Vegan Cheese Market
Vegan Cheese Market (Product Type: Mozzarella, Cheddar, Pepper Jack, Parmesan, Gouda, and Other Product Types; Nature: Organic and Conventional; Flavor: Regular and Flavored [Herbs, Spices, and Blends]; Form: Block, Cube, Shreds, Slice, Spread, Powder, and Sticks; Protein Source: Almond, Coconut, Cashew, Legumes, Oats, Soybeans, and Others; End Use: Food Industry [Bakery & Confectionery, Snacks, Soups & Sauces, Ready Meals, Salads & Dressings, and Other Food Products], Foodservice/HoReCa, and Household/Retail; and Sales Channel: B2B/Direct Sales and B2C/Indirect Sales [Hypermarkets/Supermarkets, Convenience Stores, Independent Grocery Stores, Specialty Stores, and Online Retailing]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Demand for Vegan Cheese Continues to Grow Worldwide
Consumer trends continue to dictate the course of the food & beverage industry. Consumers are increasingly embracing new food trends and preferences that have stayed in the niche category for a considerable amount of time. However, climate change, mounting concerns related to animal cruelty, and health are some of the leading factors that are driving the vegan movement worldwide. At present, veganism is at its peak and the trend is likely to continue in the near future, as more number of individuals across the world continues to realize the benefits of veganism. As the vegan trend gradually gains mainstream recognition, an array of food brands and companies are expanding their product portfolio and offering vegan products including cheese, bread, ice cream, and biscuits.
Plant-based cheese products gain popularity, as consumers are making the switch from conventional cheese. Sensing the growing interest in vegan cheese, an array of vegan cheese brands have entered the global market due to which, the competition in the vegan cheese market is high. As the demand for vegan cheese grows at an exponential rate, plant-based cheese brands are currently expanding their production capacity to meet the demand. At the back of these factors, along with the growing number of celebrities and influencers advocating the consumption of vegan products, the global vegan cheese market is expected to attain a market value of ~US$ 7 Bn by the end of 2030.
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Research and Development Activities in Full Swing to Successfully Mimic Cheese Formulations
Within the vegan cheese market, research and development is imperative for market growth. Although the sales of vegan cheese continues to grow at an impressive rate, particularly in Europe and North America, the vegan cheese market is playing the catch up game with other plant-based food sectors, including meat and milk. However, as the competition within the current vegan cheese market landscape continues to grow, several companies are increasingly investing resources in research and development to successfully mimic the complex function and flavor profiles of cheese.
Although vegan cheese is gradually crossing over to the mainstream, modern day consumers are more wary of the quality and nutritional content of the products. Thereby, research and development activities are in full swing to mimic the properties of conventional cheese. As plant-based food products continue to gain considerable popularity, the demand for vegan cheese is expected to witness notable growth in the upcoming years.
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North America and Europe to Generate Maximum Revenues, Cheese Popularity in Asia Pacific on Rise
While the vegan trend continues to spread like wild fire across different regions of the world, the vegan cheese market is set to grow at an impressive pace over the forecast period. Several factors are expected to drive the growth of the vegan cheese market, including growing consumer awareness pertaining to lactose intolerance and soaring adoption of non-dairy cheese products in baked food and snack items. The vegan cheese market across Europe and North America is expected to witness noteworthy development in terms of sales and value.
The Presence of top tier vegan cheese brands, growing consumer awareness, increasing number of social media influencers and celebrities promoting vegan cheese, and shift toward a healthier lifestyle are some of the major factors expected to drive the growth of the market for vegan cheese in these two regions. Several companies are expanding their product portfolio in tune with the evolving consumer trends and lifestyle preferences. In addition, while offline sales across supermarkets, retail stores, wholesale markets, etc., are likely to generate considerable business, market players are also expected to launch their products on e-Commerce platforms to generate additional revenue.
