A new study by Future Market Insights (FMI) states that, the global plant-based cheese market is set to grow at 15.5% CAGR between 2020 and 2030, as veganism rises in popularity around the world.
According to the National Center for Biotechnology Information (NCBI), plant-based diet reduces the risks of metabolic syndrome, certain cancers such as colon, breast, and prostate cancer, heart disease, diabetes, and others. In June this year, the United Nations Environment Programme’s (UNEP) panel for sustainable resource management has highlighted the environmental impacts of the world’s predilections for western diet, comprising dairy and meat products.
A UN report, titled “Assessing the Environmental Impacts of Consumption and Production” has recommended that a global shift towards vegan diet could save the world from fuel poverty, hunger, and worst impacts of climate change.
With international organizations rallying for plant-based diet, FMI’s foresees impressive prospects ahead for the plant-based cheese market. While disruptions due to COVID-19 are inevitable, the report stresses on the benefits of surging awareness regarding veganism to the market.
According to the National Statistics of the United States, 3% of the population in the United States consider themselves vegan.
FMI offers a holistic overview of the global plant-based cheese market, its growth and restraints during the forecast period.
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Some of the key takeaways from the report are highlighted below-
- Surge in demand for oat milk source is anticipated to propel the growth of the plant-based cheese market in the coming years
- B2B distribution channels are expected to witness significant growth which is projected to increase the market value during the forecast period
- North America is forecast to lead in the global plant-based cheese market owing to the rise in vegan population. The U.S. is expected to spearhead growth in the region
- Europe, Middle East and Africa will remain another lucrative region in the global market
“The increase in demand for environment-friendly food products has been working in favor of the global plant-based cheese market. Furthermore, the health benefits of the plant-based diet are driving more people to go vegan. According to the National Center for Biotechnology Information (NCBI), a study involving more than 60,000 men and women, the prevalence of diabetes in individuals on a vegan diet was 2.9% compared with 7.6% in the non-vegetarians. As more people gain awareness on the health benefits of plant-based diet, the demand for various plant-based foods including plant-based cheese is likely to surge,” says a Fact.MR analyst.
COVID-19 Impact Analysis
The outbreak of COVID-19 initially affected the plant-based cheese market as hotels, restaurants, and cafes remained shuttered during extended periods of lockdown. The economic constraints followed soon after that further halted the production process of the plant-based cheese resulting in decline of the growth of the market.
Contrary to this, the pandemic has increased the awareness regarding health and people have become more conscious to maintain their well-being. In order to boost immunity, a major portion of the population has been opting plant-based diet which is bolstering the growth of the plant-based cheese market.
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Who is Winning?
Competition witnessed in the plant-based cheese market is increasing fast. In order to strengthen their foothold, the key market players are concentrating on both the quality and quantity of the products.
For instance,
- Tesco launched their new few-form cheese which are made with soy milk in 2020.
- Puris Foods launched their new PURIS™ vegan cream cheese which is made from non-GMO peas that deliver allergen-friendly protein and the texture of regular cream cheese without the dairy.
More Valuable Insights on Plant-based Cheese Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global plant-based cheese market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of source (oat milk source, rice milk source, corn milk source, soy milk source, pea milk source, almond milk source, coconut milk source, cashew milk source, flax milk source, hemp milk source, other milk source), distribution channel (B2B (hotels, restaurants, cafes), B2C (hypermarkets/supermarkets, convenience stores, specialty stores, mom and pop stores, discount stores, food and drink specialty stores, independent small groceries, online retail, others retail formats), across six major regions (North America, EMEA, Latin America, APAC).
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.