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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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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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).
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