Pune, April 27, 2023 (GLOBE NEWSWIRE) -- “The Vegan Cheese Market was valued at USD 2.53 billion in 2022, and it is expected to reach USD 18 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.2% between 2023 and 2030”, as per the report by SNS Insider.
Market Report Scope
Vegan cheese is a dairy-free alternative to traditional cheese that is made from plant-based ingredients such as nuts, soy, and coconut. It is a popular choice among vegans, lactose-intolerant individuals, and those looking for a healthier or more sustainable option. Vegan cheese can come in a variety of forms, including sliced, shredded, and spreadable, and can be used in the same way as traditional cheese, such as in sandwiches, pizzas, and salads.
Market Analysis
The global vegan cheese market has been experiencing rapid growth in recent years, and the trend is expected to continue. One of the primary drivers of this growth is the increasing acceptance of veganism, particularly among millennials, who are more conscious about their food choices and the impact on the environment. With growing awareness about animal cruelty and the negative effects of the dairy industry on the environment, consumers are increasingly opting for plant-based alternatives. This has led to a surge in demand for vegan cheese products, which offer a cruelty-free and sustainable alternative to traditional dairy cheese.
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Impact of Recession
While the vegan cheese market may experience some impact from a recession, its growing popularity, increasing availability, and perceived health and sustainability benefits suggest that it may be more resistant to economic downturns than other specialty food markets.
Key Regional Development
According to recent market research, the vegan cheese market is experiencing significant growth, with Europe leading in terms of revenue share and projected to maintain its dominant position throughout the forecast period. One of the major reasons behind the rise in demand for vegan cheese in Europe is the increasing awareness among consumers about animal cruelty and environmental issues associated with animal-derived products such as milk, eggs, meat, and seafood. As a result, consumers are choosing to opt for eco-friendly and cruelty-free alternatives, including vegan cheese. Meanwhile, the Asia Pacific region is emerging as a rapidly growing market for vegan cheese, with a strong demand for plant-based bakery and confectionery products. China, Japan, and Australia are identified as the key contributors to the growth of this market.
Key Takeaway from Vegan Cheese Market Study
- The vegan mozzarella segment has seen significant growth in recent years, with many companies offering innovative and high-quality products. In addition to its delicious taste, vegan mozzarella is also known for its health benefits, as it is typically lower in fat and calories than traditional cheese.
- The food industry segment is poised to dominate the market in the coming years. With the increasing demand for vegan alternatives, food companies are responding by offering an array of plant-based cheese options.
Recent Developments Related to Vegan Cheese Market
- The Bel Group, a leading producer of cheese, has recently announced its investment in Climax Foods, a company that is revolutionizing the plant-based food industry. The collaboration between these two industry giants aims to create a new generation of "best in class" vegan cheese that offers consumers a unique and delicious experience.
- Thailand has recently marked a significant milestone in its vegan food industry as it just got its first-ever vegan cheese factory. The new factory is set to meet the growing demand for vegan cheese products among the country's population, which is increasingly turning towards plant-based diets.
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| Report Attributes | Details |
| Market Size in 2022 | US$ 2.53 Billion |
| Market Size by 2030 | US$ 18 Billion |
| CAGR | CAGR 13.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • by Product (Mozzarella, Cheddar, Pepper Jack, Parmesan, Gouda, and Others) • by Source (Soy Milk, Almond Milk, Rice Milk, and Other) • by End-Use (Household, Food Industry, and Foodservice Industry) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, +D11UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Bute Island Foods Ltd., Greenspace Brands, Violifefoods.Com, Vtopian Artisan Cheeses, Chicago Vegan Foods, Gardener Cheese Company, Tofutti Brands Inc., Kite Hill, Daiya Foods Inc., Nush Foods |
| Market Drivers | •Lactose slothful and dairy hypersensitive individuals are progressively leaning toward plant-based food sources. •Lodging, eateries, and inexpensive food outlets are naming their items with vegetarian cheddar. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Vegan Cheese Market segmentation, by Product:
9. Global Vegan Cheese Market segmentation, by Source:
10. Global Vegan Cheese Market segmentation, by End-Use:
11. Global Vegan Cheese Market, by region/ country
12. Company profiles
13. Competitive Landscape
14. Conclusion
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