- Growing inclination toward plant-based diets among a considerable chunk share of the global populace is expected to offer extensive growth opportunities to the vegan cheese market
- High consumer awareness about veganism and rise in disposable income of many individuals are projected to improve growth prospects of the vegan cheese market
ALBANY, N.Y., Oct. 14, 2021 /PRNewswire/ -- The vegan trend continues to flourish at a rapid rate, gathering momentum. Several food companies and brands are expanding their vegan portfolio of products such as bread, ice cream, cheese, etc. In addition, many fast food brands are collaborating with vegan cheese companies for adding the veganism label to their products. Hence, these factors are likely to invite considerable growth for the vegan cheese market during the forecast period of 2020-2030.
Transparency Market Research (TMR) has conducted an extensive research on various aspects related to the growth of the vegan cheese market. The global market for vegan cheese is estimated to expand at a CAGR of 10% during the forecast period. The vegan cheese market is expected to cross US$ 6.6 Bn by 2030. The global vegan cheese market stood over US$ 2.5 Bn in 2020.
Hectic lifestyle and sedentary work patterns have led to high incidences of obesity, diabetes, and other disorders. In order to avoid such health conditions, many individuals are opting for vegan diets. The exponential demand for vegan diets has led to the consumption of vegan cheese to a considerable extent. In addition, lactose intolerance has become a massive issue. A large number of people are becoming lactose-intolerant, which is further leading to increase in demand for vegan cheese. Thus, all these factors are expected to prove to be growth generators for the vegan cheese market.
B2C Segment to Dominate Vegan Cheese Market in Context of Sales Channel
The business-to-consumer (B2C) segment is prognosticated to observe a dominating stance during the forecast period. It is leading with an 84% share of the vegan cheese market, and is expected to expand at a CAGR of 10.9% during the forecast period. Animal welfare activism has accelerated exponentially over the years, eventually attracting many individuals toward the veganism trend. All these aspects will serve as growth magnets for the B2C segment.
North America and Europe to Emerge as Largest Revenue-generating Regions
The growing awareness about veganism across North America and Europe will assure considerable growth for the vegan cheese market. Evolving consumer trends in the region and emerging startups related to vegan cheese in the region are likely to drive the market in the region. The players in the vegan cheese market are also leveraging e-commerce platforms for increasing their sales in the region. Many social media influencers and celebrities across the region are also promoting vegan cheese products, which is further drivingthe market in North America and Europe.
Asia Pacific is extrapolated to observe moderate growth due to lack of awareness about veganism among people. However, the players are striving to expand their footprints in the region with significant marketing initiatives, thus boosting the growth of the vegan cheese market in the Asia Pacific. In addition, presence of key companies in both Asia Pacific and North America, increasing number of social media influencers promoting vegan cheese, and expansion of product portfolio by the players in the vegan cheese market are anticipated to serve as profitable growth generators.
Some well-entrenched players in the vegan cheese market are Daiya Foods, Vermont Farmstead Company, Field Roast Grain Meat Co., Vtopian Artisan Cheese Company, Good Planet Foods, Miyoko's Kitchen Company, Follow Your Heart, Tyne Chease Limited, and Parmela Creamery.
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