Vegan Cheese Market
Report ID: SQSG30C2015
Vegan Cheese Market Size, Share, Growth Analysis, By Source(Soy, Almond, Cashew, Coconut), By End-User(B2B, B2C), By Region - Industry Forecast 2024-2031
Report ID:
SQSG30C2015 |
Region:
Global |
Published Date: February, 2024
Pages:
265
|Tables:
64
|Figures:
75
Vegan Cheese Market Insights
Vegan Cheese Market size was valued at USD 2.57 billion in 2019 and is poised to grow from USD 2.86 billion in 2023 to USD 10.61 billion by 2031, growing at a CAGR of 10.61% in the forecast period (2024-2031).
Vegan cheese has historically been a contentious issue for both consumers and the business community. Vegan cheese options and availability, as well as satisfaction with taste and texture, have notoriously been limited until very recently.
After an explosive year for the vegan cheese market in 2019, when even major players in the plant-based meat alternatives industry, like Beyond Meat and The Very Good Food Company, began collaborating with recipe writers to focus on the cheese market, the distinction between dairy cheese and plant-based cheese is expected to become increasingly hazy until vegan cheese alternatives are competitive with their counterparts derived from animals.
Vegan cheese, particularly vegan cream cheese, has been dubbed the next frontier in plant-based innovation, with the market for dairy substitutes expected to grow as a result of developments in ingredient technology. The vegan cheese market sees products derived from a wide range of ingredients, such as cashew, coconut cream, tapioca starch, olive oil, onion powder, fermented tofu, lemon juice, or nutritional yeast. This is in contrast to the conventional dairy segment, where the origin of the products is typically the cow.
The vegan cheese market is driven by the desire for transformation and change, and rising consumer awareness of animal cruelty and the damaging effects of the dairy industry on the environment has influenced them to choose plant-based products. Over the coming ten years, the vegan cheese market is expected to rise as customers around the world, particularly Generation Z and millennials, are becoming more accepting of veganism.
The plant-based cheese industry is increasingly relying on fermentation technologies to create cheese without using any animals, specifically cows. The first-ever extensive study of consumer acceptance for animal-free cheese has shown that such products will quickly compete with traditional dairy in the $240 billion cheese market, even if fermentation-produced animal-free cheeses have not yet reached the mass market.
There are numerous vegan kinds of cheese manufactured with ingredients like coconut, soy, and nuts, resulting in vegan food products like cashew cheese and other dairy-free cheese options that contain healthful fats, just as the plant-based milk category includes products like coconut milk, soy milk, and oat milk. A dairy-free version of the most popular conventional cheese options, such as mozzarella shreds, smoked gouda, or mild cheddar, is most likely to increase vegan cheese consumption because it is suitable for lactose-sensitive consumers.
US Vegan Cheese Market is poised to grow at a sustainable CAGR for the next forecast year.
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Vegan Cheese Market Segmental Analysis
The global vegan cheese market has been segmented based on source, end-user, and region. Based on the source, the market is segmented into soy, almond, cashew, coconut, and others. Based on the end-user, the market is segmented into B2B and B2C. Based on region, the vegan cheese market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Vegan Cheese Market Analysis by Source
The cashew segment had the highest revenue share of more than 35.0% in 2021, and it is anticipated that it will continue to hold a commanding position for the duration of the forecast. Vegan cheese made from cashews is low in fat and contains vitamins B2 and B12. This makes it popular with people that care about their health all over the world. Due to its health advantages, gluten-free and cholesterol-free cashew products are also becoming more popular.
The soy segment is anticipated to grow at the fastest rate, 13.1%, between 2022 and 2028. Soy milk is an affordable alternative to dairy and contains a perfect ratio of healthy fatty acids and amino acids. As a result, it is an economical choice for large-scale vegan cheese makers. Additionally, because soy-based cheese is simple to melt, it is becoming more popular among customers.
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Vegan Cheese Market Regional Insights
More than 35.0% of global revenue was generated in Europe in 2021, and this region will continue to hold the top spot throughout the coming years. Due to growing awareness of animal cruelty and the region's expanding carbon footprint brought on by the use of foods derived from animals, such as milk, honey, eggs, beef, pig, and seafood, consumers are increasingly choosing more environmentally friendly and vegan products.
