The cheese
alternative market share is expected to grow at a CAGR of 8.3% and
reach a valuation of US$ 9.6 Bn by 2032.
The cheese alternative market outlook is projected to grow
as consumers are on the lookout for healthy alternatives to dairy products due
to the rise in cases of obesity & hypertension and adopting a healthy
lifestyle to stay fit and improve their quality of life.
Therefore, the demand for cheese alternative products is
likely to increase in the marketplace by end-users.
Consumers are purchasing products made from natural
ingredients that do not contain animal-derived products. These factors are
expected to positively influence the sales of cheese alternative products
during the forecast period.
Many companies in the cheese alternative market are
investing in developing products with a high nutritional profile but
maintaining the conventional taste and texture of products. Cheese is an
essential ingredient in different food products consumers ingest throughout the
day.
It is harmful to consume cheese in higher amounts as it
contains fats. As a result, consumers are searching for substitutes with better
national value and low fats. Therefore, the demand for cheese alternative
products is expected to rise in the near future.
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Demand for cheese alternative products is likely to be high
in North America and Europe due to the easy availability of cheese alternatives
at affordable prices.
Consumers are aware of the benefits of maintaining good
health and are preventing food products that adversely affect their health
which is likely to boost the cheese alternative market growth in the forecast
period.
To utilize the shift in consumer preference, key players are
launching different plant-based substitutes of cheese that are GMO-certified
and gluten-free. Furthermore, due to these factors, the sales of cheese
alternative products are anticipated to rise throughout the forecast period.
Key Takeaways from Market Study
- The
cheese alternative market statistics are expected to increase at a CAGR of
6.7% and 6.4% in North America and Latin America, respectively, through
2032.
- The
Asia Pacific is expected to account for 20% of its market share during the
assessment year.
- The
European cheese alternative market share is expected to reach the US$ 84
Mn by 2032.
- Growing
customer preference for healthy and wholesome diets is driving sales of
cheese alternative products globally.
- By
Form Type, the cheese dips hold the highest cheese alternative market
trends and are expected to increase at a CAGR of 7% during 2022-2032.
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“Consumers are emphasizing on maintaining good
health by consuming products that do not contain high amounts of fats, sugar
and carbohydrates. Companies that interpret change in consumer need for healthy
food alternatives are expected to generate more revenue in long run. Key
players are focusing on developing plant- based alternatives that do not
contain any chemical ingredients”- Analyst at Future Market Insights.
Competitive Landscape
Key players in the cheese alternative market are
collaborating and developing new product lines to penetrate untapped markets
during the forecast period.
- Tofurky,
the iconic vegan brand, is likely to expand its Moocho sub-line with
additional vegan cheese products. Three types of vegan cheese shreds
(Mozzarella, Cheddar, and Fiesta Blend) and three flavors of cream cheese
are among the new goods (Plain, Garden Vegetable, and Strawberry).
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