The U.S. Vegan Cheese Market is Projected to Grow at a CAGR of around 6.5% over 2032

Newly released data from the global vegan cheese market Analysis shows that the global vegan cheese market enjoyed year-on-year (YoY) growth of 5.7% in 2022 and is estimated to be USD 3,032.0 Mn in 2022 and is expected to witness a prominent growth rate of 9.3% to reach the value of USD 7,352.2 Mn in 2032.

The report examines the factors influencing the market from a global as well as regional perspective. It discovers hidden opportunities for the leading market players. In addition to this, the report identifies the chief growth drivers, restraints, and opportunities.

Additionally, the rise of the vegan cheese business is fueled by rising personal disposable income, altering tastes and preferences, and more adoption of the western lifestyle. Other market growth determinants include an increase in the worldwide vegan population and growing worries about the safety and health of animals. Manufacturers’ increased focus on novel product offerings, combined with increased limits on animal-based food items, will provide the market with even more profitable growth potential. 

Some of the key takeaways from the report are:

  • The expansion of plant-based food industry will support the growth of the vegan cheese market. With the demand for plant-based alternative rising, the market is likely to report impressive growth through the course of the forecast period.
  • In terms of distribution channel, the vegan cheese market is broadly categorized into direct and indirect sales channels. Of these, the indirect sales segment holds dominant vegan cheese market share.
  • Among indirect sales segments, convenience store is likely to emerge as the most attractive segment.
  • Among product types available in the market, the demand for mozzarella vegan cheese is expected to remain high owing to its versatility of use in different recipes.
  • On the basis of source, the almond milk segment is forecast to witness highest growth.

Rising Incidence of Lactose Intolerance to Fuel Demand for Vegan Cheese

A considerably large section of population around the world is lactose intolerant. People with lactose intolerance can rarely enjoy delicacies prepared with milk or milk-derived ingredients. It is due to this that the demand for vegan cheese is on a rise. Vegan cheese is a plant-based dairy alternative, particularly suitable for those suffering from lactose intolerance. Against this backdrop, an increasing number of hotels, restaurants, and cafes have started introducing vegan cheese in their menu to attract consumers who prefer vegan diets and those who are lactose intolerant.

Increasing Disposable Income of Consumers Supports their Purchase Decision

In the last couple of years, consumers’ willingness to spend on exotic and humane plant-based diet has greatly increased. In addition to this, a stable increase in the demand for novel food alternatives is noticed. They are motivated by various advertisements and campaigns to obtain essential nutrients from plant-based alternatives, and this decision is supported to an extent by their increasing disposable income.

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Who is winning

Despite witnessing impressive growth opportunities, lack of awareness is a key factor limiting the market’s expansion in developing and underdeveloped regions. As a result of this, conventional dairy products continue to remain popular in several potentially lucrative markets. This is a chief factor restraining the market’s expansion.

Nonetheless, the market players are likely to overcome this challenge as they invest in marketing strategies besides innovating healthier and more cost-effective vegan cheese. Also, concerns pertaining to animal welfare is expected to tip scale in favour of veganism, in turn bolstering growth opportunities for the vegan cheese market.

Some of the leading players operating in the vegan cheese market are Daiya Foods, Inc., Follow Your Heart, Go Veggie, Parmela Creamery, Kinda Co., Bute Island Foods Ltd., Vtopian Artisan Cheeses, Kite Hill, Miyoko’s Kitchen, Vermont Farmstead, and Good Planet Foods.

Market Segments Covered in Vegan Cheese Market Analysis

Product Type

  • Mozzarella
  • Parmesan
  • Cheddar
  • Cream Cheese
  • Ricotta
  • Others

Form

  • Shreds
  • Blocks and Wedges
  • Slices

Source

  • Almond Milk
  • Soy Milk
  • Coconut Milk
  • Cashew Milk
  • Others

End-Use

  • Food Processing
  • Baked Goods
  • Sauces, Dips and Dressings
  • Snacks
  • Processed and Packed Foods
  • Ready Meals
  • Dairy and Desserts
  • Food Service/HoReCa (Hotels, Restaurant, Cafes)
  • Household/Retail

Nature

  • Conventional
  • Organic

Sales Channel

  • Direct Sales
  • Indirect Sales
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Speciality Retail Stores
  • Traditional Grocery Stores
  • Online Retailers

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Frequently Asked Questions

  • How much is the current worth of the vegan cheese market?
  • At what CAGR is the market expected to grow?
  • How was the performance in the last five years?
  • What is the demand outlook forecast for the vegan cheese market?
  • Who are the top 5 players operating in the market?
  • How are market players reacting to the new developments in the market?
  • Which are the major countries driving demand for vegan cheese?
  • What outlook does Europe provide?
  • At what rate will the U.S. vegan cheese market grow?

About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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