The global vegan cheese market size is expected to be worth around US$ 10.64 billion by 2030, according to a new report by Vision Research Reports.
The global vegan cheese market size was valued at US$ 3.20 billion in 2020 and is anticipated to grow at a CAGR of 13.8% during forecast period 2021 to 2030.
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Vegan Cheese Market (By Product: Mozzarella, Cheddar, Parmesan, Ricotta, Cream Cheese; By Source: Soy, Almond, Cashew, Coconut; By End-use: Household, Food Processing, Foodservice) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 10.64 Billion by 2030|
|Growth Rate||CAGR of 13.8% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, source, end-use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Treeline Cheese; Follow Your Heart; Daiya Foods Inc.; Kite Hill; Violife; Dr-Cow Tree Nut Cheese; Tofutti Brands, Inc.; Tyne Chease Limited; Miyoko’s Creamery; and Parmela Creamery|
Increasing acceptance of veganism among the consumers, especially among the millennials, has been fueling the market growth. Growing awareness about animal cruelty and the negative impacts on the environment caused by the dairy industry has encouraged consumers to opt for plant-based products.
Growing awareness about animal cruelty and the negative impacts on the environment caused by the dairy industry has encouraged consumers to opt for plant-based products. The COVID-19 pandemic has offered some respite to the market as people around the world have taken an unprecedented interest in cooking at home. Hence, the demand for vegan food products has significantly increased during this period.
By Product Analysis
The mozzarella product segment held the largest revenue share of over 35% in 2020 and is expected to maintain dominance over the forecast period. Mozzarella is widely used in Italian dishes, such as pasta, pizzas, croquettes, and Caprese salad, and is available in the form of slices, cubes, shredded, and spreads.
On the other hand, the ricotta cheese segment is projected to register the fastest CAGR of more than 14.5% during the forecast period. The growing application scope of this product in Italian dishes, such as manicotti, lasagna, roll-up, high tea, and ravioli, has been fueling its demand, thereby augmenting the segment growth.
By Source Analysis
The cashew milk source segment held the largest market share of more than 38.5% in 2020 and is expected to maintain its dominant position throughout the forecast period.
On the other hand, the soy milk source segment is projected to register the fastest CAGR of more than 13.5% from 2021 to 2030. Soy milk is a low-cost substitute for dairy and has a complete balance of desirable fatty acids and amino acids.
By End-use Analysis
The household end-use segment led the global market in 2020 and accounted for the largest revenue share of more than 50.0%. such as increased consumer disposable income levels and willingness to spend on premium products, have led to a rise in demand for plant-based cheese in the household segment. The foodservice end-use segment is expected to register the fastest growth rate of more than 12.5% during forecast years.
By Regional Analysis
Europe accounted for the largest revenue share of more than 40% in 2020 and will retain the leading position throughout the forecast years.
Asia Pacific is estimated to be the fastest-growing regional market at a CAGR of more than 13.05% from 2021 to 2030. The growing demand for plant-based bakery and confectionery products in the Asia Pacific region is expected to fuel the sales of vegan cheese.
- Treeline Cheese
- Follow Your Heart
- Daiya Foods Inc.
- Kite Hill
- Dr-Cow Tree Nut Cheese
- Tofutti Brands, Inc.
- Tyne Chease Limited
- Miyoko’s Creamery
- Parmela Creamery
- By Product
- Cream Cheese
- By Source
- By End-use
- Food Processing
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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