The easy to digest and low-calorie nature of the plant-based cheese products is attracting consumer attention towards these products. Furthermore, increasing instances of individuals suffering from lactose intolerance has also boosted the demand within the global plant-based cheese market. Vegan cheese products are high in phosphorus and calcium, and rich in various vitamins, including A, B2, B3, and B1. Some of the key types of products offered by the market players include parmesan, cream cheese, mozzarella, and cheddar, among others. These products in the global plant-based cheese market are sourced through various types of plant-based milk products, including almond milk, rice milk, soy milk, and coconut milk, among others. Manufactures in the global plant-based cheese market offer these products in two forms, namely blended and single. Key applications for these plant-based cheese products are dips, bakery, fast food snack, confectionery, and sauces, among others.
Increasing vegan population across the world, as well as increasing awareness amongst population regarding risks of consuming high cholesterol and high fat animal dairy-based cheese products is attracting increased demand within the global plant-based cheese market. Furthermore, the high protein, low fat, and nutrient rich nature of these plant-based products is also attracting consumer attention towards these products. Moreover, the increase in the demand for convenient and ready-to-eat processed food products is also positively affecting the growth within the global plant-based cheese market. However, the high cost of these vegan cheese products, as compared to conventional bovine cheese products may restrain the development of the global plant-based cheese market in coming years.
Furthermore, the highly perishable nature of these cheese products is also another barrier to their adoption. On the other hand, the rising preference for vegan cheese products by lactose intolerant population, as well as increasing demand for plant-based cheese compounds from personal care industry is most likely to augment the growth within the global plant-based cheese market. Furthermore, increase in the disposable income, shifting customer tastes, rising adoption of western cuisines and lifestyles, and rising concerns related to animal health and safety are also boosting the growth within the global plant-based cheese market.
A few of the leading incumbent manufacturers and players operating in the landscape of the global plant-based cheese market include AVH Dairy Trade B. V., Granarolo S. p. A., Redwood Hill Farm & Creamery, Stickney Hill Dairy, Inc., Xi’an Baiyue Plant-based Dairy Group Co. Ltd., Ausnutria Dairy Corporation Ltd., Plant-based Partners, Meyenberg, St. Helen’s Farm Ltd., and Woolwich Dairy Inc., among others. Players in the global plant-based cheese market are adopting mergers and acquisitions as well as partnerships as key strategies to encompass the larger industry share. Furthermore, several players are also focusing on geographical expansion to enhance their share. For example, a plant-based cheese product by Upfield Holdings, called Violife Cheese was launched in the Middle Eastern market in July of 2021.
Geographically, the global plant-based cheese market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is anticipated to record significant growth in the coming years. Increasing demand from emerging economies in the region, such as India, is anticipated to bolster the growth within the Asia Pacific plant-based cheese market in coming years. Growing regional demand can be attributed to changing customer preferences, the shift of customers towards consuming packaged and processed food products, as opposed to staple and home cooked food products, and expansion of the retail chains in the region. Furthermore, increasing availability of packaged food products and rising influence of western culture and lifestyles are also aiding in the expansion of the Asia Pacific global plant-based cheese market in coming years.
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