December 22nd, 2022
Vegan Cheese Market size is projected to reach USD 4.63 billion by 2028 from an estimated USD 1.92 billion in 2021, growing at a CAGR of 13.4% globally.
Veganism is referred to as the refusal from the utilizations of animal-based products, especially in food and beverage products. Vegan cheese is the substitute for dairy cheese that is derived from plant-based sources such as almond milk, coconut milk, cashew milk, soy milk, pine nuts, hazelnut, others. Moreover, with the switching consumer tastes and preferences and shifting consumer lifestyle, producers are developing with the flavors of vegan cheese such as herbs, spice, and blends. In addition, vegan cheese is the least in fat and gluten-free which helps to growth of the vegan cheese market. Furthermore, increased interest in plant-based foods has been raised owing to awareness associated with health, sustainability, and animal welfare. Regarding conventional production of dairy, there are three key areas of concern environment impact (pollution of soil and water, emissions of greenhouse gases, and land use), human health (increased antibiotic resistance and exposure to zoonotic diseases), and animal welfare (treatment of farmed animals, including disease, injury, and mental/emotional well-being). Hence, plant-based products provide a more sustainable and ethical option to consumers that are significantly growing in popularity among consumers.
The income earned from the sale of This Study and technologies by various application industries is considered in the report. This section also includes an analysis of global production volume and production volume by type for the projection period. Factors that influence market growth are important because they may be used to design diverse strategies for capturing the lucrative possibilities that exist in the ever-growing industry. In addition, market expert perspectives have been incorporated to better understand the industry.
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Key Industry Players in Vegan Cheese Market:
· UPrise Foods
· Daiya Foods
· Parmela Creamery
· Tyne Cheese Limited
· Good Planet Foods
· Vtopian Artisan Cheese Company
· Kite Hill
· Feel Foods Ltd.
· Miyoko's Kitchen Company
· Vermont Farmstead Company
· Follow Your Heart
· Galaxy Nutritional Foods Inc.
· Violife Foods
· Mad Millie
· Field Roast Grain Meat Co.
· Go Veggie and other major players.
Plant-based cheese products gain popularity, as consumers are making the switch from conventional cheese. Sensing the growing interest in vegan cheese, an array of vegan cheese brands have entered the global market due to which, the competition in the vegan cheese market is high. As the demand for vegan cheese grows at an exponential rate, plant-based cheese brands are currently expanding their production capacity to meet the demand.
Segmentation Analysis Includes,
· Cream Cheese
· Almond Milk
· Coconut Milk
· Cashew Milk
· Soy Milk
· Pine Nuts
· Food Service Industry
· North America (U.S., Canada, Mexico)
· Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
· Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
· South America (Brazil, Argentina, Rest of SA)
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· The report provides a quantitative analysis of the current vegan cheese market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
· Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
· In-depth analysis and the market size and segmentation assist to determine the prevailing vegan cheese market opportunities.
· The major countries in each region are mapped according to their revenue contribution to the market.
· The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the vegan cheese industry.
Vegan cheese is lactose and easily digestible cheese. Soy milk, Almond milk, rice milk, and other sources including peanut milk, coconut milk, and others are used to make vegan cheese, which is entirely made from plants. The global vegan market is expanding as a result of a number of causes, including increasing consumer development of eco-friendly- friendly, animal-free sources of protein, growing worries about the use of antibiotics, allergies, and hormones, and concerns about animal welfare. Numerous vegan cheeses use, such as in fast food snacks, bakeries, and confectioneries, also contribute to the market's expansion.
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The Presence of top tier vegan cheese brands, growing consumer awareness, increasing number of social media influencers and celebrities promoting vegan cheese, and shift toward a healthier lifestyle are some of the major factors expected to drive the growth of the market for vegan cheese in these two regions. Several companies are expanding their product portfolio in tune with the evolving consumer trends and lifestyle preferences.
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