Report ID: PMRREP27580
Number of Pages: 140
Format: PPT*, PDF, EXCEL
Industry: Food and Beverages
Published Date: July-2024
The market for vegan cheese is anticipated to rise from US$23.1 Mn in 2024 to US$86.1 Mn by 2031. The market for vegan cheese is expected to reach a robust CAGR of 12.6% from 2024 to 2031.
Key Highlights of the Market
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Attributes |
Key Insights |
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Market Size (2024E) |
US$23.1 Mn |
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Projected Market Value (2031F) |
US$86.1 Mn |
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Forecast Growth Rate (CAGR 2024 to 2031) |
12.6% |
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Historical Growth Rate (CAGR 2019 to 2023) |
11.8% |
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The vegan cheese market, valued at US$13.2 Mn in 2019, is expected to grow at a CAGR of 11.8% from 2019 to 2023. China is the leading country that has approximately 56 to 70 million people who are vegetarians, and vegans.
The rise in veganism, particularly among millennials, and the growing awareness of animal cruelty and environmental impact from the dairy industry are driving the demand for plant-based products.
The COVID-19 pandemic has also boosted the demand for vegan food products, with the plant-based food trade in the US reaching over US$9.7 Mn in 2019. The growing awareness of animal cruelty and global concerns over carbon footprints are driving the vegan movement worldwide.
As the demand grows, plant-based cheese brands are expanding their production capacity to meet the demand. The market is expected to reach a market value of approximately US$35.2 Mn by the end of 2031.
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Get a Customized VersionThe vegan cheese market held at US$13.2 Mn in 2019. The is steadily increasing the growth ratio with a CAGR of 11.8%. This growth was attributed to the growing demand for plant-based alternatives and the popularity and accessibility of vegan cuisines across the globe.
Consumer trends are shaping the food and beverage industry, with a growing number of individuals embracing new food preferences and trends.
Factors such as climate change, concerns about animal cruelty, and health considerations are driving the worldwide vegan movement. Veganism is currently at its peak, and this trend is expected to continue as more people recognize the benefits of a vegan lifestyle.
Numerous food brands and companies are thus expanding their product offerings to include vegan alternatives, including cheese, bread, ice cream, and biscuits.
The popularity of plant-based cheese products is increasing as consumers switch from conventional cheese. This growing interest in vegan cheese has led to the entry of various brands into the global market, resulting in high competition. To meet the exponential demand, plant-based cheese brands are expanding their production capacity.
Additionally, the endorsement of vegan products by celebrities and influencers further contributes to the growth of the market. It is projected that the market value is expected to reach US$86.1 Bn by the end of 2031.
Increasing Health Consciousness
Increased consumer awareness about the health advantages of vegan cheese, including its high protein and calcium content, is expected to drive growth.
Changing dietary habits have led to a rise in obesity and cholesterol issues worldwide, making consumers more health conscious. As a result, the demand is growing as it serves as a significant alternative to dairy cheese for vegans. This trend is anticipated to contribute to the rapid growth in the forecast period.
Adoption of Veganism
The increasing adoption of veganism has broadened the consumer vegan cheese market. As more individuals opt to reduce or eliminate their consumption of animal products, there has been a significant surge in the demand.
Vegan cheese manufacturers are continuously striving to enhance the taste, texture, and melting ability of vegan cheese, aiming to create products that closely resemble traditional dairy cheese. These efforts are contributing to the overall growth of the market.
Diverse range of Vegan Cheese Products
The innovative introduction of vegan cheese product variants featuring unique flavors, textures, and formulations has captivated consumers. These new options present an enticing alternative to traditional dairy cheese, motivating consumers to incorporate it into their diets.
Additionally, the availability of diverse variants such as smoky flavors, aged varieties, herb-infused options, and artisanal-style cheeses caters to individual tastes and preferences. This expanded range of product offerings enhances the overall market appeal, encouraging more consumers to opt for vegan cheese.
Stress on Raw Material Suppliers
The increasing popularity of vegan cheese places a significant strain on raw material suppliers, including cashews, soy, coconut, and almonds. This heightened demand presents various challenges for raw material producers, leading to complexities in production.
The availability of raw materials becomes more challenging, potentially impeding the growth of the market. It is essential for suppliers and producers to address these difficulties to ensure a steady supply of raw materials and sustain the market's expansion.
Higher Cost of Vegan Products
The high cost is anticipated to impede the market's growth in the forecast period. Vegan cheese, derived from ingredients like peas, nuts, and other nutrient-rich foods, can often be priced as high as US$10 for a small cube.
The steep price point presents a significant challenge as it limits the affordability and accessibility for many consumers. Consequently, the higher prices may act as a barrier to market expansion. Efforts to address the cost factor and make it more affordable could help mitigate this hindrance and drive growth of the market.
Growing Adoption of Vegetarian and Vegan Diets
The rising adoption of vegetarian and vegan diets, particularly among millennials, is projected to drive the demand in the hotel, restaurant, and cafe sectors. An example of this trend is the establishment of vegan restaurants throughout the Saudi Arabian region, aimed at promoting a healthier lifestyle.
