Increasing cases of dairy allergies and the growing
prevalence of lactose intolerance are key factors stimulating vegan
cheese sales, says Fact.MR in its latest market
report.
ROCKVILLE, Md.,
June 20,
2024 /PRNewswire/ -- A recently released
research report by Fact.MR, a market research and competitive
intelligence provider, states that the global Vegan Cheese
Market is expected to reach US$ 3.58
billion in 2024. Further, worldwide vegan cheese sales
are analyzed to climb to US$ 8.1
billion by the end of 2034. More millennials are giving
preference to vegan products, such as cheese with rising concerns
related to animal cruelty and sustainability trends.
A growing number of people are showing an interest in
cruelty-free products, leading to a preference for vegan options
like cheese. More recipe creators and food service outlets are
experimenting with vegan cheese to develop novel dishes. Popular
items such as burgers, pizzas, and pasta are already available with
vegan cheese, and as a result, many supermarkets and health food
stores are stocking this plant-based option.
Start-ups are investing significantly in enhancing the mouthfeel
and texture of vegan cheese to match the qualities of conventional
dairy cheese, which is expected to attract more consumers to this
cruelty-free alternative.
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Report:
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Key Takeaway from Market Study:
- The global vegan cheese market is forecasted to expand at a
CAGR of 8.5% from 2024 to 2034.
- Global sales of vegan cheese in foodservice/HoReCa (hotels,
restaurants, and cafes) outlets are projected to climb at 8.7% CAGR
and reach US$ 3 billion by 2034.
- Mozzarella cheese is evaluated to capture an 18.9% share of
global market revenue by 2034-end.
- Demand for vegan cheese in Japan is analyzed to increase at a CAGR of 9%
from 2024 to 2034.
- The market in South Korea is
evaluated to expand at 9.3% CAGR through 2034.
- North America is calculated to
account for 24.3% of the global market share by the end of
2034.
"Market players should invest in the production of vegan
cheese mimicking the properties of conventional dairy cheese.
Environmental sustainability is becoming a priority for many
consumers, providing lucrative opportunities for manufacturers of
vegan products," says a Fact.MR analyst.
Increasing Use of Vegan Mozzarella Cheese in Several
Delicious Fast Food Dishes
Worldwide sales of vegan mozzarella cheese are projected to rise
at a CAGR of 8.7% and reach US$ 1.53
billion by 2034. Increased consumption of mozzarella cheese
in certain dishes, such as pizza, is driving its demand.
Furthermore, the global expansion of the vegan movement, spanning
regions like North America,
Europe, and East Asia, is prompting an increasing number
of consumers to choose delectable fast food items such as burgers,
pizza, and pasta made with vegan mozzarella cheese.
Key Market Players:
- Kite Hill
- Reine Vegan Cuisine
- Daiya Foods Inc.
- Kinda Co.
- Parmela Creamery
- Galaxy Nutritional Foods, Inc.
- Mad Millie
- Bute Island Foods Ltd.
- UPrise Foods
- Vermont Farmstead
- Tesco Free From
- Punk Rawk Labs
- Wayfare Inc.
- Miyoko's Kitchen, Inc.
- Regal Vegan
To improve their supply chain systems, major competitors in the
vegan cheese market are concentrating on mergers, joint ventures,
and acquisitions. Furthermore, a number of international
corporations are attempting to buy out smaller businesses to expand
their range of products and production capabilities.
- Stockeld Dreamery is a start-up based in Sweden that offers vegan dairy products. In
February 2024, the company offered a
fermented cheddar slice to elevate the experience of consumers.
This newly plant-based cheese is produced from fermented legume
milk.
- The Compleat Food Group, in April
2024, returned to the M&A industry with an acquisition
of Palace Culture, a United
Kingdom-based business offering dairy-free cheese. This
newly acquired company is expected to strengthen the company's
product line.
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Solutions:
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of
the vegan cheese market, presenting historical demand data
(2019 to 2023) and forecast statistics for the period (2024 to
2034).
The study divulges essential insights into the market based on
product type (mozzarella, cheddar, pepper jack, parmesan, gouda,
others), end-user (food industry, foodservice/HoReCa, household),
nature (organic, conventional), form (shreds, blocks & wedges,
slices), source (almond, coconut, soy, cashew, others), and
distribution channel (indirect sales, traditional grocery stores,
hypermarkets/supermarkets, direct sales, online retailers,
convenience stores, specialty retail stores), across seven major
regions of the world (North
America, Latin America,
Western Europe, Eastern Europe, East
Asia, South Asia &
Pacific, and MEA).
Check out More Related Studies Published by Fact.MR
Research:
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Plant-based Cheese Market is predicted to attain a
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Cheese Concentrate Market is projected to grow at a
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Forskolin Market to reach a value of $584 million in 2024 and is projected to grow at
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by 2034.
Seasoning and Spice Market is projected to grow at a
CAGR of 5.5%, reaching US$ 73 billion
by 2034.
Food Retail Market is expected to achieve a CAGR of
5.5%, reaching $21,503.5 billion by
2034.
About Us:
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renowned for its comprehensive market reports and invaluable
business insights. As a prominent player in business intelligence,
we deliver deep analysis, uncovering market trends, growth paths,
and competitive landscapes. Renowned for its commitment to accuracy
and reliability, we empower businesses with crucial data and
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and enhancing market positioning.
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SOURCE Fact.MR