NEW YORK, Jan. 8, 2024 /PRNewswire/ — The vegan cheese market is expected to grow by USD 1.32 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 8.3% during the forecast period. An increasing number of organized outlets is notably driving the vegan cheese market. However, factors such as the side effects of vegan cheese may impede the market growth. The market is segmented by distribution channel (offline and online), source (soy milk, almond milk, rice milk, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
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Key Segment Analysis
The market share growth by the offline segment is significant during the forecast period. In the global vegan cheese market, offline distribution comprises dividing the market based on the various physical locations where customers can purchase vegan cheese products. In addition, these locations constitute supermarkets, specialty stores, health food stores, and farmers’ markets, among others. Furthermore, it enables businesses to identify the most effective distribution channels for their products. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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Market Dynamics
Key Driver – The growth of the Vegan Cheese Market is notably driven by the rising presence of organized outlets. This rise impacts various segments including Vegan Cheese, Plant-based Cheese, and Dairy-free Cheese options. The increased availability extends to Nutritional Yeast, Vegan Cheese Alternatives, and Non-dairy Cheese varieties, spanning Vegan Cheese Spreads, Vegan Cheese Slices, and Vegan Cheese Blocks. Enhanced accessibility in Vegan Cheese Retail, boosted by diverse Vegan Cheese Brands and Cheese Substitutes, shapes the vegan cheese market’s expansion.
Leading Trend – A prominent trend driving Vegan Cheese Market growth is the increasing demand for diverse alternatives. This trend encompasses various types like Almond Cheese, Soy Cheese, and Coconut-based Cheese. It extends to Rice Cheese, Hemp Cheese, Oat Cheese, and Pea Protein Cheese, along with Tapioca Cheese and Cashew Cheese varieties. Furthermore, the Vegan cheese production market witnesses a rise in Artisan Vegan Cheese options, reflecting the expanding preferences for diverse and innovative plant-based cheese alternatives.
Challenge – The Vegan Cheese Market faces challenges due to high costs and limited awareness, impacting aspects like Cheese Analogues and Vegan Cheese Consumption Trends. Challenges arise in Vegan Cheese Ingredients and Production, hindering the proliferation of diverse Vegan Cheese Varieties and innovative Vegan Cheese Snacks. Additionally, this obstacle affects Vegan Cheese Innovation and impedes growth within the broader Dairy-Free Cheese Market, highlighting the need for enhanced affordability and increased awareness to drive market expansion.
Geographical Market Analysis
Europe accounts for 41% of the growth of the global market during the forecast period. The market in the European region has grown significantly over the years, driven by increasing demand for plant-based alternatives to traditional dairy products. In addition, vegan cheese is a type of non-dairy cheese made from plant-based ingredients including nuts, seeds, soybeans, and coconut milk. Moreover, in the European region, several consumers are opting for vegan and vegetarian diets for health and ethical reasons. In addition, the UK, Germany, France, Holland, Spain, and Italy are big potential markets for vegan cheese in Europe.
Company Insights
The vegan cheese market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including:
Back2basics, Chicago Vegan Foods, Dairy Free Down Under, Danone SA, First Grade International Ltd., Franklin Foods Inc., Good Carma, I AM NUT OK, Kite Hill, Maple Leaf Foods Inc., Miyokos Creamery, Nush foods, OmniVegan Pvt. Ltd., Parmela Creamery, Saputo Inc., Tofutti Brands Inc., Treeline Cheese, Tyne Cheese Ltd., Upfield BV, and Vromage
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The organic rice flour market size is projected to increase by USD 156.61 million and the market size is estimated to grow at a CAGR of 5.26% between 2023 and 2028.
The milk protein concentrates market size is projected to increase by USD 1,021.13 million and the market size is estimated to grow at a CAGR of 5.44% between 2023 and 2028.
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Vegan Cheese Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
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Market Growth 2024-2028 |
USD 1.32 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.3 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 41% |
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Key countries |
US, Canada, Australia, the UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Back2basics, Chicago Vegan Foods, Dairy Free Down Under, Danone SA, First Grade International Ltd., Franklin Foods Inc., Good Carma, I AM NUT OK, Kite Hill, Maple Leaf Foods Inc., Miyokos Creamery, Nush foods, OmniVegan Pvt. Ltd., Parmela Creamery, Saputo Inc., Tofutti Brands Inc., Treeline Cheese, Tyne Chease Ltd., Upfield BV, and Vromage |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Distribution Channel
Market Segmentation by Source
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