As more individuals embrace veganism and vegetarianism, the market for vegan cheese is expected to witness significant growth. This growing inclination presents promising opportunities for the expansion of the market, as the demand continues to rise in response to changing dietary preferences.
Increasing Lactose Intolerant Population
The majority of the demand comes from individuals who are lactose intolerant, comprising over 65% of the population. To cater to this substantial demand, numerous large retailers have invested significantly in manufacturing units and introduced diverse product ranges in the plant-based category, including vegan cheese.
Manufacturers are responding to the high demand by offering a wide variety of options, such as cranberry, caramel, blueberry, and more. This increasing introduction of plant-based products is expected to create ample opportunities for manufacturers within the market, as they capitalize on the growing demand among lactose intolerant individuals.
Mozzarella Leading the Way with its Unique Features
Based on product types, the mozzarella segment accounted for the highest revenue shares of US$65 Mn in 2033 at a stable CAGR of 5.8%. Mozzarella cheese, which is widely utilized in Italian cuisine, including dishes like Caprese salad, pasta, pizzas, and croquettes, is available in various forms, such as shredded slices, cubes, and spreads.
The demand for mozzarella is witnessing a significant increase, particularly in regions where Italian cuisine is popular. Consequently, the growing usage of mozzarella cheese in the food industry is expected to be a major market growth driver.
Cashew Establishes a Benchmark by Source
Based on the source, a detailed breakdown and the vegan cheese market analysis highlight cashew as a leading source with the largest market share. Cashews possess natural qualities that make them an excellent choice for achieving a creamy and delectable texture.
With their inherent smoothness and slightly sweet taste, cashews contribute to a luxurious mouthfeel that resonates with consumers. Furthermore, cashews are easily processed and blended into a creamy base.
Moreover, cashews offer versatility as a base for various flavors and styles of vegan cheese, including cheddar, cream cheese, and even artisanal varieties. These advantages have fueled the increased adoption of cashews in the preparation, enhancing its appeal to a wider audience.
Supermarkets and Hypermarkets Push the Boundaries for Vegan Cheese Sales
Based on the distribution channel segment, supermarkets and hypermarkets hold the largest share among various distribution channels, such as convenience stores and online stores.
Retail giants provide a wide range of products, including vegan cheese options. They often dedicate specific sections or shelves to plant-based and dairy-free alternatives, offering a diverse selection of brands, flavors, and varieties that cater to consumer preferences.
With multiple store locations, supermarkets and hypermarkets ensure easy access across different regions. This widespread presence allows more consumers to conveniently discover and purchase the product. Furthermore, these retailers offer a convenient one-stop shopping experience, saving consumers time and effort by providing a centralized location for a variety of products, including vegan cheese.
Europe Experiences a Surge in Vegan Cheese Consumption
Europe has experienced a notable upsurge in the demand for plant-based products, with a particular focus on vegan cheese. This trend can be attributed to several factors, including a growing interest in plant-based diets, heightened health consciousness, concerns for the environment, animal welfare considerations, and ethical values.
Additionally, Europe boasts a substantial population of vegans, vegetarians, and flexitarians who actively seek out alternatives to traditional dairy products, including vegan cheese. The presence of a well-established vegan market provides a solid foundation for the prominence and expansion of vegan cheese market in Europe.
Furthermore, the region has witnessed the emergence of dedicated vegan shops and online platforms that cater specifically to the increasing demand for plant-based options.
Moreover, Europe offers a wide array of supermarkets, hypermarkets, and specialty stores that provide a diverse range of vegan products, including vegan cheese. Thanks to these retail channels, it has become more accessible to consumers throughout the region.
May 2024
Charoen Pokphand Foods Public Company Limited (CP Foods) has won three international awards at the 49th International Exhibition of Inventions in Geneva, Switzerland. The company's innovative vegan cheese, Just-Cheese, made from Fermented Broken-Milled Rice, is celebrated for its low-fat composition and high nutritional value.
The product is a viable alternative for cheese enthusiasts and vegetarians, offering a healthier option for those sensitive to cow's milk. CP Foods' R&D Center's Dr. Sudarat Ledlod emphasized the company's commitment to integrating advanced technology and scientific research to produce health-beneficial food solutions.
May 2024
FÆRM, a Danish food tech firm, has secured a $1.3 million funding round to advance innovation. The company uses patented food science and traditional dairy cheese making techniques to create plant-based cheeses.
FÆRM has successfully coagulated soy milk into cheese curds through fermentation and maturation, a feat previously considered challenging. The company plans to expand its cheese range by incorporating other legumes and licensing its technology to other companies.
The vegan cheese market is witnessing intensified competition due to its significant potential. Key players like Daiya Foods Inc., Galaxy Nutritional Foods Inc. (Greenspace Brands Inc.), Good Planet Foods LLC, Kite Hill, and Miyoko's Creamery are actively contributing to this market. The report offers valuable insights into the industry's recent trends and developments.
Companies are focused on improving their sales and market value through new product launches and innovative developments. They use various strategies in businesses, including joint partnerships, ventures, acquisitions, and mergers. Furthermore, investments in R&D and advancements in vegan cheese and plant-based cheese present promising opportunities in the market.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Country Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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