The global vegan cheese market size was valued at US$ 2,148.7 Mn in 2019. It is forecast to exhibit at a CAGR of 8.6% between 2019 and 2028. Rising disposable income of consumers, coupled with their willingness to spend on premium products, will aid the expansion of the market, finds Future Market Insights in a report, titled “Global Vegan Cheese Market Analysis and Forecast, 2019–2028.” The report examines the factors influencing the market from a global as well as regional perspective. It discovers hidden opportunities for the leading market players. In addition to this, the report identifies the chief growth drivers, restraints, and opportunities.
Some of the key takeaways from the report are:
- The expansion of plant-based food industry will support the growth of the vegan cheese market. With the demand for plant-based alternative rising, the market is likely to report impressive growth through the course of the forecast period.
- In terms of distribution channel, the vegan cheese market is broadly categorized into direct and indirect sales channels. Of these, the indirect sales segment holds dominant vegan cheese market share.
- Among indirect sales segments, convenience store is likely to emerge as the most attractive segment.
- Among product types available in the market, the demand for mozzarella vegan cheese is expected to remain high owing to its versatility of use in different recipes.
- On the basis of source, the almond milk segment is forecast to witness highest growth.
“Leading players are focusing on expanding their geographic presence, besides launching novel products to gain competitive advantage. In addition to these, several companies are offering cost-effective products to woo their consumers.”
Rising Incidence of Lactose Intolerance to Fuel Demand for Vegan Cheese
A considerably large section of population around the world is lactose intolerant. People with lactose intolerance can rarely enjoy delicacies prepared with milk or milk-derived ingredients. It is due to this that the demand for vegan cheese is on a rise. Vegan cheese is a plant-based dairy alternative, particularly suitable for those suffering from lactose intolerance. Against this backdrop, an increasing number of hotels, restaurants, and cafes have started introducing vegan cheese in their menu to attract consumers who prefer vegan diets and those who are lactose intolerant.
Increasing Disposable Income of Consumers Supports their Purchase Decision
In the last couple of years, consumers’ willingness to spend on exotic and humane plant-based diet has greatly increased. In addition to this, a stable increase in the demand for novel food alternatives is noticed. They are motivated by various advertisements and campaigns to obtain essential nutrients from plant-based alternatives, and this decision is supported to an extent by their increasing disposable income.
Who is winning
Despite witnessing impressive growth opportunities, lack of awareness is a key factor limiting the market’s expansion in developing and underdeveloped regions. As a result of this, conventional dairy products continue to remain popular in several potentially lucrative markets. This is a chief factor restraining the market’s expansion.
Nonetheless, the market players are likely to overcome this challenge as they invest in marketing strategies besides innovating healthier and more cost-effective vegan cheese. Also, concerns pertaining to animal welfare is expected to tip scale in favour of veganism, in turn bolstering growth opportunities for the vegan cheese market.
Some of the leading players operating in the vegan cheese market are Daiya Foods, Inc., Follow Your Heart, Go Veggie, Parmela Creamery, Kinda Co., Bute Island Foods Ltd., Vtopian Artisan Cheeses, Kite Hill, Miyoko’s Kitchen, Vermont Farmstead, and Good Planet Foods.
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-7772
Get Valuable Insights into Vegan Cheese Market
Future Market Insights, in its new report, presents an unbiased analysis of the global vegan cheese market, covering historical demand data and forecast figures for the period between 2019 and 2028. The study divulges compelling insights into growth witnessed in the market. In terms of product type, the market can be segmented into mozzarella, parmesan, cheddar, cream cheese, ricotta, and others. On the basis of form, it can be classified into shreds, blocks and wedges, and slices. Based on source, the overall vegan cheese market share can be categorized into almond milk, coconut milk, cashew milk, soy milk, and others. In addition to these, food processing, food service/ HoReCa, and household/ retail are the key end-use segments studied in the report. Furthermore, the report bifurcates the market into organic and conventional in terms of nature. On the basis of sales channel, the market covers direct sales, indirect sales, and online retailers. Regional, the global market encompasses North America, Latin America, Western Europe, Eastern Europe, Japan, APEJ, and the Middle East and Africa.
About the Food & Beverage Division at Future Market Insights
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.
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.