Product ID: SQSG30C2015
Report ID: SQSG30C2015 | Region: Global | Published Date: September, 2023 | Pages: 265 | Tables: 64 | Figures: 75
Vegan Cheese Market size was valued at USD 2.57 billion in 2021 and is poised to grow from USD 2.86 billion in 2022 to USD 10.61 billion by 2030, growing at a CAGR of 10.61% in the forecast period (2023-2030).
Vegan cheese has historically been a contentious issue for both consumers and the business community. Vegan cheese options and availability, as well as satisfaction with taste and texture, have notoriously been limited until very recently.
After an explosive year for the vegan cheese market in 2021, when even major players in the plant-based meat alternatives industry, like Beyond Meat and The Very Good Food Company, began collaborating with recipe writers to focus on the cheese market, the distinction between dairy cheese and plant-based cheese is expected to become increasingly hazy until vegan cheese alternatives are competitive with their counterparts derived from animals.
Vegan cheese, particularly vegan cream cheese, has been dubbed the next frontier in plant-based innovation, with the market for dairy substitutes expected to grow as a result of developments in ingredient technology. The vegan cheese market sees products derived from a wide range of ingredients, such as cashew, coconut cream, tapioca starch, olive oil, onion powder, fermented tofu, lemon juice, or nutritional yeast. This is in contrast to the conventional dairy segment, where the origin of the products is typically the cow.
The vegan cheese market is driven by the desire for transformation and change, and rising consumer awareness of animal cruelty and the damaging effects of the dairy industry on the environment has influenced them to choose plant-based products. Over the coming ten years, the vegan cheese market is expected to rise as customers around the world, particularly Generation Z and millennials, are becoming more accepting of veganism.
The plant-based cheese industry is increasingly relying on fermentation technologies to create cheese without using any animals, specifically cows. The first-ever extensive study of consumer acceptance for animal-free cheese has shown that such products will quickly compete with traditional dairy in the $240 billion cheese market, even if fermentation-produced animal-free cheeses have not yet reached the mass market.
There are numerous vegan kinds of cheese manufactured with ingredients like coconut, soy, and nuts, resulting in vegan food products like cashew cheese and other dairy-free cheese options that contain healthful fats, just as the plant-based milk category includes products like coconut milk, soy milk, and oat milk. A dairy-free version of the most popular conventional cheese options, such as mozzarella shreds, smoked gouda, or mild cheddar, is most likely to increase vegan cheese consumption because it is suitable for lactose-sensitive consumers.
US Vegan Cheese Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global vegan cheese market has been segmented based on source, end-user, and region. Based on the source, the market is segmented into soy, almond, cashew, coconut, and others. Based on the end-user, the market is segmented into B2B and B2C. Based on region, the vegan cheese market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Vegan Cheese Market Analysis by Source
The cashew segment had the highest revenue share of more than 35.0% in 2021, and it is anticipated that it will continue to hold a commanding position for the duration of the forecast. Vegan cheese made from cashews is low in fat and contains vitamins B2 and B12. This makes it popular with people that care about their health all over the world. Due to its health advantages, gluten-free and cholesterol-free cashew products are also becoming more popular.
The soy segment is anticipated to grow at the fastest rate, 13.1%, between 2022 and 2028. Soy milk is an affordable alternative to dairy and contains a perfect ratio of healthy fatty acids and amino acids. As a result, it is an economical choice for large-scale vegan cheese makers. Additionally, because soy-based cheese is simple to melt, it is becoming more popular among customers.
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More than 35.0% of global revenue was generated in Europe in 2021, and this region will continue to hold the top spot throughout the coming years. Due to growing awareness of animal cruelty and the region's expanding carbon footprint brought on by the use of foods derived from animals, such as milk, honey, eggs, beef, pig, and seafood, consumers are increasingly choosing more environmentally friendly and vegan products.
With a CAGR of 14.1% from 2022 to 2028, Asia Pacific is predicted to have the quickest rate of growth among all regions. Sales of the product are anticipated to be boosted by the rising demand for plant-based baking and confectionary goods in the Asia Pacific area. The major drivers of the expansion of the Asia Pacific market are China and Japan.
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Vegan Cheese Market Driver
Vegan Cheese Market Restraint
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Numerous small- and large-scale manufacturers are launching mergers and acquisitions as well as new product innovations to achieve consolidation and optimize their products, the leading non-dairy cheese brands are faced with intense competition. The non-dairy cheese market is expanding more quickly thanks in large part to the internet selling platform. Furthermore, manufacturers have an advantage in expanding their product line globally because of distribution networks and superior manufacturing expertise. For instance, in January 2022, Aldi U.K. launched vegan cheese sold under the chain’s Plant Menu brand. It is made from coconut oil and is free of gluten and soy.
Top Players in the Global Vegan Cheese Market
Vegan Cheese Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by source, the cashew segment dominated the global vegan cheese market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Europe dominated the global vegan cheese market owing to the region's awareness of animal cruelty and the region's expanding carbon footprint.
|Market size value in 2021||USD 2.57 billion|
|Market size value in 2030||USD 2.86 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Vegan Cheese Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vegan Cheese Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Vegan Cheese Market:
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