are prompting consumers to choose vegan cheese as a dairy alternative.
Rising Adoption of Veganism
• A surge in vegan and flexitarian diets has expanded the vegan cheese consumer base.
• Continuous improvements in taste, texture, and melting ability of plant-based cheese enhance market adoption.
Expansion of Product Range
• Manufacturers are introducing diverse flavors, textures, and formulations, offering unique alternatives to traditional dairy cheese.
• Availability of smoky flavors, aged varieties, herb-infused, and artisanal-style cheeses caters to different consumer preferences.
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Market Challenges
Supply Chain Pressure on Raw Material Suppliers
• The increasing demand for vegan cheese strains raw material suppliers, including cashews, soy, coconut, and almonds.
• Supply shortages may impact production and price stability.
High Cost of Vegan Products
• Vegan cheese made from premium ingredients such as nuts, peas, and coconut remains expensive.
• With some varieties priced at US$10 for a small cube, affordability remains a barrier to mass-market adoption.
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Emerging Market Opportunities
Growing Adoption in Foodservice Sector
• The increasing number of vegan restaurants, cafes, and hotel chains is creating new growth avenues.
• In Saudi Arabia, vegan restaurant chains are expanding to cater to the growing demand for plant-based options.
Expanding Lactose-Intolerant Consumer Base
• Over 65% of the global population experiences lactose intolerance, driving demand for dairy-free cheese.
• Major retailers are investing in plant-based product development to cater to this growing demographic.
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Category-Wise Analysis
Mozzarella Leads as the Preferred Vegan Cheese Variant
• The mozzarella segment is expected to generate US$65 Mn in revenue by 2033 with a CAGR of 5.8%.
• Its extensive use in Italian cuisine and high demand in restaurants and households contribute to its dominance.
Cashew as the Leading Raw Material
• Cashews hold the largest market share due to their creamy texture and mild flavor, making them an ideal base for vegan cheese.
• Cashew-based cheeses are gaining traction in artisanal and premium segments.
Supermarkets and Hypermarkets as Key Distribution Channels
• Retail giants dedicate specific sections for plant-based alternatives, offering a diverse selection.
• The one-stop shopping experience and multiple store locations enhance consumer accessibility.
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Regional Market Insights
Europe Leads in Vegan Cheese Consumption
• Europe remains a key market due to growing vegan and flexitarian populations.
• Ethical consumerism, environmental concerns, and rising awareness about animal welfare are fueling demand.
• Dedicated vegan retail stores and online platforms are expanding the market presence across the region.
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Recent Developments in the Vegan Cheese Market
May 2024 - CP Foods Wins Innovation Award
• Charoen Pokphand Foods Public Company Limited (CP Foods) won three international awards at the 49th International Exhibition of Inventions in Geneva, Switzerland.
• Their plant-based Just-Cheese innovation, made from fermented broken-milled rice, was recognized for its low-fat and high-nutritional value.
May 2024 - FÆRM Secures $1.3 Million Funding
• Danish food-tech company FÆRM received a $1.3 million investment to enhance plant-based cheese innovations.
• The company successfully coagulated soy milk into cheese curds through fermentation, setting new standards in vegan cheese production.
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Competitive Landscape
The vegan cheese market is witnessing intensified competition due to its high growth potential. Major players in the industry include:
• Daiya Foods Inc.
• Galaxy Nutritional Foods Inc. (Greenspace Brands Inc.)
• Good Planet Foods LLC
• Kite Hill
• Miyoko's Creamery
• Parmela Creamery
• Tofutti Brands Inc.
• Tyne Chease Limited
• Violife Foods
• Field Roast
• Follow Your Heart
• WayFare Foods
• Danone S.A.
These companies focus on product innovation, strategic partnerships, and mergers to strengthen their market presence.
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Market Segmentation
By Distribution Channel:
• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others
By Source:
• Soy
• Almond
• Coconut
• Cashew
• Others
By Product Type:
• Mozzarella
• Cheddar
• Parmesan
• Ricotta
• Cream
• Others
By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

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