Plant-Based Cheese Market: Market Outlook
Plant-Based Cheese is an alternative for dairy products avoided by people due to reasons like improper digestive system, excessive fats, also due to a specific diet plan. Some of the ingredients used to make plant-based cheese are coconut milk, water, agar-agar powder, nutritional yeast, salt, lemon juice, tapioca starch. Plant-based products help to reduce the risk of cardiovascular diseases caused by the intake of dairy products. According to World Health Organization cardiovascular diseases are the number one cause of death globally and takes an estimated 17.9Mn lives each year. Plant-based cheese is also known to be beneficial for the consumers who are intolerant towards lactose.
Customers today wish to make every bite they eat tasty and healthy at the same time. The wide range of applications of cheese in junk and fast foods like burgers, pizzas, sandwiches and certain ready to eat food items has prompted the growth in demands for plant-based cheese. However, the decreased level of protein and calcium in the plant-based items and the increase in its cost can drive the customers away from them and may affect the growth of plant-based cheese market.
Plant-Based Cheese Market: Market Dynamics
Increased demand by consumers for plant-based products
The significant focuses that have added to the development of the plant-based products include awareness about animal rights and the environment. Consumers are becoming more conscious about their health and also aware of the cardiovascular diseases caused by the intake of dairy cheese which has led to the growth in demand for healthy food products like plant-based cheese. The vegan trend and the clean label trend are also factors driving the market for plant-based cheese. As the plants-based products are subjected to less risk of infections as compared to animal-based products, the sale of plant-based cheese is expected to increase.
Manufacturers are providing a customized range of products
The constant efforts taken by the manufacturers to provide the customers with tasty as well as healthy food products have increased the demand to a great extent. They are offering a taste that can put the experts in confusion. The major trend towards a healthy lifestyle is fueling the change from daily cheese product to plant-based cheese. They are available in different flavors such as cheddar cheese, mozzarella cheese, and Monterey jack. The different textures and packaging offered by the manufacturers have also contributed to the rise in demand. The campaigning that is done and the spread of awareness of the benefits of following a plant-based diet has triggered the demand level of plant-based cheese.
Plant-Based Cheese Market: Segmentation
Based on type, the plant-based cheese market has been segmented as
- Cream Cheese
Based on Source, the Plant-Based Cheese market has been segmented as
- Soy-based cheese
- Almond based cheese
- Rice-based cheese
- Coconut based cheese
- Cashew based cheese
Based on Forms, the Plant-Based Cheese market has been segmented as
- Blocks and Wedges
Based on Sales Channel, the Plant-Based Cheese market has been segmented as
- Specialty Stores
- Online Channels
Based on the region, the Plant-Based Cheese market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Global Plant-Based Cheese Market: Key Players
Some of the key players operating in the plant-based cheese markets are Alba Cheese, Kite Hill, Punk Rawk Labs, Diamond Cold, Koninklijke ERU, Tofutti Brands, Green Vie Foods, Dr-Cow Tree Nut Cheese, Kraft, Otsuka (Daiya Foods), Bel Group, Lactalis Group, Parmela Creamery, Murray Goulburn Cooperative, Heidi Ho, and others.
Global Plant-Based Cheese Market: Opportunities
Constant research and innovation is carried for increased applications of plant-based cheese which marks opportunities for the key players to expand its business. With the increasing number of customers being aware of the health benefits of consuming plant-based products, creates opportunities for the new players to enter into this market. Plant-based cheese is known for its low fat density and is considered to be gluten-free hence expanding the open door for producers to enter their market for their customers.
Global Plant-Based Cheese Market: Regional Outlook
As per geography, North America holds the highest market share in the global plant-based cheese market. U.S ranks first in the production of plant-based cheese. The developing vegan population in Europe will trigger the production rate of Plant-Based cheese in this region. The growth in investments in the development of dairy-free alternatives is foreseen to push the development of plant-based cheese.
COVID-19 impact on Global Plant-Based Cheese Market
Covid-19 has affected the worldwide economy with effects on the food and beverage industry as well. The supply chain is disturbed and there is a downfall in the availability of raw materials and supplies as well. However as the food products remained a part of the essential goods, some of the key manufacturers continued with the production, but not up to the full production capacity. With the growing demand in plant-based products, it can be seen that the global plant-based cheese market will be moderately affected in the coming period.
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