Covina, Oct. 25, 2023 (GLOBE NEWSWIRE) -- What is the vegan cheese market?
Vegan Cheese Market accounted for US$ 2.7 billion in 2020 and is estimated to be US$ 5.5 billion by 2030 and is anticipated to register a CAGR of 7.5%
Vegan cheese is a plant-based alternative to traditional dairy cheese, catering to individuals who follow a vegan diet or are lactose intolerant. It is created using a variety of plant ingredients, such as nuts (e.g., almonds, cashews), soy, coconut, and other sources.
Vegetarians and vegans are becoming more prevalent worldwide. Vegan Cheese Market is predicted to grow as more people switch to plant-based diets for moral, environmental, or health reasons. Many people look into dairy-free options like vegan cheese because they are lactose intolerant or have dairy allergies.
Key Highlights –
- In March 2023, PlantWise introduces plant-based cheeses in India that taste, melt & spread like dairy. PlantWise just introduced its shredding in Delhi NCR and sends its spreads, chili-nuggets, and other products to all major cities. At the moment, www.plantwise.store is offering a 10% introductory discount on all of their items. Additionally, they may be found on Vegan Dukan, Vvegano, Vegan Mall, etc.
Analyst View –
People are being urged to switch to plant-based alternatives due to worries about how the dairy sector may affect the environment, including difficulties with land use, water use, and greenhouse gas emissions. Vegan cheese products are becoming more prevalent in major retail chains' and eateries' menus, enhancing consumer accessibility and boosting demand.
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The future of the Vegan Cheese market:
- Growing Health Awareness: As more consumers seek healthier dietary options, the demand for vegan cheese, which is often lower in saturated fats and cholesterol compared to traditional dairy cheese, is on the rise. This trend is likely to continue, contributing to market growth.
- Sustainability and Environmental Concerns: Vegan cheese aligns with the growing sustainability and environmental consciousness. The production of plant-based cheese generally has a lower environmental footprint compared to dairy cheese. As sustainability becomes a key consumer concern, this is expected to drive increased adoption of vegan cheese.
- Diverse Product Offerings: Innovation in vegan cheese production has led to a wider variety of flavors, textures, and types, making it more appealing to a broader consumer base. Expect continued diversification in vegan cheese products, catering to different culinary preferences and dietary requirements.
- Improved Taste and Texture: One challenge for vegan cheese has been replicating the taste and texture of dairy cheese. Ongoing research and development efforts are continually improving the quality and authenticity of vegan cheese, making it a more attractive option for consumers.
- Expansion in Foodservice: The foodservice industry, including restaurants and fast-food chains, is increasingly incorporating vegan cheese options into their menus. This trend is expected to continue as more consumers seek plant-based alternatives when dining out.
- Retail Market Growth: Vegan cheese is becoming more widely available in grocery stores and supermarkets. This trend is expected to continue, with an expanding presence in the retail market, making it easier for consumers to purchase vegan cheese products.
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Key trends include:
- Diverse Product Offerings: The Vegan Cheese market is experiencing a surge in diverse product offerings, including a wide range of flavors, textures, and types, mimicking traditional dairy cheese. Consumers can now choose from options like cheddar, mozzarella, feta, and cream cheese, expanding the appeal of vegan cheese to different culinary applications.
- Clean Labeling and Transparency: Consumers are increasingly looking for clean and transparent ingredient lists. Vegan cheese manufacturers are responding by emphasizing natural, recognizable ingredients, and highlighting certifications such as non-GMO, organic, and allergen-free, providing greater assurance to health-conscious consumers.
- Sustainability Focus: Sustainability and environmental consciousness are significant drivers in the Vegan Cheese market. Many consumers choose vegan cheese due to its lower environmental impact compared to dairy cheese. Brands are communicating their eco-friendly practices, such as sourcing ingredients responsibly and reducing packaging waste.
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