World Vegan Cheese Market size is estimated to be $896.19 million in 2019, growing at a CAGR of 8.71% during the forecast period 2020-2025. Vegan cheese is a non-dairy food which has its origin from plant based sources such as soy milk, almond milk, rice milk and others. It is considered to be a rich source of vitamins, carbohydrates and proteins similar to the dairy cheese products. The shift in consumer preferences from meat based product to veganism is increasing the growth of the market. Also, owing to its health benefits such as free of animal protein, cholesterol and carcinogens is driving the growth of vegan cheese market. Moreover the demand for vegan cheese is also increasing amongst the dairy intolerant and allergic consumers. Also the increasing manufacturing of vegan cheese products with different flavors and types is increasing their demand by food service industry to meet the taste preferences of their customer. Furthermore, top food companies have also included celebrity endorsers to promote the vegan cheese sales as their marketing strategy. The rising demand for vegan cheese as a mainstream diet product by millennial generation will also anticipate the growth of vegan cheese market for the forecast period 2020-2025.
World Vegan Cheese Market Segment Analysis – By Source
By Source the World Vegan Cheese Market is segmented into Soy Milk, Almond Milk, Coconut Milk, Rice Milk and others. The Soy Milk held the largest share in the World Vegan Cheese Market in 2019 and is estimated to grow at a CAGR of 8.4% during the forecast period 2020-2025. Soy is a great source of protein, vitamin B and minerals. Soy milk is used to make tofu by coagulating it with calcium or magnesium salts. Soy is known to prevent the diseases caused by increased bad cholesterol levels. Moreover Almond Milk segment is set to be the fastest growing with a CAGR of 9.19% during the forecast period 2020-2025. This is owing to high demand of quality almond based alternative in developed countries and also the consumption of cheese made from almond milk is increasing owing to the rising lactose intolerance population.
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World Vegan Cheese Market Segment Analysis – By End user
By End-User the World Vegan Cheese Market is segmented into Household, Food Industry and Food Service industry. Food industry held the largest share in the World Vegan Cheese Market in 2019 owing to changing consumer preferences towards vegan consumption and rising lactose intolerance cases have led the food manufacturers to increase the production of vegan cheese. And also food industries are innovating their existing brands and are acquiring other brands in order to extend their vegan cheese flavors line. The food service industry segment is set to be the fastest growing segment during the forecast period 2020-2025.
World Vegan Cheese Market Segment Analysis – Geography
Based on Geography, World Vegan Cheese Market is segmented into North America, Europe, Asia-Pacific and Rest of World. North America is anticipated to dominate the market with a region share 42.17% in 2019 owing to rising health concern is shifting the consumer base towards vegan consumption. And also being a developed country they have access to the advanced production technology which is driving the growth of the vegan cheese market for the forecast period 2020-2025. Europe is anticipated to be the second leading region in terms of vegan cheese consumption.
Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to rising purchasing capacity and demand for dairy cheese alternatives.
World Vegan Cheese Market Drivers
Rising awareness towards health benefits of vegan cheese
The shift in consumer preferences towards veganism is driving the market World Vegan Cheese Markets for the forecast period 2020-2025 owing to the rising awareness about the health benefits of plant based alternatives is increasing the demand for vegan cheese. The vegan cheese is cholesterol free which makes it a good choice to prevent cardiovascular diseases. Also rising prevalence of dairy intolerance is increasing the demand for vegan cheese. In addition the demand for ready to eat snacks have increased in the developed countries which is also growing the market for vegan cheese.
Increasing demand of vegan cheese is boosting the food industry
The manufacturers are increasing the production of vegan cheese products in different flavors and types. They are providing high quality substitutes of dairy cheese products including the most popular ones such as cheddar, parmesan, ricotta and others. The growing vegan consumption is increasing the sales opportunity for vegan cheese market in the retail chains. Also cheese brands are making it affordable at lower prices than the dairy cheese is also anticipating the vegan cheese market growth for the forecast period 2020-2025.
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World Vegan Cheese Market Challenges
Higher cost of vegan cheese and lack of awareness about its benefits
Some of the factors that are set to impede the growth of the World Vegan Cheese Market are higher prices of vegan cheese in comparison to the dairy cheese products. And low awareness regarding the benefits of vegan based products in underdeveloped and developing countries is restraining the World Vegan Cheese Market to grow during the forecast period 2020-2025.
World Vegan Cheese Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in World Oolong Tea Market. World Vegan Cheese Market top 10 companies are Treeline,Dr. Cow, Punk Rawk Labs,Pamela Creamery,Vtopian artisan,Daiya Food Inc.Galaxy Nutritional Food Inc.,Kite Hill,Toffutti Brands,Angel Food.
Jul 2020: Daiya Food Inc., Vancouver based company launched Cutting Board Collection plant based cheese shreds in four different flavors. The different flavors includes mozzarella, cheddar, pepper jack and a mix of mozzarella and cheddar. The products have improved taste with addition of chickpea protein which makes it similar to dairy cheese.
North America dominated the World Vegan Cheese Market in 2019 owing to their advanced production technology and increasing consumer awareness towards the health benefits of vegan consumption. The World Vegan Cheese Market scope for different regions will be provided in the final report.
Soy Milk dominated the source segment owing to its health benefits including prevention from bad cholesterol and helps in boosting the vitamin and mineral levels of the body.
Food industry accounts for largest market share owing to rising veganism consumption, the production of vegan cheese in different flavor have increased.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the World Vegan Cheese Market report.
The higher costs of vegan cheese compared to the dairy cheese and lack of awareness towards health benefits of vegan products are poised to create hurdles for the World Vegan Cheese Market.
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