Vegan Cheese Market by Product, Source, and End Use : Global Opportunity Analysis and Industry Forecast 2021–2027

Vegan Cheese Market by Product, Source, and End Use : Global Opportunity Analysis and Industry Forecast 2021–2027

  • September 2020 •
  • 269 pages •
  • Report ID: 5983704 •
  • Format: PDF
Vegan Cheese Market by Product(Mozzarella, Cheddar, Pepper Jack, Parmesan, Gouda, and Other), Source (Soy Milk, Almond Milk, Rice Milk, and Other), and End Use (Household, Food Industry, and Foodservice Industry): Global Opportunity Analysis and Industry Forecast 2021–2027

The vegan cheese market size was valued at $1,237.8 million in 2019, and is estimated to reach $4425.6 million by 2027, registering a CAGR of 15.5% from 2021 to 2027.
Vegan cheese, on the other hand, is entirely plant-based and it involves consolidating the protein mass from various plant sources with lactic bacteria that may also be added in for acidity. Vegan cheese can be made from soy protein, nutritional yeast, thickening agar flakes, nuts, tapioca flour, natural enzymes, vegetable glycerin, assorted bacterial cultures, arrowroot, and pea protein.
Rise in awareness of lactose-intolerant conditions among consumers is the key factor driving the global vegan cheese market growth globally. Therefore, consumers prefer buying products such as vegan cheese, vegan meat, and vegan yogurt. According to analytical study conducted by the National Library of Medicine in 2018, around 65% of human population has low ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent especially in developing economies. This will increase the sales of vegan cheese and is anticipated to boost the growth of the target market during the forecast period. However, high price and limited awareness is hampering the growth of the global market.
Household consumption of the vegan cheese is growing highest pace, owing to growth in awareness regarding the benefits of the plant-based dairy products, availability at convenience store, and growth in trend of flexitariaon diet. It has been gaining considerable popularity among the millennial population, owing to various benefits such as it improves mental health condition and reduces severity of certain allergies and eczema.
Growth in urbanized population, increase in spending on health-related products, and surge in cardiovascular, chronic, and obesity linked diseases are majorly driving the growth of the vegan cheese market.
However, lack of awareness regarding the benefits of vegan cheese and high prices are likely to hamper the growth of the vegan cheese market during the forecast period. Despite the high prices, COVID-19 pandemic has been positively influencing the growth of the vegan cheese market. As people are highly conscious and wish to improve the health and immunity power by consuming highly nutritious food through plant-based cheese.
The report segments the global vegan cheese market into product, source, end use, and region. On the basis of product, the market is categorized into mozzarella, cheddar, pepper jack, parmesan, gouda, and other. By source, it is segregated into soy milk, almond milk, rice milk, and other. Depending on end use, it is divided into household, food industry, and foodservice industry. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players operating in the market are Bute Island Foods Ltd, GreenSpace Brands, violifefoods.com, Vtopian Artisan Cheeses, Chicago Vegan Foods, Gardener Cheese Company, Tofutti Brands Inc., Kite Hill, DAIYA FOODS INC., and Nush Foods.

KEY BENEFITS FOR STAKEHOLDERS
• The study provides an in-depth analysis of the global vegan cheese, with current and future trends to elucidate the imminent investment pockets in the market.
• Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
• The report provides information regarding drivers, restraints, and opportunities with impact analysis.
• A quantitative analysis of the current market and estimation for the same from 2019 to 2027 is provided to showcase the financial competency of the market.
• Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
• Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
• Competitive intelligence highlights business practices followed by leading market players across various regions.

KEY MARKET SEGMENTS
• By Product
o Mozzarella
o Cheddar
o Pepper Jack
o Parmesan
o Gouda
o Other
• By Source
o Soy Milk
o Almond Milk
o Rice Milk
o Other
• By End Use
o Household
o Food Industry
o Foodservice Industry
• By Region
o North America
- U.S.
- Canada
- Mexico
o Europe
- Germany
- UK
- Ireland
- Netherland
- Sweden
- Rest Of Europe
o Asia-Pacific
- Japan
- Australia
- Singapore
- Rest of Asia-Pacific