NEWARK, Del, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The plant-based cheese market is predicted to be valued at US$ 3,068 million in 2024. The market for plant-based cheese is expected to grow at a compound annual growth rate (CAGR) of 12.2% between 2024 and 2034 to reach a value of US$ 9,658 million. This expansion is due to consumers seeking cruelty-free, environmentally friendly, and sustainably produced substitutes for conventional dairy products. It also reflects a trend toward a plant-based diet, as seen by the various product offers, exquisite flavor, and health-conscious consumer base.
It is projected that shifting consumption habits, increased interest in plant-based dairy products, a surplus of capital, and expanding acceptance of Western lifestyles drive the plant-based cheese industry. The food service industry has also made a substantial contribution to the growth of the vegan cheese industry by labeling its goods with vegan cheese and serving vegan cheese-based appetizers. People who are allergic to dairy products or lactose intolerant are increasingly choosing plant-based cheese.
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Concerns about animal welfare, the growth in vegans, and the adoption of plant-based goods by those who are allergic to dairy all contribute to the global trend of replacing dairy products with plant-based alternatives.
Vegan cheese has a lower fat content than dairy cheese but offers equivalent vitamins, proteins, and carbohydrates. Eating vegan cuisine has been shown to improve health. The millennial is creating creative ways to use artisanal vegan cheese, which is becoming increasingly common in fast food, hotels, cafés, and restaurants to serve a huge crowd.
The rise in popularity of plant-based diets and veganism is causing rapid changes in the food business. With the increasing availability of vegan cheese, ‘clean’ labeling is becoming increasingly popular. It comprises plant-based starch and oil (derived from nuts), cheese replacements, and fermented cheese. The global plant-based cheese market is expected to grow significantly due to consumers' increasing adoption of health-conscious dietary habits.
As people become more aware of the benefits of plant-based diets, there is a growing demand for cheese alternatives made from plant-based ingredients. This trend is likely to continue in the coming years, driven by factors such as rising awareness about the environmental impact of animal agriculture and concerns about animal welfare. As a result, the plant-based cheese market is poised for strong growth, offering new opportunities for manufacturers and suppliers in the food industry.
“Demand for plant-based cheese substitutes is rising due to growing benefits and awareness of plant-based diets. Concerns about animal welfare and the negative environmental effects of animal agriculture are fueling the trend of consuming vegan products. Consequently, the market for plant-based cheese is anticipated to rise rapidly, presenting novel prospects for food industry suppliers and manufacturers.” - Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Plant-based Cheese Market
- The soy milk-based cheese segment is set to capture a significant 38.2% share of the plant-based cheese industry in 2024.
- The B2C distribution channel is projected to dominate with an 83.8% market share in 2024.
- The United States plant-based cheese industry is expected to experience a CAGR of 8.2% through 2034.
- Germany plant-based cheese market is expected to demonstrate a remarkable CAGR of 10.2% through 2034.
- The United Kingdom plant-based cheese industry is anticipated to see a CAGR of 8.7% through 2034.
- India plant-based cheese industry showcases a healthy CAGR of 8.4% through 2034.
- China plant-based cheese market is expected to display an average CAGR of 3.3% through 2034.
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Competitive Landscape
The market for plant-based cheese is extremely competitive, with businesses striving for supremacy through various tactics like pricing plans, advertising campaigns, research and development, and the creation of new products. The fragmented vegan cheese market heavily emphasizes competitive forces and strategic decision-making. Competitors substantially engage in research and development to provide cutting-edge, cruelty-free dairy products to keep ahead.
Organizations strive to enhance their market share and operational efficiency by forming strategic alliances, partnerships, and collaborations. Manufacturers of plant-based dairy products employ a range of marketing strategies, such as collaborations and the introduction of new products, to grow their clientele and get a competitive advantage. Companies may preserve their leadership positions in the industry and remain ahead of their peers by continuously inventing and creating novel ways to interact with their target consumer base.
Key Companies in the Plant-based Cheese Market:
- Daiya Foods Inc.
- The Gardener Cheese Company Inc.
- Kite Hill
- Miyoko’s Creamery
- Field Roast
- Puris Foods
- Bute Island Foods Ltd.
- Follow Your Heart
- WayFare Foods
- GreenSpace Brands
- Danone S.A.
Recent Developments in the Plant-based Cheese Market
- In January 2024, South Korean food technology company Armored Fresh developed a range of plant-based almond products that replicate the taste and texture of dairy cheese while providing essential nutrients and high protein content, potentially revolutionizing the food industry.
- In January 2024, The American company The Laughing Cow launched a new range of plant-based spreadable cheese products in response to the growing demand for dairy-free alternatives. These innovative spreads give consumers a guilt-free option for snacking and spreading their favorite foods.
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Key Segments
By Source:
- Oat Milk
- Rice Milk
- Corn Milk
- Soy-Milk
- Pea Milk
- Almond Milk
- Coconut Milk
- Cashew Milk
- Flax Milk
- Hemp Milk
- Other
By Distribution Channel:
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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