With a CAGR of 14.1% from 2022 to 2028, Asia Pacific is predicted to have the quickest rate of growth among all regions. Sales of the product are anticipated to be boosted by the rising demand for plant-based baking and confectionary goods in the Asia Pacific area. The major drivers of the expansion of the Asia Pacific market are China and Japan.
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Vegan Cheese Market Dynamics
Vegan Cheese Market Driver
- Lactose intolerance affects a sizeable portion of the global population. Rarely can those who are lactose intolerant eat delicacies made with milk or substances produced from milk. As a result, there is a growing demand for vegan cheese. Vegan cheese is a plant-based dairy substitute that is especially good for people with lactose sensitivity. To draw customers who prefer vegan diets and those who are lactose intolerant, an increasing number of hotels, restaurants, and cafes have begun providing vegan cheese on their menus.
- Consumers' willingness to spend money on unusual and compassionate plant-based diets has significantly expanded over the past few years. In addition, a steady rise in the demand for inventive food substitutes is seen. Their option to receive necessary nutrients from plant-based alternatives is encouraged by numerous commercials and campaigns and is in part backed by their rising discretionary money.
Vegan Cheese Market Restraint
- The lockout of several companies and plants in China hurts worldwide supply networks, as well as the production and sales of different foods and beverages. Due to factory closures, supply chain challenges, and a global economic crisis, the market collapse brought on by this outbreak is also limiting the market growth for vegan cheese. The market for vegan cheese, however, will face significant obstacles due to the high expenses connected with the consumption of vegan products. Lack of awareness in developing nations and backward regions may further impede market expansion.
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Vegan Cheese Market Competitive Landscape
Numerous small- and large-scale manufacturers are launching mergers and acquisitions as well as new product innovations to achieve consolidation and optimize their products, the leading non-dairy cheese brands are faced with intense competition. The non-dairy cheese market is expanding more quickly thanks in large part to the internet selling platform. Furthermore, manufacturers have an advantage in expanding their product line globally because of distribution networks and superior manufacturing expertise. For instance, in January 2022, Aldi U.K. launched vegan cheese sold under the chain’s Plant Menu brand. It is made from coconut oil and is free of gluten and soy.
Top Players in the Global Vegan Cheese Market
- Daiya Foods
- Violife Foods
- Kite Hill
- Field Roast Grain Meat Co.
- Miyoko's Creamery
- Follow Your Heart
- Tofutti Brands Inc.
- Good Planet Foods
- Nush Foods
- Treeline Cheese
- Vtopian Artisan Cheeses
- Nuttin Ordinary
- Punk Rawk Labs
- Dr. Cow Tree Nut Cheese
- GreenSpace Brands Inc.
- Heidi Ho
- Parmela Creamery
- The Frauxmagerie
- Kinda Co.
- Wildwood Foods
Vegan Cheese Market Recent Development
- In 2021, Feel Foods Ltd declared that it had completed its arm’s length acquisition of British Columbia-based vegan cheese company “Black Sheep Vegan Cheeze Company Corp.”. This acquisition targets to increase the production volume of vegan cheese as per the high demand of consumers and to expand its business operations.
- In 2021, Miyoko’s Creamery introduced its new product, which is a vegan cheddar cheese snack in the regions of the United States. These vegan cheddar sticks are lactose-free, gluten-free, soy-free, and cashew-free, and only consist of oats and legumes. The company launched this product due to the high demand for plant-based dairy products.
Vegan Cheese Key Market Trends
- The demand for environmentally friendly food products is boosting the plant-based cheese market growth. According to the United Kingdom International Diabetes Federation, more than 90% of the greenhouse gas (CHG) emissions effect of cheese comes from dairy farms (UKIDF). Since plant-based cheese is environmentally friendly, it is becoming more and more well-liked.
Vegan Cheese Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by source, the cashew segment dominated the global vegan cheese market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, Europe dominated the global vegan cheese market owing to the region's awareness of animal cruelty and the region's expanding carbon footprint.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.57 billion |
| Market size value in 2031 | USD 10.61 billion |
| Growth Rate | 10.61% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vegan Cheese Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vegan Cheese Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vegan Cheese Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vegan Cheese Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vegan Cheese Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vegan Cheese Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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