The demand for vegan products is increasing day by day across the globe owing to the rising trend of veganism among the world populace. The concerns regarding animal cruelty and health have proved to be the major driving factor for the growth of the vegan cheese market during the forecast period of 2020-2030. The range of vegan food includes ice cream, cheese bread, biscuits, and others which are available in various brands. Further, the major companies are striving hard to expand their product portfolio. The popularity of cheese in the food industry is increasing rapidly. In addition, people are shifting towards veganism owing to health consciousness. These aspects have led to consumer preference for plant-based cheese. The vegan cheese brands have penetrated the market and created a sea wave of change in consumer outlook by providing them with nutritious vegan products of their choice.
The growth opportunities have widened for food suppliers. Further, they are continuously growing the production of vegan products during the forecast period. According to a report by TMR, the global market is projected to expand at a CAGR of 10% between 2020-2030, and the valuation is estimated to reach US$2.5 bn by the end of this period. The rapid pace of urbanization is a key trend that has considerably worked in favor of the growth of the market.
Digital Influence to Add to Revenue Generation for Vegan Cheese Market
Digital media plays a crucial role in the promotion of social trends, food popularity, and consumer preference which influences the global crowd significantly.
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Furthermore, the celebrities post their workout regimes, and diet plans and flaunt the vegan diet which naturally creates a positive platform for the growth of the vegan cheese market. The popularity of vegan products is escalating among the global populace due to the availability of vegan products online and offline. The e-commerce platforms have made sales and purchase easy and quick with various options available for consumers. Additionally, the food bloggers promote vegan recipes, thereby increasing awareness about the vegan diet and the health benefits obtained across the globe.
During the COVID-19 pandemic, online sales gained traction owing to the lockdowns imposed by various countries. These restrictions disrupted the supply chain and caused hassles in offline services. However, food items fall under the essential category so the online and offline availability of vegan cheese was unhampered. All these aspects influence the growth of the vegan cheese market substantially.
Development of Novel Formulations in Vegan Cheese to Create New Opportunities for Market Growth
The leading players are making huge investments in the research and development activities which have contributed to new product launches such as flavored cheese. Furthermore, the rise in the sales of vegan cheese across the globe will favor market growth. The novel technological developments have enhanced the production process and expanded the vegan cheese market across the globe. The key developments include the use of herbs, spices, and other blends to create impressive flavors. Also, the use of rich protein sources such as coconut, oats, soybeans, legumes, cashew, almond, and others. The end-users such as the food industry, food services, households, and retail will create immense growth opportunities for the vegan cheese market.
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Some of the major players operating in the market are Good Planet Foods, Galaxy Nutritional Foods, Inc., Bute Island Foods, Greenspace Brands, Follow your heart, Miyokos Kitchen Company. Tyne chease Limited, Parmela Creamery, Kite Hill, Daiya Foods, and Violife Foods.
The well-entrenched players are indulging in strategic collaborations with mergers, acquisitions, partnerships, and startups to expand their market reach. Furthermore, the planning regarding the production, distribution, and supply may bring positive growth to the vegan cheese market.
North America to Be Front Runner in Global Vegan Cheese Market
North America may show significant growth in the global market owing to the rising number of sales of vegan cheese in the local market. Further, the soaring sales of non-dairy cheese products will augment the growth of the vegan cheese market. Europe may show rapid growth owing to the presence of top players in this region. Additionally, the rise in online and offline sales in this region is due to the consciousness regarding health will act as a growth propeller.
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The global vegan cheese market can be segmented as below:
Product Type
- Form Mozzarella
- Parmesan
- Cheddar
- Cream Cheese
- Ricotta
- Others
Form
- Shreds
- Blocks and Wedges
- Slices
- Source
- Almond Milk
- Soy Milk
- Coconut Milk
- Cashew Milk
- Others
End-Use
- Food Processing
- Baked Goods
- Sauces, Dips, and Dressings
- Snacks
- Processed and Packed Foods
- Ready Meals
- Dairy and Desserts
- Food Service/HoReCa (Hotels, Restaurant, Cafes)
- Household/Retail
- Nature
- Conventional
- Organic
- Sales Channel
- Direct Sales
- Indirect Sales
- Hypermarkets/Supermarkets
- Convenience Stores
- Speciality Retail Stores
- Traditional Grocery Stores
- Online Retailers
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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