NEWARK, Del, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The cheese analogue market is expected to increase at a 6.5% CAGR from 2023 to 2033, above the 4.5% CAGR witnessed between 2018 and 2022. This increase in growth rate indicates rising demand for cheese analogue products, resulting in a significant increase in market value from US$ 2,232.4 million in 2023 to US$ 4,052.6 million by 2033.
The cheese analogue business has grown significantly as customers seek alternatives to real cheese products. The rising demand for plant-based and dairy-free alternatives and advances in food technology have fueled the market's growth. The increasing acceptance of vegan and vegetarian diets and the increased prevalence of lactose intolerance and dairy allergies are the key drivers of the cheese analogue market's growth.
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Certain issues, however, are limiting the market's expansion. Some customers may be put off by the fact that cheese mimics do not precisely match the flavor and feel of actual cheese. Furthermore, the regulatory environment around food labelling and ingredient supply presents problems for market participants.
Despite these constraints, the cheese analogue industry offers several options. Manufacturers may focus on research and development to improve the flavor, texture, and nutritional profile of cheese mimics, making them more appealing to customers. Extending product choices to include a wider range of flavors, shapes (slices, shreds, spreads), and packaging alternatives can also help to attract a larger consumer base. Furthermore, smart alliances with food service providers and retailers can expand market reach and awareness. The cheese analogue industry has enormous development potential, driven by changing consumer preferences and the search for healthier and more sustainable food options.
Key Takeaways:
- In the United States, the market is growing at a CAGR of 23.3% in 2022.
- United Kingdom is predicted to develop at a CAGR of 5.4% by 2033, driven by rising consumer demand for plant-based and dairy-free alternatives.
- The market in India is expected to rise at a CAGR of 4.4% by 2033, exhibiting a stable growth trajectory as more customers try cheese analogue choices.
- The Chinese cheese analogue market is expected to develop rapidly, with a CAGR of 11.7% by 2033, driven by increased acceptance of Western dietary patterns and the need for creative and sustainable cheese replacements.
- Japan’s market has a compound annual growth rate of 3.4% as per the forecast for 2022 in the Global Market.
“The Cheese Analogue Market demonstrates remarkable growth potential, propelled by the rising demand for plant-based alternatives in the food industry. As consumers seek healthier and sustainable options, this market segment serves as a viable solution,” - Says Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive landscape:
Numerous notable competitors vie for market share in the cheese analogue industry. Arla Foods, Kraft Heinz Company, Fonterra Co-operative Group, Sacco S.r.l., and Chr. Hansen Holding A/S is among the market's significant rivals. These firms have a substantial market presence and provide a diverse selection of cheese analogue goods to meet a variety of client tastes. They concentrate on product innovation, quality, and increasing their distribution networks. To acquire a competitive advantage. Furthermore, these rivals frequently use mergers, acquisitions, and partnerships to increase their market position and capitalize on the expanding worldwide demand for cheese
analog goods.
Key Companies Profiled:
- Groupe Lactalis
- Daiya Foods Inc.
- Miyoko’s Kitchen, Inc.
- Lyrical Foods, Inc.
- Whitehall Specialties Inc.
- Bute Island Foods Inc.
- Blendhub Corporation Group
- Ingredion Inc.
- Ornua Ingredients
- MCT Dairies, Inc
- A.I.F. Ingredients
- Others
Recent Developments:
- Arla Foods is a global leader in the plant-based cheese substitute market, producing a varied variety of plant-based cheese replacements with an emphasis on sustainability and natural ingredients.
- To meet consumer demand for convenience and flavor, Kraft Heinz Company has created diverse cheese analogue products, including slices, shreds, and spreads.
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Cheese Analogue Market by Category:
By Type:
- Dairy-based Cheese Analogue
- Plant-based Cheese Analogue
- Partial Dairy-based Cheese Analogue
By Form:
- Liquid
- Slices
- Cubes/Blocks
- Shredded
- Powder
- Spreadable
By End Use:
- Retail / Household
- HoReCa
- F&B Industry
By Distribution Channel:
- B2B
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Traditional Groceries
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- 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.
Explore FMI’s related ongoing Coverage in the Food and Beverage Domain:
Cheese Color Market: This is expected to reach US$ 371.4 million by 2023. The cheese color market is predicted to reach US$ 940.4 million by 2033 developing at a CAGR of 10.60%.
Cheese Concentrates Market: This is set to be valued at US$ 1858 million in 2023 and is projected to grow at a CAGR of 5% during the forecast period. The market is expected to reach a valuation of US$ 2979.7 million by 2033.
Processed Cheese Market: This is expected to grow at a CAGR of 3.8%. The market value projected to increase is from US$ 15.9 Billion in 2022 to US$ 23.2 Billion by 2032.
Cheese Concentrates Market: This is set to be valued at US$ 1858 million in 2023 and is projected to grow at a CAGR of 5% during the forecast period. The market is expected to reach a valuation of US$ 2979.7 million by 2033.
Cheese Alternative Market: This is expected to reach a market valuation of US$ 4.3 Billion by the year 2022, accelerating with a CAGR of 8.3% by 2022 to 2032, to reach a value of US$ 9.6 Billion by 2032.
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