Publication Month: Sep 2020 | Report Code: TIPRE00013904 | No. of Pages: 193 | Category: Food and Beverages | Status: Published
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
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.
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.
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.
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.
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.
The List of Companies - Vegan Cheese Market