Vegan Cheese Market Dynamics and Trends by 2027

The vegan cheese market was valued at US$ 2,705.00 million in 2019 and is projected to reach US$ 4,651.68 million by 2027; it is expected to grow at a CAGR of 7.1% from 2020 to 2027.

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.

The global vegan cheese market in North America is expected to grow at the highest CAGR of 7.3% during 2020–2027. The rising awareness of the high nutritional profile of vegan cheese is expected to boost the growth of the market.

The recent COVID-19 outbreak, which began in Wuhan (China) during December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, France, and Germany are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, ~7,482,952 confirmed cases and ~419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns imposed by governments. Food & beverages is one the world’s major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Although, China is the global manufacturing hub and is the largest raw material supplier for various industries in the world, it is also one of the worst

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hit countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is adversely affecting the global supply chains, and manufacturing and sales of various food & beverages. The overall market collapse due to this outbreak is also restraining the vegan cheese market growth due to shutdown of factories, obstacle in supply chains, and downturn in world economy.

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Vegan Cheese Market: Strategic Insights

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Market Insights

Health Benefits Associated With Vegan Cheese Favors Global Market Growth

There has been a rising demand for vegan cheese due to the rising awareness of the health benefits related to vegan cheese among the population. Vegan cheese is prepared using various sources such as almond milk, coconut milk, cashew milk, and soy milk. These sources are well known for their high nutritional properties that have garnered the inclination of consumers worldwide. The vegan cheese is a rich source of various minerals, vitamins, potassium, calcium, and fibers. This strong nutritional profile of vegan cheese has led to an upsurge in its demand globally. Vegan cheeses are comparably lower in fat and are likely gluten-free. Recent studies have shown that vegan cheese helps in reducing cardiovascular diseases and has been highly recommended by people and the aging population worldwide. The high carbohydrate and fiber content of vegan cheese is noted to provide abundant energy to the consumer. Additionally, the vegan cheese contain probiotic bacteria that help in protecting the micro biota or intestinal flora. Thus all these factors have been contributing to the expansion and development of the vegan cheese market across the world.

Product Type Insights

Based on product type, the vegan cheese market is segmented into mozzarella, parmesan, cheddar, cream cheese, ricotta, and others. The mozzarella segment accounted for the largest share of the global market in 2019; whereas, the market for parmesan is expected to grow at the highest CAGR during the forecast period. Mozzarella is basically a traditionally southern Italian cheese prepared from Italian buffalo's milk by the pasta filata method. Fresh mozzarella is basically white but may vary seasonally to slightly yellow depending on the animal's diet. However, due to some health issues faced by consumers, such as lactose intolerance, obesity, weight gaining, there is an increasing need for dairy-free alternatives for cheese lovers. Hence, most of the cheese offering companies are focusing on vegan cheese.

Form Insights

Based on form, the vegan cheese market is segmented into slices, diced/cubes, shredded, blocks, spreads, and others. The blocks segment accounted for the largest share of the market in 2019, whereas the slices segment is expected to register the highest CAGR during the forecast period. A truckle of cheese is basically a cylindrical wheel of cheese, and sometimes described as barrel-shaped. Truckles vary greatly in sizes, from the wax-coated cheeses sold in supermarkets to 25 kilogram or larger artisanal cheeses.

Source Insights

Based on source, the vegan cheese market is segmented into almond milk, soy milk, coconut milk, cashew milk, and others. The almond milk segment accounted for the largest share of the market in 2019. The almond milk cheese is one of the widely used sources in vegan cheese preparation. The naturally higher fat content of the almond milk gives the cheese a smoother texture without astringent taste. The almond milk has been known for its high nutritional profile that has further fueled its demand in the vegan cheese preparation. The almond milk is low in calories that have garnered its attention from health-conscious consumers all over the world. The calcium content of almond milk has been known to strengthen the bones and is highly recommended by orthopedics across the world.  

Distribution Channel Insights

Based on distribution channel, the vegan cheese market is segmented into hypermarkets and supermarkets, convenience stores, specialty stores, online, and others. The hypermarkets and supermarkets segment accounted for the largest share of the market in 2019. Supermarkets and hypermarkets are self-help shops providing a wide variety of plant-based products available for sale. Vegan Cheese has a dedicated section in the supermarkets and hypermarkets. Thus the customers are provided with a wide variety of options to choose from. The high footfall in supermarkets and hypermarkets is expected to increase the sale of vegan cheese in this segment in the years to come.

Vegan Cheese Market Regional Insights

The regional trends and factors influencing the Vegan Cheese Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vegan Cheese Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Vegan Cheese Market Report Scope

Vegan Cheese Market Players Density: Understanding Its Impact on Business Dynamics

The Vegan Cheese Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Vegan Cheese Market are:

1. Daiya Foods Inc.
2. Field Roast
3. Follow Your Heart
4. Galaxy Nutritional Foods, Inc.
5. Good Planet Foods

Disclaimer: The companies listed above are not ranked in any particular order.

Vegan Cheese Market, by Product Type

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

Vegan Cheese Market, by Form

• Slices
• Diced/Cubes
• Shredded
• Blocks
• Spreads
• Others

Vegan Cheese Market, by Source

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

Vegan Cheese Market, by Distribution Channel

• Hypermarkets and Supermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others

Company Profiles

• 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