Vegan Cheese Market to Reach $4.1 Billion by 2030 Growing at 16.7% CAGR | GlobalData Plc
Research Reports
Oct 13, 2023
The global vegan cheese market is expected to reach $4.1 billion in 2030, according to a new report by GlobalData Plc. Rising awareness about health, lactose intolerance, and animal welfare issues along with increasing ethical considerations and environmental concerns are the major factors driving the market growth. These factors collectively, in addition to improving the taste and variety of products, are expected to drive the growing popularity of plant-based cheese alternatives.
Vegan Cheese Market Share By Region, 2020 – 2030
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Vegan Cheese Market FAQs
- What was the global vegan cheese market size in 2023?
The global vegan cheese market size will be valued at $1.4 billion in 2023.
- What is the vegan cheese market growth rate?
The global vegan cheese market is expected to grow at a CAGR of 16.7% over the forecast period (2023-2030).
- What are the key vegan cheese market drivers?
Rising environmental concerns, health-conscious choices, lactose intolerance awareness, and ethical considerations related to animal welfare among consumers are the major factors driving vegan cheese market growth. These factors collectively, in addition to improving the taste & variety of products, are expected to drive the growing popularity of plant-based cheese alternatives.
- Which are the leading vegan cheese companies globally?
The leading vegan cheese companies are Bute Island Foods Ltd, Daiya Foods Inc., Follow Your Heart, Lyrical Foods, Inc., Franklin Foods Inc., Moocho Foods, Tofutti Brands Inc., and Upfield BV.
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Vegan Cheese Market Dynamics
The rise in the number of individuals adopting veganism and vegetarianism has been a significant contributor to higher demand for dairy alternatives. Since vegans and vegetarians seek alternatives to traditional dairy products, their growing population represents a consistent customer base for vegan cheese manufacturers. Additionally, the growing popularity of plant-based diets, promoted by advertising & marketing, is also anticipated to drive dairy-free cheese demand over the forecast period.
Despite the growing popularity of plant-based cheese, the industry faces fierce competition from traditional dairy cheese products. Current dairy-free alternatives lack the texture and flavor of their dairy-based counterparts, thereby impeding their largescale adoption among consumers. Moreover, consumers can be price-sensitive when comparing vegan cheese to more affordable, better-tasting, but less nutritious alternatives. To overcome these challenges, companies are investing in improving the taste and reducing the price of their product offerings.
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Vegan Cheese Market Report Highlights
- The global vegan cheese market is projected to witness a CAGR of 16.7% from 2023 to 2030. The increasing population of vegan, vegetarian, and flexitarians is expected to aid the growing demand for plant-based cheese across the globe.
- Asia Pacific, a key market, captured a significant revenue share of the overall market in 2022. This is attributable to the large vegetarian population, the influence of traditional & functional foods, urbanization & changing lifestyles, and the increasing influence of Western diet trends in the region.
- Cheddar cheese captured the largest revenue share in 2022. The widespread popularity and its versatility to blend with multiple recipes are the key factors influencing the popularity of the Cheddar type segment.
- Almond-based cheese is projected to record a healthy growth rate over the forecast period. This is attributable to the high nutritional value that almonds add to the product in addition to the texture & flavor.
- Companies operating in the dairy-free cheese market focus on developing proprietary blends of plant-based ingredients to achieve better taste and texture.
- The leading vegan cheese companies are Bute Island Foods Ltd, Daiya Foods Inc., Follow Your Heart, Lyrical Foods, Inc., Franklin Foods Inc., Moocho Foods, Tofutti Brands Inc., and Upfield BV.
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Vegan Cheese Market Scope
GlobalData Plc has segmented the vegan cheese market report by type, source, and region:
Global Vegan Cheese Type Outlook (Revenue, $ Million; 2020-2030)
- Cheddar
- Parmesan
- Mozzarella
- Cream
- Others
Global Vegan Cheese Source Outlook (Revenue, $ Million; 2020-2030)
- Almond
- Cashew
- Coconut
- Soy
- Others
Global Vegan Cheese Regional Outlook (Revenue, $ Million; 2020-2030)
- North America
- US
- Canada
- Europe
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Argentina
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- South Africa
- Rest of Middle East & Africa
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