Authored By: Sarah
20 Jun 2024

 Vegan Cheese Market to grow by USD 1.32 billion between 2024-2028

According to a research report “ Vegan Cheese Market” by Distribution Channel (Offline, Online) Source (Soy milk, Almond milk, Rice milk, Others) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1.32 billion at a CAGR of  8.3% during the forecast period. The vegan cheese market has witnessed significant growth in organized retailing, with the emergence of convenience stores, supermarkets, hypermarkets, and specialty stores. Key players in this sector, such as Franklin Foods, Treeline Cheese, Maple Leaf Foods Inc., Upfield BV, Dairy Free Down Under, and Good Carma, heavily rely on large, organized retailers for effective distribution and marketing of their vegan cheese offerings. Supermarkets serve as a primary distribution channel, making these products easily accessible to an expanding urban consumer base..

Browse market data tables, figures, and in-depth TOC on “Vegan Cheese Market” by Distribution Channel (Offline, Online) Source (Soy milk, Almond milk, Rice milk, Others) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2028.

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By Distribution Channel, the Offline segment is projected to dominate the market size in 2024.

In the vegan cheese market, soy cheese emerges as a prominent player due to its production from soymilk derived from water and pureed soybeans. This plant-based alternative closely replicates the texture and flavor of dairy cheese, making it a preferred choice for consumers adhering to vegan diets. Soy milk's versatility in mimicking dairy milk's properties is a significant factor driving its utilization in vegan cheese manufacturing. Additionally, soy milk-based vegan cheeses offer health benefits, such as being cholesterol-free and environmentally sustainable, contributing to their growing popularity. Consumers exhibit a willingness to pay a premium for organic, non-GMO, and vitamin-fortified soybean-derived vegan cheeses.

By Source, Soy milk  segment is expected to hold the largest market size for the year 2024.

In the vegan cheese market, businesses employ strategic segmentation through offline distribution channels. This approach involves categorizing the market based on geographic locations, such as supermarkets, specialty stores, health food outlets, and farmers' markets. By identifying these distinct channels, companies can effectively allocate resources, tailor marketing initiatives, and optimize product placement to cater to the unique requirements and consumer preferences within each segment.

Europe is forecasted to hold the largest market size by region in 2024.

The European vegan cheese market is projected to experience significant growth during the forecast period. This expansion is attributed to the rising health consciousness among European consumers, leading to an increased preference for plant-based alternatives, such as vegan cheese. Perceived as healthier and lower in saturated fats, vegan cheese is increasingly being adopted into European culinary trends and dishes. The market's growth is further fueled by the increasing number of consumers adopting vegan or vegetarian diets, driven by both health and ethical considerations.

The Vegan Cheese Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Back2basics
  • Chicago Vegan Foods
  • Dairy Free Down Under
  • Danone SA
  • First Grade International Ltd.
  • Franklin Foods Inc.
  • Good Carma
  • I AM NUT OK
  • Kite Hill
  • Maple Leaf Foods Inc.
  • Miyokos Creamery
  • Nush foods
  • OmniVegan Pvt. Ltd.
  • Parmela Creamery
  • Saputo Inc.
  • Tofutti Brands Inc.
  • Treeline Cheese
  • Tyne Chease Ltd.
  • Upfield BV
  • Vromage
.

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Research Analysis Overview

In the rapidly evolving vegan market, the demand for dairy alternatives, including vegan cheese, has surged due to health consciousness and dietary restrictions such as lactose intolerance and dairy allergies. Traditional dairy products, high in saturated fats and cholesterol levels, are being replaced by plant-based options. Flexitarians, those who incorporate both plant-based and animal-derived foods into their diets, are also driving market growth. Venture funding has fueled innovation in the vegan cheese sector, with BI Analysts closely monitoring competitors' capabilities and independent research identifying trends in the foodservice sector. Benchmarking and competitive profiling are essential for dairy product manufacturing companies entering the plant-based cheese market. Social media trends and hiring trends further influence market dynamics. Project planning is crucial for dairy product manufacturing companies transitioning to plant-based cheese manufacturing. Keeping abreast of venture financing deals and staying updated on the latest technologies and consumer preferences are key to success in this competitive landscape.

Market Research Overview

In the ever-evolving food industry, the Vegan Cheeses Market has witnessed widespread adoption due to various factors. With the rise of veganism and lactose intolerance, the demand for plant-based cheese alternatives has surged. Venture funding and financing deals have poured into this sector, fueling potential projects in vegan cheese production. Technological innovation plays a significant role in taste-related factors, enabling the creation of non-dairy cheese that closely mimics traditional dairy products. Sustainable food choices, social media trends, and ethical and environmental concerns are driving the market entry of new players. The Vegan Cheese Market faces economic constraints, including production costs and downstream applications in the foodservice sector, fast food snacks, dips & sauces, and bakery & confectionery. A cost analysis, including raw materials and project planning, is crucial for independent research and competitive profiling. Changes in demand and business market obstacles necessitate a five forces analysis of competitors' capabilities and cholesterol levels. Ethical and environmental factors continue to shape the market, with animal agriculture being a major concern. BI Analysts and benchmarking are essential tools for staying informed and making informed investment opportunities in this dynamic market.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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