The global plant
based cheese market is set to witness growth at a CAGR of 8.4% and top
a valuation of USD 3416.6 Mn by 2032.
Plant-based cheese has a range of health benefits such
as lower blood glucose levels, increased insulin tolerance, and a lower
risk of type 2 diabetes, to name a few. Additionally, for those who are
sensitive to dairy products, plant-based cheese is highly suggested.
Factors such as the rise in acceptability of allergen-free
and plant-based meals can be linked to the fast growing market for plant-based
cheese over the last few years. Veganism’s societal acceptability has roughly
doubled in the last five years, reaching an all-time high. Veganism is gaining
popularity, especially when celebrities endorse the practice.
The growth of the plant-based cheese market has been fuelled
by an added focus on eco-friendly products. The dairy farm accounts for more
than 92 % of the greenhouse gas emissions associated with cheese production.
Plant-based cheese is far more eco-friendly, which is why it is becoming
increasingly popular.
North America presently controls the majority of the global
plant-based cheese market. North America’s progress is being aided by an
increase in the number of people in the region embracing a vegan diet, as well
as a rise in environmental awareness. EMEA is the second-largest market for
plant-based cheese across the globe, with excellent development possibilities
in the next years. In Europe, the growing vegan community is contributing
to the growth of the plant-based cheese sector.
Oat milk is an excellent choice for making plant-based
cheese because of its numerous nutritional benefits. Oat milk is high in
vitamin B and beneficial to bone health. It also provides several health
benefits. It is ideal for people with food sensitivity, lactose sensitivity,
and other food sensitivities because it is lactose and gluten free.
Key Takeaways from Market Study
- The
plant based cheese market is expected to expand at CAGRs of 31.4% and
26.8% in Europe and America, through 2032.
- Market
share of oat milk increased by 19% to reach USD 277 Mn in 2021.
- The
North American plant based cheese market is currently pegged at USD 580
Mn.
- Growing
consumer demand for healthy and nutritious foods, as well as rising
vegetarianism, are propelling sales of plant-based cheese across the
globe.
- The
outbreak of COVID-19 has had a good impact on the popularity of vegan
cheese. For a variety of reasons, including supply shortages amongst
traditional meat and dairy products and health concerns, consumers are
increasingly turning to plant-based substitutes.
“Producers of plant-based cheese could generate
revenue if they focus on the non-dairy market. The vegan-based ingredients
sector could be a prospective market for plant-based cheese, which is expanding
in popularity around the world.” says a Future Market Insights
analyst.
Competitive Landscape
Key players in the plant-based cheese market are emphasizing
their efforts on research and development in order to improve the quality of
their products.
Daiya Foods Inc. introduced a new service platform in
October 2021, with the goal of assisting operators in meeting rising consumer
requirements for plant-based foods. This new portal intends to increase
the company’s presence on university campuses, eateries, and healthcare
facilities.
Following the debut of the firm’s Flora brand in 2020,
Violife Cheese, manufactured by Upfield Holdings B.V entered the Middle
Eastern market in July 2021. The product is available in the United Arab
Emirates, Saudi Arabia, Doha, Oman, and Bahrain.
Segments Covered in Plant Based Cheese Market Analysis
Source:
- Oat
Milk source
- Rice
Milk Source
- Corn
Milk Source
- Soy-Milk
Source
- Pea
Milk Source
- Almond
Milk Source
- Coconut
Milk Source
- Cashew
Milk Source
- Flax
Milk Source
- Hemp
Milk Source
- Other
Milk Source
Distribution Channel:
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarkets/Supermarkets
- Convenience
Stores
- Specialty
Stores
- Mom
and Pop Stores
- Discount
Stores
- Food
& Drink Specialty Stores
- Independent
Small Groceries
- Online
Retail
- Others
Retail Formats
Region:
- North
America
- Latin
America
- Europe
- Asia
- Oceania
- MEA
Read Full Reports: https://www.futuremarketinsights.com/reports/plant-based-cheese-market