Dublin, Dec. 04, 2020 (GLOBE NEWSWIRE) -- The "Vegan Cheese Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global vegan cheese market is expected to grow at a CAGR of 8.91% over the forecast period to reach a total market size of US$4.578 billion by 2025, increasing from US$2.743 billion in 2019. Vegan cheese is often called plant-based cheese for consumers who are lactose intolerant and want to go animal-free. Growing health-consciousness among consumers, dietary restrictions, and popularity in veganism is supplementing the demand for vegan cheese products globally. Besides, growing consumer inclination toward veganism in various parts of the world is anticipated to boost the adoption of vegan cheese over the forecast period. However, the relatively high price of plant-based products compared to dairy is expected to retrain the growth of the market in the coming years.
Rising consumer awareness
Growing awareness about the negative impact of high meat consumption on the environment is one of the major factors behind the rising popularity of plant-based products, including vegan cheese. Greenhouse gas emissions due to grazing are pressurizing the whole world to increase focus on plant-based products which in turn is driving the growth of the vegan cheese market. Rapid shift towards vegan diet adoption is also boosting the demand for cheese along with other plant-based protein products in various parts of the world. Moreover, the absence of artificial sweeteners and chemical additives is also leading manufacturers and customers to opt for plant-based products over animal-based.
Increasing cases of lactose intolerance are driving the growth of the vegan cheese market
In recent years, the demand for vegan cheese has substantially increased on account of the growing number of lactose intolerance cases in developed economies like the United States, the United Kingdom, and Germany. The rising concerns towards animal-based products due to both social and ethical reasons are further boosting the demand for plant-based cheese during the forecast period. Additionally, the prominent market players are investing heavily in research and development for the new product development which is anticipated to widen up the growth opportunities for new players entering the market.
Furthermore, due to COVID-19 pandemic consumers are demanding more plant-based product at a rapid pace, and that vegan cheese could be on a similar trajectory in various parts of the world. In the two quarters of 2020, retail sales of plant-based cheese in developed economies like the United States, and Canada witnessed an exponential rise. Recent investments in plant-based cheese production support the category's is growing momentum in various parts of the world.
Understanding the European market
A plant-based lifestyle is becoming increasingly popular in Germany and people are shifting from animal protein diet to plant-based diet. Rising health awareness towards a plant-based diet supported by the increasing investments in the plant-based food businesses is expected to drive the German rice protein market during the forecast period. Besides, increasing product launches offering a wider variety of solutions to consumers, and rising trends towards sustainability are further anticipated to boost the rice protein market in the country.
The overall vegan cheese industry is expanding tremendously. It offers various opportunities for new entrants owing to a continuous shift in consumer preferences towards a healthy lifestyle around the globe. Also, with the rising application in various industry is widening up the growth opportunities for the vegan cheese producers in various parts of the world. Also, the market factors such as the increasing number of product launches and investments by major players, and development of demand through marketing, and local infrastructure are projected to influence the whole value chain of the vegan cheese. In addition, companies are directly involved in retailing and are investing in e-commerce channels to gain benefits from growing market penetration. Furthermore, consumer buying behavior has reshaped in recent years with growing varieties, and online retailing discount offers have impelled consumers to prefer online retail.
Prominent/major key market players in the global vegan cheese market include Hope Foods, LLC, GOOD PLANeT Foods., Kite Hill, Angel Food, Miyoko's Creamery, Green Vie Foods, Tofutti Brands, Inc, Bute Island Foods Ltd, Daiya Foods Inc, WayFare Foods, Gardener Cheese Company, VioLife, and Galaxy Nutritional Foods, Inc. The number of players in the vegan cheese market is limited and is growing with the opportunity to generate significant revenues because of growing demand in various parts of the world.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Vegan Cheese Market Analysis, By Source (Value in US$ Million)
5.2. Soy Milk
5.3. Almond Milk
5.4. Coconut Milk
6. Global Vegan Cheese Market Analysis, By Product Type (Value in US$ Million) (Volume in Tons)
7. Global Vegan Cheese Market Analysis, By Distribution Channel (Value in US$ Million) (Volume in Tons)
8. Global Vegan Cheese Analysis, by Geography (Value in US$ Million) (Volume in Tons)
8.2. North America (Value in US$ Million) (Volume in Tons)
8.2.1. North America Vegan Cheese Market Analysis, By Source, 2019 to 2025
8.2.2. North America Vegan Cheese Market Analysis, By Product Type, 2019 to 2025
8.2.3. North America Vegan Cheese Market Analysis, By Distribution Channel, 2019 to 2025
8.2.4. By Country
22.214.171.124. United States
8.3. South America (Value in US$ Million) (Volume in Tons)
8.3.1. South America Vegan Cheese Market Analysis, By Source, 2019 to 2025
8.3.2. South America Vegan Cheese Market Analysis, By Product Type, 2019 to 2025
8.3.3. South America Vegan Cheese Market Analysis, By Distribution Channel, 2019 to 2025
8.3.4. By Country
8.4. Europe (Value in US$ Million) (Volume in Tons)
8.4.1. Europe Vegan Cheese Market Analysis, By Source, 2019 to 2025
8.4.2. Europe Vegan Cheese Market Analysis, By Product Type, 2019 to 2025
8.4.3. Europe Vegan Cheese Market Analysis, By Distribution Channel, 2019 to 2025
8.4.4. By Country
126.96.36.199. United Kingdom
8.5. The Middle East and Africa (Value in US$ Million) (Volume in Tons)
8.5.1. Middle East and Africa Vegan Cheese Market Analysis, By Source, 2019 to 2025
8.5.2. Middle East and Africa Vegan Cheese Market Analysis, By Product Type, 2019 to 2025
8.5.3. Middle East and Africa Vegan Cheese Market Analysis, By Distribution Channel, 2019 to 2025
8.5.4. By Country
188.8.131.52. Saudi Arabia
8.6. Asia Pacific (Value in US$ Million) (Volume in Tons)
8.6.1. Asia Pacific Vegan Cheese Market Analysis, By Source, 2019 to 2025
8.6.2. Asia Pacific Vegan Cheese Market Analysis, By Product Type, 2019 to 2025
8.6.3. Asia Pacific Vegan Cheese Market Analysis, By Distribution Channel, 2019 to 2025
8.6.4. By Country
184.108.40.206. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Hope Foods, LLC
10.2. GOOD PLANeT Foods.
10.3. Kite Hill.
10.4. Angel Food
10.5. Miyoko's Creamery
10.6. Green Vie Foods
10.7. Tofutti Brands, Inc
10.8. Bute Island Foods Ltd
10.9. Daiya Foods Inc
10.10. WayFare Foods
10.11. Gardener Cheese Company
10.13. Galaxy Nutritional Foods, Inc.
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