This article is written and sponsored by Transparency Market Research.
The global vegan cheese market is expected to grow at an a CAGR of about 10% and reach a market value of about $7 billion by 2030 on a consistent rise in the number of vegan consumers worldwide, increasing awareness about lactose intolerance, and mounting climate-change and animal-welfare concerns.
Consumers across the globe are also moving away from animal protein to plant-based protein sources due to the clean-label trend. Moreover, strong economic growth and the expansion of the middle class population in the developing world are fueling demand for vegan cheese.
Further, as vegan cheese gains popularity, consumers are increasingly focusing on taste, texture and nutritional content. With that, research and development activities are in full swing.
Vegan cheese contains ingredients which are not derived from animal derivatives, including legumes, vegetables, grains, fruits, nuts, and seeds. It is also produced from plant-based casein, soy milk, almond milk, coconut milk and rice milk. Plant based cheese offers options for consumers who are seeking dairy alternatives.
Against this backdrop, an array of food brands and companies are expanding their product portfolio to include plant-based cheese products, with North America and Europe projected to be at the forefront in terms of market share and value.
Regional View and Product Expansion
While the U.S. is the largest producer of plant-based cheese, Europe’s growing vegan population is a key growth driver. In fact, nearly 10-15% of European consumers consider themselves vegetarians.
In terms of Asia-Pacific, the plant-based cheese market is expected to register the highest CAGR over the forecast period. For the Middle East, Africa and Latin America, growing investments in the diary-free alternatives space is anticipated to propel expansion.
Across the developing region, strong economic growth, the explosion of middle-class populations, and rising urbanization are significant factors responsible for market growth.
Additionally, multiple big-name brands have recently introduced or expanded their vegan cheese range with new products available at ASDA, Whole Foods, Tesco, ALDI, and Dominos. For instance, McDonald’s announced that its new McVegan is to become a permanent menu item in Finland and Sweden.
Key Strategies and Market Players
- Market participants are focusing on acquisition, mergers, and joint ventures to increase their geographical presence and strengthen the supply chain
- Multinational companies in the vegan cheese market are focusing on acquiring small-scale companies to increase their product portfolio and production capacity
- Most key players in the global vegan cheese market are investing in advertising and marketing to increase the awareness of innovative vegan cheese products
- Key players operating in vegan cheese market, include Violife Foods, Daiya Foods, Tyne Chease Limited, Vtopian Artisan Cheese Company, Kite Hill, Miyoko’s Kitchen Company, Vermont Farmstead Company, Good Planet Foods, Follow Your Heart, Galaxy Nutritional Foods, Inc., Parmela Creamery, and Field Roast Grain Meat Co.
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