The global vegan cheese market was valued at US$ 2,705.00 million in 2019 and is projected to reach US$4,651.68 million by 2027; it is expected to grow at a CAGR of 7.1% from 2020 to 2027.
Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the world. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular diseases.
Based on form, the vegan cheese market is segmented into almond milk, soy milk, coconut milk, cashew milk, and others. The almond milk segment accounted for the largest share of the market in 2019. The almond milk cheese is one of the widely used sources in vegan cheese preparation. The naturally higher fat content of the almond milk gives the cheese a smoother texture without astringent taste. The almond milk has been known for its high nutritional profile that has further fueled its demand in the vegan cheese preparation. The almond milk is low in calories that have garnered its attention from health-conscious consumers all over the world. The calcium content of almond milk has been known to strengthen the bones and is highly recommended by orthopedics across the globe.
Geographically, the Vegan cheesemarket is segmented into North America, Europe, AsiaPacific, South America, and the Middle East and Africa. Europeheld the largest share ofthe market in 2019, followed by North America.Due to the recent surge in demand mainly for plant-based dairy and the meat alternatives, both the meat and dairy industries are concerned that they are losing their dominant foothold in the food sector, and now propose amendments to existing EU legislation to make it even more difficult for manufactures of plant-based alternatives to market and sell their products. All these regulations are further impacting the market for vegan cheese in Europe.
Daiya Foods Inc.; Field Roast; Follow Your Heart; Galaxy Nutritional Foods, Inc.; Good Planet Foods; Kite Hill;Miyoko's Creamery;Nush Foods;Uprise Foods LLC; and WayFare.; are among the well-established players in the global vegan cheese market.
The vegan cheese market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the vegan cheese market.