The vegan cheese market was valued at US$ 2,705.00 million in 2019 and is projected to reach US$ 4,651.68 million by 2027; it is expected to grow at a CAGR of 7.1% from 2020 to 2027.
Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the world. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular disease.
The global vegan cheese market in North America is expected to grow at the highest CAGR of 7.3% during 2020–2027. The rising awareness of the high nutritional profile of vegan cheese is expected to boost the growth of the market.
The recent COVID-19 outbreak, which began in Wuhan (China) during December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, France, and Germany are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, ~7,482,952 confirmed cases and ~419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns imposed by governments. Food & beverages is one the world’s major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Although, China is the global manufacturing hub and is the largest raw material supplier for various industries in the world, it is also one of the worst
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hit countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is adversely affecting the global supply chains, and manufacturing and sales of various food & beverages. The overall market collapse due to this outbreak is also restraining the vegan cheese market growth due to shutdown of factories, obstacle in supply chains, and downturn in world economy.
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Vegan Cheese Market: Strategic Insights
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Vegan Cheese Market: Strategic Insights
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Market Insights
Health Benefits Associated With Vegan Cheese Favors Global Market Growth
There has been a rising demand for vegan cheese due to the rising awareness of the health benefits related to vegan cheese among the population. Vegan cheese is prepared using various sources such as almond milk, coconut milk, cashew milk, and soy milk. These sources are well known for their high nutritional properties that have garnered the inclination of consumers worldwide. The vegan cheese is a rich source of various minerals, vitamins, potassium, calcium, and fibers. This strong nutritional profile of vegan cheese has led to an upsurge in its demand globally. Vegan cheeses are comparably lower in fat and are likely gluten-free. Recent studies have shown that vegan cheese helps in reducing cardiovascular diseases and has been highly recommended by people and the aging population worldwide. The high carbohydrate and fiber content of vegan cheese is noted to provide abundant energy to the consumer. Additionally, the vegan cheese contain probiotic bacteria that help in protecting the micro biota or intestinal flora. Thus all these factors have been contributing to the expansion and development of the vegan cheese market across the world.
Product Type Insights
Based on product type, the vegan cheese market is segmented into mozzarella, parmesan, cheddar, cream cheese, ricotta, and others. The mozzarella segment accounted for the largest share of the global market in 2019; whereas, the market for parmesan is expected to grow at the highest CAGR during the forecast period. Mozzarella is basically a traditionally southern Italian cheese prepared from Italian buffalo's milk by the pasta filata method. Fresh mozzarella is basically white but may vary seasonally to slightly yellow depending on the animal's diet. However, due to some health issues faced by consumers, such as lactose intolerance, obesity, weight gaining, there is an increasing need for dairy-free alternatives for cheese lovers. Hence, most of the cheese offering companies are focusing on vegan cheese.
Form Insights
Based on form, the vegan cheese market is segmented into slices, diced/cubes, shredded, blocks, spreads, and others. The blocks segment accounted for the largest share of the market in 2019, whereas the slices segment is expected to register the highest CAGR during the forecast period. A truckle of cheese is basically a cylindrical wheel of cheese, and sometimes described as barrel-shaped. Truckles vary greatly in sizes, from the wax-coated cheeses sold in supermarkets to 25 kilogram or larger artisanal cheeses.
Source Insights
Based on source, the vegan cheese market is segmented into almond milk, soy milk, coconut milk, cashew milk, and others. The almond milk segment accounted for the largest share of the market in 2019. The almond milk cheese is one of the widely used sources in vegan cheese preparation. The naturally higher fat content of the almond milk gives the cheese a smoother texture without astringent taste. The almond milk has been known for its high nutritional profile that has further fueled its demand in the vegan cheese preparation. The almond milk is low in calories that have garnered its attention from health-conscious consumers all over the world. The calcium content of almond milk has been known to strengthen the bones and is highly recommended by orthopedics across the world.