Market Players to Address Financial and Logistics Challenges amid COVID-19
The advent of the COVID-19 pandemic is expected to trigger major developments in the food & beverage sector. The ongoing health crisis is expected to hamper the growth of the global vegan cheese market, particularly in 2020, as consumer demand continues to decline. In addition, as major food exhibitions and events are either delayed or postponed and restaurants continue to remain closed during the lockdown period, demand for vegan cheese is likely to decline. In addition, brands are expected to address financial challenges put forward by the COVID-19 event and assess the situation thoroughly. While the production of vegan cheese could potentially resume in the second half of 2020, major brands are anticipated to diversify their income streams and turn to e-Commerce platforms to increase sales and market presence. Brands are also projected to address the logistics channels and work their way through to identify most suitable supply chain models during these troubling times.
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The global vegan cheese market is expected to grow at an impressive CAGR of ~10% during the forecast period. The market growth can be primarily attributed to a host of factors, including consistent rise in the number of vegan consumer base worldwide, growing awareness regarding the benefits of vegan food products, mounting environment protection concerns, animal welfare, and evolving consumer trends. Europe and North America are projected to be at the forefront in terms of market share and value, owing to the presence of leading brands, high consumer awareness, high disposable income, and influence of social media.
Vegan Cheese Market: Overview
- The global vegan cheese market value was estimated to reach US$ 2.5 Bn by the end of 2020, finds Transparency Market Research (TMR) in a recent study. According to the report, the vegan cheese market is anticipated to reach ~US$ 7 Bn by 2030, at a CAGR of ~10%.
- Consumers are opting for plant-based diets that enhance the functioning of the digestive system are rich in fiber, water, vitamins, and minerals. Vegan products are easier to digest as compared to animal-based products. For instance, pea protein is naturally high in BCCAAs as its chemical structure is absorbed and catabolized within the muscle more easily. Consumption of vegan cheese is increasing, as it is easier to digest than animal-based protein cheese.
- Due to increasing prevalence of sedentary and hectic lifestyles, consumers have become more concerned about their health and fitness. Hectic lifestyles have taken away time from exercise, thus driving consumers to opt for healthy food items. As a result, several consumers are avoiding the consumption of junk food and are abstaining from frequent HoReCa visits. They are increasingly preferring nuts and dried fruits for snacks, thereby increasing the demand for plant-based proteins. The onset of vegan diets also has extensively impacted the consumption of dairy products such as vegan consumers prefer soy products. This trend has immensely impacted the dairy industry, thus propelling the growth of vegan cheese market.
- Reports linking the spread of coronavirus from animals are pushing consumers away from the consumption of meat and meat-based products. The increasing consumption of plant-based products is expected to fuel the demand for vegan cheese in the forecast period. However, due to lockdown enforced to contain the spread of the virus, the production of vegan cheese is impacted and moderate growth is expected in vegan cheese market in upcoming two-three years.
Vegan Cheese: Market Frontrunners
- In terms of nature, conventional is the leading segment in 2020 and accounts for approximately 62% of the market. Furthermore, the organic segment is expected to grow rapidly in the forecast period with CAGR of 11.8%.
- In terms of product type, the mozzarella vegan cheese segment is leading the vegan cheese market with a share of ~34% and parmesan segment has a market share ~25% in terms of value
- In terms of form, the block segment is leading the vegan cheese market with a share of ~30% and slice is fastest growing segment with CAGR of 12.1% during the forecast period
- Based on protein source, the almond segment is leading the vegan cheese market with a share of ~37% and coconut segment has a market share ~23% in terms of value
- Based on end use, the household segment is leading the vegan cheese market with a share of ~59% and food industry segment has a market share ~23% in terms of value
- In terms of flavor, the flavored segment is leading the vegan cheese market with a share of ~61% and regular segment has a market share ~39% in terms of value
- In terms of sales channel, the B2C segment is leading the vegan cheese market with a share of ~84% and B2B is fastest growing segment with CAGR of 10.9% during the forecast period
- Europe leads the global vegan cheese market followed by North America. The Europe market is expected to continue leading the global vegan cheese market. By the end of 2030, it is expected to hold nearly ~ 40% of the overall market.
