The latest report by IMARC Group, titled “Vegan Cheese Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global vegan cheese market grew at a CAGR of around 12% during 2015-2020. Vegan cheese is a plant-based food product obtained from nuts, soy protein, nutritional yeast, natural enzymes, vegetable glycerin, and assorted bacterial cultures. It consists of oil, starch, emulsifiers, thickeners and spices that provide a firm structure and help mimic the dairy cheese flavor. It is also a rich source of nutrients such as proteins, vitamins, and carbohydrates. Nowadays, vegan cheese is recommended to people who suffer from lactose intolerance and dairy allergy. As a result, it is increasingly consumed as an alternative to dairy products.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vegan Cheese Market Trends:
The market is primarily driven by the rapid expansion of the food and beverage industry. In addition, the growing popularity of vegan food products and ready-to-eat food variants are propelling the demand for vegan cheese. Besides this, the increasing health consciousness has resulted in the adoption of gluten-free and plant-based diets. Due to this, various hotels, restaurants, and fast-food outlets are also increasingly serving food incorporated with vegan cheese. The inflating disposable income levels and changing consumer tastes and preferences on account of increasing urbanization are further influencing the market growth positively. Furthermore, the leading manufacturers are introducing vegan cheese flavors with arrowroot, tapioca flour, pea protein, carrageenan, xanthan gum, and thickening agar flakes to expand their consumer base. On account of these factors, the market is expected to exhibit strong growth during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into mozzarella, cheddar, parmesan, ricotta, cream, and others.
- On the basis of the source, the market has been classified into soy, almond, coconut, cashew, and others.
- The market has been categorized based on the distribution channel into supermarkets and hypermarkets, convenience stores, online stores, and others.
- On the basis of the application, the market has been segregated into household, food processing, foodservice, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Daiya Foods Inc., Dr-Cow Tree Nut Cheese Corp., Galaxy Nutritional Foods Inc. (Greenspace Brands Inc.), Good Planet Foods LLC, Kite Hill, Miyoko's Creamery, Parmela Creamery, Tofutti Brands Inc., Tyne Chease Limited, Violife Foods, and Vtopian Artisan Cheeses.
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