According to our latest market study on “Vegan Cheese Market Forecast to 2027 – COVID-19 Impact and Analysis- by Product Type (Mozzarella, Parmesan, Cheddar, Cream Cheese, Ricotta, Others); Form (Slices, Diced/Cubes, Shredded, Blocks, Spreads, Others); Source (Almond Milk, Soy Milk, Coconut Milk, Cashew Milk, Others); Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Specialty Stores, Online, Others), and Geography,” the market is accounted for US$ 2,705.00 million in 2019 and is expected to grow at CAGR of 7.1% during the forecast period 2020 – 2027, to account for US$ 4,651.68 million by 2027. The report highlights key factors driving the market growth and the prominent players along with their developments in the market.
Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the world. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular disease. Development in new products like microorganism-cultured vegan cheese is expected to provide lucrative opportunities to the vegan cheese market in the coming years. Based on source, the vegan cheese market is categorized into almond milk, soy milk, coconut milk, cashew milk, and others.
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In 2019, the almond milk segment dominated the market by accounting for major share of the total market share. The almond milk base is highly in demand as the consumers believe that it is healthier as it contains higher concentration of nutritional compounds. Scientific studies have shown that almond milk consumption is known to reduce the risk of cardiovascular diseases and hence has been recommended by consumers globally. Thus the high nutritional profile of almond milk has been one of the major contributing factors for its source base in the vegan cheese production.
The COVID-19 outbreak has affected economies and industries in various countries due to government-imposed, as well as self-imposed, lockdowns, travel bans, and business shutdowns. Food processing is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The global market breakdown due to COVID-19 spread is also affecting the growth of the market for vegan cheese applications.
Daiya Foods Inc.; Field Roast; Follow Your Heart; Galaxy Nutritional Foods, Inc.; Good Planet Foods; Kite Hill, Miyoko’s Creamery; Nush Foods; Uprise Foods LLC; Wayfare; and among the key players operating in the global vegan cheese market.