Vegan Cheese Market: Trends
- There is an increasing demand for gluten-free food products, owing to the rising prevalence of intolerance of gluten or gluten allergies in many consumers. Today, an increasing number of foods are certified gluten-free or vegan. Increasing consumer awareness on preventive healthcare, as well as inclination towards low cholesterol level products, is driving the demand for vegan cheese in North America. There is also rise in the adoption of vegan diets that is contributing significantly toward the growth of the market. Expansion of food & beverage industries is also expected to boost the market in North America.
- Multiple big-name brands have recently introduced or expanded their vegan cheese range with new products available at ASDA, Whole Foods, Tesco, ALDI, and Dominos. For instance, McDonalds announced after a successful trial that its new McVegan is to become a permanent menu item in Finland and Sweden. In order to make the delicious soy-based patty, McDonald's had collaborated with Anamma. The Swedish company says it is trying to prove to McDonalds and the consumers of the fast-food chain that plant-based eating is simple and delicious.
Growing Health & Wellness Trend
- Consumers are inclining towards maintaining healthy lifestyles, which has led to the higher consumption of food and beverages with potential health benefits. Currently, consumers have become more conscious about their diets, owing to which, they are spending on a holistic approach to health and wellness that includes almost every aspect of life.
- Additionally, consumers are increasingly participating in fitness activities that enhance their well-being, such as using products, eating natural and vegan foods and beverages, and following vegan diets. Thus, the market for vegan cheese is rapidly picking up pace globally, owing to an increase in health and wellness awareness, along with the growing number of highly affluent consumers, who are interested in consuming healthy food.
Vegan Cheese Market: Strategies
- Key players operating in the global vegan cheese market are focusing on acquisition, mergers, and joint ventures to increase the geographical presence and to strengthen the supply chain
- Multinational companies in the vegan cheese market are focusing on acquiring small-scale companies to increase their product portfolio and production capacity
- Most key players in the global vegan cheese market are investing in advertising and marketing to increase the awareness of innovative vegan cheese products
Target Region for Market
- In terms of value, countries in Europe are likely to represent the largest share in the market, and are expected to remain strong through the forecast period. The number of vegan and vegetarian population is increasing rapidly due to which Europe is expected to grow rapidly. The animal awareness is rising in Europe, which is beneficial for increasing the consumption of vegan products. Europe is expected to grow with CAGR 10.1% during the forecast period.
Vegan Cheese Market: Players
- Key players operating in vegan cheese market, as profiled in the study, include
- Violife Foods
- Daiya Foods
- Tyne Chease Limited
- Vtopian Artisan Cheese Company
- Kite Hill
- Miyoko’s Kitchen Company
- Vermont Farmstead Company
- Good Planet Foods
- Follow Your Heart
- Galaxy Nutritional Foods, Inc.
- Parmela Creamery
- Field Roast Grain Meat Co.
Vegan Cheese Market - Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the vegan cheese market. It provides a detailed assessment of key market dynamics, including the drivers, trends, opportunities & restraints, and detailed information about the vegan cheese market structure. The market study presents exclusive information about how the vegan cheese market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the vegan cheese market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the vegan cheese manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the vegan cheese market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the vegan cheese market. Furthermore, small businesses and new entrants in the vegan cheese market can make use of the information presented in this study based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Vegan Cheese Market Report
- Which region will continue to remain the most profitable regional market for vegan cheese market players?
- Which factors will induce a change in the demand for vegan cheese during the assessment period?
- How will the changing trends impact the vegan cheese market?
- How can market players capitalize on the low-hanging opportunities in the vegan cheese market in developed regions?
- Which companies are leading the vegan cheese market?
- What are the winning strategies of stakeholders in the vegan cheese market to catapult their position in the forefront?
Vegan Cheese Market: Research Methodology
In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the vegan cheese market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts for compiling the vegan cheese market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Information acquired from primary resources and secondary resources is compiled in a comprehensive manner. This also acts as a validation from companies in the vegan cheese market, which makes TMR’s projections more accurate and reliable.
Key Segments of Vegan Cheese Market
TMR’s studies the vegan cheese market in terms of a few important segments. These are product type, nature, flavor, form, protein source, end use, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.