The global vegan cheese market is expected to reach at USD 2.66 billion by 2027, at a CAGR of 12.8%, according to the new report by Grand View Research, Inc. Growing acceptance of vegan food products in the millennials is likely to encourage a huge market growth. Growing emphasis upon production of dairy and dairy related food products is expected to impel a huge market growth in the coming years.
Growth in population of lactose intolerant population is likely to attract a huge demand for vegan cheese. It is expected that this demand would grow around 7-8% in the next 2 to three years as the vegan population is growing in favor of environment sustainability and health awareness. The demand for fermented vegan cheese has gained a huge momentum in the backdrop of consumer preference for nutritious dairy food products.
Mozzarella dominated the market with more than 30.0% share of the global revenue in 2019. Extensive application of the product in various Italian foods, including pizzas, pasta, croquettes, risotto, lasagna, and Caprese, has surged the demand for the product. The ricotta product category is projected to expand at the fastest CAGR over the forecast period due to the increasing use of the product in various recipes.
In terms of end-use, the household segment led the market and held over 50.0% share of the global revenue in 2019. Rising purchasing power and willingness to spend on quality food products have expanded the demand for the product in the household sector. The foodservice segment is anticipated to witness the fastest growth during the forecast period. An increasing number of restaurants, fast-food chains, and cafes, are including plant-based items in their menus, which is fueling the demand for the product in the foodservice sector. Increasing use of the product in several pizza chains, such as Pizza Express and Koti Pizza, has boosted the segment growth across the globe.
New players have been entering the market to tap the growing demand for the product. For instance, in 2019, Pleese Foods, a U.S.-based plant-based cheese producer, entered the industry with a range of products available in various forms and flavors.
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Amid the covid-19 effect on global economy, the demand for snacks and junk food has reduced owing to the inception of social distancing norms and safety protocols. Governments in various countries have implemented flexible regulations on the movement of people and goods to prevent the pandemic and therefore many householders are coming up with innovative practice of producing home-made cheese that is rich in nutrients.
Further Key Findings From The Report Suggest:
- In terms of end-use, household accounted for a significant share attributing to the rise in disposable income and preference for plant-based cheese products. Easy availability and demand for organic products in the supermarkets is one of the major drivers.
- Ricotta vegan cheese is anticipated to entail a huge market growth in the forecast period attributing to the rising application in multi-cuisine dish. For instance, vegan cheese is deliberately used in multi-flavored pizza, lasagna, and manicotti.
- MEA is a growing market for vegan cheese attributing to the shift in lifestyle and consumer awareness. Presence of retail markets with a huge consumer base is likely to encourage a significant market growth in the coming years.
- Europe accounted for a significant share in the 2019 and is expected to retain a dominant position in the following years. Asia Pacific has maintained a dominant position attributing to the sale of organic products and a high demand for dairy oriented products.
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- Tofutti Brands, Inc.
- Dr-Cow Tree Nut Cheese
- Kite Hill
- VTOPIAN ARTISAN CHEESES
- Parmela Creamery
- Miyoko’s Creamery
- Gardener Cheese Company
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Grand View Research has segmented the global vegan cheese market on the basis of product, source, end-use, and region:
Vegan Cheese Product Outlook (Revenue, USD Million, 2016 – 2027)
Vegan Cheese Source Outlook (Revenue, USD Million, 2016 – 2027)
Vegan Cheese End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Food Processing
Vegan Cheese Regional Outlook (Revenue, USD Million, 2016 – 2027)
Central & South America
Middle East & Africa
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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