Rockville, MD, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global plant-based cheese market size is set to be valued at US$ 1.3 Billion in 2023, and it is expected to grow at a staggering 15.1% CAGR over the next decade (2023-2033). By 2033, overall plant-based cheese sales are set to total a market valuation of US$ 5.3 Billion.
Growing trend for veganism and increasing preference for plant-based foods across the world are some of the key factors driving the global plant-based cheese market forward. Plant-based cheese is a dairy alternative made entirely from plant-based sources like soy, coconuts, almonds, and cashews. It is sustainable and eco-friendlier than dairy-based products. It also has gained high popularity in recent years due to the rapidly growing vegan population.
Customer trends continue to set the direction of the food and beverage industry. Customers are progressively taking on new food trends and inclinations that have remained niche categories for some time. One such trend in the food and beverage industry is growth of vegan products like cheese.
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Factors such as growing awareness regarding animal cruelty and high acceptance of veganism are prompting consumers to opt for vegan foods such as plant-based cheese. Veganism is now in high demand, and more and more people around the world are getting aware of the benefits of veganism. Various food brands and businesses have expanded their product portfolios to offer vegan products such as cheese, bread, and biscuits to swim with the tide.
Plant-based cheese products are gaining immense popularity across the globe as customers switch to it from traditional cheese. Due to the rising interest in vegan cheese, new vegan cheese brands have entered the market.
Various social media influencers and celebrities are also encouraging consumption of plant-based products. This is further set to create a surging demand for plant-based cheese and the trend is expected to continue during the forecast period.
Additionally, rising prevalence of lactose intolerance is acting as a catalyst triggering development of the global plant-based cheese market. In recent years, the number of people suffering from lactose intolerance has increased dramatically.
For instance, as per the World Population Review, nearly 65% of the adult human population suffers from lactose intolerance caused by decreasing activity of the LCT gene. This, in turn, is compelling people to opt for plant-based dairy products.
Plant-based cheese is slowly becoming mainstream, but today's customers are more cautious about product quality and nutritional value. As a result, several businesses are increasingly investing resources in research and development (R&D) activities to effectively mimic cheese's complex functional and flavor profiles. This will help them to expand their customer base during the projection period.
Demand remains especially high for soy-based cheese in the market owing to its healthy and high nutritional content. Soy-based cheese comes in different varieties and textures and its taste closely resembles that of conventional cheese.
Further, it is rich in essential fatty acids, protein, potassium, fiber, iron, and other essential bioactive components, making it perfect for people looking for healthy plant-based cheese. Fact.MR predicts the soy-based cheese segment to hold the largest market share of around 40% by the end of the forecast period.
Key Takeaways:
- Based on source, soy-based cheese segment is expected to hold around 2/5 share of the global market by the end of 2033.
- By sales channel, retail sales are likely to generate the highest revenue in the global plant-based cheese market.
- The U.S. plant-based cheese shipments are expected to grow at a CAGR of over 10% over the next decade.
- Demand for plant-based cheese across China is projected to increase at 14% CAGR through 2033.
- The U.K. plant-based cheese market is anticipated to expand at 12% CAGR over the next decade.
Growth Drivers:
- Growing trend for veganism across the world is a key factor driving the global plant-based cheese market.
- Surging cases of cardiovascular diseases, diabetes, and obesity will encourage people to opt for plant-based foods like vegan cheese over the projection period.
Restraints:
- Absence of proper flavor, nutrition, and genuineness in plant-based cheese is restraining market expansion.
- Vegan cheese made with coconut oil is high in saturated fat, which can lead to heart disease.
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Competitive Landscape:
With the entry of new-start-ups, competitive landscape of the plant-based cheese market is getting more intense. In order to survive in this market space, as well as to increase their revenue share, key players are employing various strategies such as new product launches, partnerships, mergers, acquisitions, facility expansions, and strengthening distribution channels. Further, they are using innovative advertisements and campaigns to improve their brand image.
For instance,
- In 2021, Daiya Foods Inc. launched a foodservice site to help foodservice operators meet growing customer demand for plant-based foods.
- In 2019, Live Yum Foods, a new vegan cheese company was founded by Taanya Ravi to make plant based diets accessible to everyone.
Key Companies Profiled by Fact.MR
- Daiya Foods Inc.
- Lyrical Foods Inc.
- Greenspace Brands
- Violife Foods
- Field Roast Grain Meat Co. Inc.
- Lisanatti Foods Inc.
- Follow Your Heart
- Danone S.A.
- Miyokos Creamery
- Bute Island Foods Ltd.
- Gardener Cheese Company
- Galaxy Nutritional Foods Inc.
- WayFare Foods
- Otsuka Holdings Co. Ltd.
More Valuable Insights on Plant-based Cheese Market
In its latest research, Fact.MR reveals key factors driving the growth of the plant-based cheese market during the forecast period. The study provides an in-depth study of the opportunities and growth drivers anticipated to increase the revenue of the plant-based cheese market through segmentation as follows:
Form:
- Blocks & Wedges
- Slices
- Spreads
- Shreds
Source:
- Soy
- Coconuts
- Cashews
- Almonds
- Other Sources
Buyer Type:
- Households
- HoReCa
- Food Processors
Sales Channel:
- Retail Sales
- Hypermarkets/Supermarkets
- Departmental Stores
- Specialty Stores
- Online Retailers
- Direct Sales
Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Plant-based Cheese Market Report
- What will be the demand outlook for the plant-based cheese market during the forecast period?
- Which are the challenges faced in the plant-based cheese market?
- Which region will lead the growth in the plant-based cheese market during 2023-2033?
- What is the projected market valuation of the plant-based cheese market in 2033?
- Which are the factors driving the plant-based cheese market during 2023-2033?
- Which product will generate maximum revenue in plant-based cheese market?
Explore Fact.MR’s Coverage on the Food & Beverages Domain
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Cheese Market: Fact.MR predicts the global cheese market to grow from US$ 92 Billion in 2022 to US$ 133 Billion by the end of 2032. Overall demand for cheese is projected to grow at a CAGR of 3.7% through 2032. Increasing consumption of convenience foods, rising influence of Western cuisines, and penetration of numerous flavored cheese products are some of the key factors expected to drive the global cheese industry.
Plant Based Breads Market: The global market for plant-based breads is likely to grow at a rapid pace throughout the forecast period (2021 to 2031) amid high demand for clean-label food items. In addition, growing consumption of vegan food products is compelling bread manufacturers to invest in research activities for launching plant-based bread production lines.
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