The global vegan cheese market is expected to reach $4.1 billion in 2030, according to a new report by GlobalData Plc. Rising awareness about health, lactose intolerance, and animal welfare issues along with increasing ethical considerations and environmental concerns are the major factors driving the market growth. These factors collectively, in addition to improving the taste and variety of products, are expected to drive the growing popularity of plant-based cheese alternatives.
Vegan Cheese Market Share By Region, 2020 – 2030
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Vegan Cheese Market FAQs
The global vegan cheese market size will be valued at $1.4 billion in 2023.
The global vegan cheese market is expected to grow at a CAGR of 16.7% over the forecast period (2023-2030).
Rising environmental concerns, health-conscious choices, lactose intolerance awareness, and ethical considerations related to animal welfare among consumers are the major factors driving vegan cheese market growth. These factors collectively, in addition to improving the taste & variety of products, are expected to drive the growing popularity of plant-based cheese alternatives.
The leading vegan cheese companies are Bute Island Foods Ltd, Daiya Foods Inc., Follow Your Heart, Lyrical Foods, Inc., Franklin Foods Inc., Moocho Foods, Tofutti Brands Inc., and Upfield BV.
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Vegan Cheese Market Dynamics
The rise in the number of individuals adopting veganism and vegetarianism has been a significant contributor to higher demand for dairy alternatives. Since vegans and vegetarians seek alternatives to traditional dairy products, their growing population represents a consistent customer base for vegan cheese manufacturers. Additionally, the growing popularity of plant-based diets, promoted by advertising & marketing, is also anticipated to drive dairy-free cheese demand over the forecast period.
Despite the growing popularity of plant-based cheese, the industry faces fierce competition from traditional dairy cheese products. Current dairy-free alternatives lack the texture and flavor of their dairy-based counterparts, thereby impeding their largescale adoption among consumers. Moreover, consumers can be price-sensitive when comparing vegan cheese to more affordable, better-tasting, but less nutritious alternatives. To overcome these challenges, companies are investing in improving the taste and reducing the price of their product offerings.
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Vegan Cheese Market Report Highlights
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Vegan Cheese Market Scope
GlobalData Plc has segmented the vegan cheese market report by type, source, and region:
Global Vegan Cheese Type Outlook (Revenue, $ Million; 2020-2030)
Global Vegan Cheese Source Outlook (Revenue, $ Million; 2020-2030)
Global Vegan Cheese Regional Outlook (Revenue, $ Million; 2020-2030)
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