Newark, July 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.7 billion in 2022 Vegan Cheese Market will reach USD 9.1 billion by 2032. The market is growing as veganism, particularly among millennials, becomes more and more well-liked. Due to increasing knowledge of cruelty to animals and the damaging effects the dairy industry has on the environment, consumers are being encouraged to prefer plant-based products. The demand for vegan food products has significantly increased throughout this time. The development of plant-based products that can take the place of dairy products is a global trend. This is tied to an increase in vegans, a rise in concerns about animal welfare and health, and a tendency toward more plant-based eating among those who have dairy allergies.
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Key Insight of the Vegan Cheese Market
Asia Pacific is anticipated to expand at the fastest CAGR of 14.3% over the projection period.
Asia Pacific is expected to grow at the fastest CAGR of 14.3% over the forecast period. Demand for plant-based goods, particularly vegan cheese, has significantly increased in the Asia-Pacific region. The growth of plant-based diets is being fueled by factors such as growing concern about health, awareness of the environment, and ethical concerns about animal suffering in nations like India, Japan, China, and Australia. The market for vegan cheese in the area has a chance to grow as a result of the rising demand.
In the vegan cheese market, the soy segment is anticipated to expand at the highest CAGR of 13.9% over the projection period.
The soy segment is anticipated to expand at the highest CAGR of 13.9% over the projection period. Soy milk is a cost-effective substitute for dairy products and provides the ideal balance of good fats and amino acids. As a result, it is a cost-effective option for manufacturing vegan cheese on a wide scale. Additionally, buyers are buying more soy-based cheese since it is easy to melt.
In the vegan cheese market, the ricotta segment is anticipated to expand at the highest CAGR of 14.2% over the projection period.
The ricotta segment is anticipated to expand at the highest CAGR of 14.2% over the projection period. Italian and Mediterranean meals frequently include ricotta cheese as an ingredient. There is an increasing need for vegan ricotta substitutes that may offer a similar cream consistency and mild flavor as more people switch to plant-based diets or look for dairy alternatives. Vegan ricotta substitutes may provide nutritional value and draw in health-conscious customers by being enriched with vital elements like calcium, vitamin B12, and protein. A selling promotion in this market might be highlighting the nutritional advantages and advertising the ricotta substitutes as a nutrient-rich alternative.
In the vegan cheese market, the B2B segment is anticipated to expand at the highest CAGR of 13.3% over the projection period.
The B2B segment is anticipated to expand at the highest CAGR of 13.3% over the projection period. Manufacturers of vegan cheese have options to work with businesses in the food service sector, such as cafés, hotels, restaurants, and catering services, through the B2B market. These businesses may offer plant-based options on their menus and satisfy the rising demand for vegan substitutes by receiving vegan cheese products. Vegan cheese may be used as an ingredient by food producers in a variety of dishes, including sandwiches, pizzas, snacks, and ready meals. Companies that produce vegan cheese are able to increase their market reach and include their goods in a variety of culinary options by working with food producers as B2B suppliers.
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Market Dynamics
Driver
The availability and selection of vegan cheese choices have increased in response to the rising demand for vegan goods. In order to satisfy a variety of consumer tastes, more companies are joining the market, and those that are already there are extending their product lines to include more flavors, styles, and formats. The flavor, consistency, and reliability of vegan cheese have all been significantly improved because of the development of cutting-edge culinary technology. This has made plant-based cheese substitutes more appealing to a larger customer base by assisting in solving of some of their issues.
Opportunity
For the vegan cheese market, the food service industry, which includes restaurants, cafés, and hotels, offers a substantial opportunity. Manufacturers may reach a larger client base and meet the growing demand for plant-based options in the dining industry by working with food venues and providing vegan cheese as an ingredient or menu product.
Some of the major players operating in the vegan cheese market are:
• Dr-Cow Tree Nut Cheese
• Tofutti Brands, Inc.
• Tyne Cheese Limited
• Miyoko's Creamery
• Parmela Creamery
• Treeline Cheese
• Follow Your Heart
• Daiya Foods Inc.
• Kite Hill
• Violife
Key Segments cover in the market:
By Source
• Soy
• Cashew
• Almond
• Coconut
• Others
By Product
• Cheddar
• Parmesan
• Cream Cheese
• Mozzarella
• Ricotta
• Others
By End-use
• B2B
• B2C
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The global transportation management systems market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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