Distribution Channel Insights
Based on distribution channel, the vegan cheese market is segmented into hypermarkets and supermarkets, convenience stores, specialty stores, online, and others. The hypermarkets and supermarkets segment accounted for the largest share of the market in 2019. Supermarkets and hypermarkets are self-help shops providing a wide variety of plant-based products available for sale. Vegan Cheese has a dedicated section in the supermarkets and hypermarkets. Thus the customers are provided with a wide variety of options to choose from. The high footfall in supermarkets and hypermarkets is expected to increase the sale of vegan cheese in this segment in the years to come.
Vegan Cheese Market Regional Insights
The regional trends and factors influencing the Vegan Cheese Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vegan Cheese Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Vegan Cheese Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 2.71 Billion |
| Market Size by 2027 | US$ 4.65 Billion |
| Global CAGR (2019 - 2027) | 7.1% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Vegan Cheese Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Vegan Cheese Market are:
- Daiya Foods Inc.
- Field Roast
- Follow Your Heart
- Galaxy Nutritional Foods, Inc.
- Good Planet Foods
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Vegan Cheese Market top key players overview
Vegan Cheese Market, by Product Type
- Mozzarella
- Parmesan
- Cheddar
- Cream Cheese
- Ricotta
- Others
Vegan Cheese Market, by Form
- Slices
- Diced/Cubes
- Shredded
- Blocks
- Spreads
- Others
Vegan Cheese Market, by Source
- Almond Milk
- Soy Milk
- Coconut Milk
- Cashew Milk
- Others
Vegan Cheese Market, by Distribution Channel
- Hypermarkets and Supermarkets
- Convenience Stores
- Specialty Stores
- Online
- Others
Company Profiles
- Daiya Foods Inc.
- Field Roast
- Follow Your Heart
- Galaxy Nutritional Foods, Inc.
- Good Planet Foods
- Kite Hill
- Miyoko's Creamery
- Nush Foods
- Uprise Foods LLC
- WayFare
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Form ; Source ; and Distribution Channel , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global vegan cheese market are Daiya Foods Inc., Field Roast, Follow Your Heart, Galaxy Nutritional Foods, Inc., Good Planet Foods, Kite Hill, Miyoko's Creamery, Nush Foods, Uprise Foods LLC, and Wayfare among many others.
In 2019, vegan cheese market was predominant in Europe at the global level. Increasing health consciousness among the consumers has been the driver behind the expansion of vegan cheese in this region. The number of vegan & vegetarian population is increasing rapidly, owing to which Europe is expected to grow rapidly. Furthermore, animal awareness is rising in Europe, which is beneficial for increasing the consumption of vegan products. Consumers nowadays are inclining towards maintaining healthy lifestyles, which has further led to the higher consumption of vegan food and beverages with potential health benefits. Currently, European consumers have become more conscious of their diets, due to which they are spending on a holistic approach towards health & wellness that includes almost every aspect of life. Thus, the market for vegan cheese is picking up pace in this region, owing to an increase in health & wellness awareness, along with the growing number of highly affluent consumers who are interested in consuming healthy food.
The growth of the parmesan type segment is primarily attributed to the fact that parmesan vegan cheese is health and highly suitable for people who cannot avoid cheese from their meal. Parmigiano-Reggiano or Parmesan is basically an Italian hard, found in granular cheese. It is mainly named after the producing areas, the provinces of Parma, Reggio Emilia, the part of Bologna west of the Reno, and Modena (all in Emilia-Romagna), as well as the part of Mantua (Lombardy). Vegan parmesan cheese is prepared from cashews, garlic powder, nutritional yeast, and sea salt. The nutritional yeast, as well as the garlic powder and salt, combines to make those cashews really taste cheesy. This vegan cheese has the same melting point as non-vegan cheese. These are applied in pizza, burger, pasta, and many other dishes.
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The List of Companies - Vegan Cheese Market
- Daiya Foods Inc.
- Field Roast
- Follow Your Heart
- Galaxy Nutritional Foods, Inc.
- Good Planet Foods
- Kite Hill
- Miyoko's Creamery
- Nush Foods
- Uprise Foods LLC
- WayFare
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