Plant-Based Cheese Market Is Predicted To Hold A Value Of US$ 5.3 Billion By 2033

The global plant-based cheese market size is set to be valued at US$ 1.3 Billion in 2023, and it is expected to grow at a staggering 15.1% CAGR over the next decade (2023-2033). By 2033, overall plant-based cheese sales are set to total a market valuation of US$ 5.3 Billion.

Growing trend for veganism and increasing preference for plant-based foods across the world are some of the key factors driving the global plant-based cheese market forward. Plant-based cheese is a dairy alternative made entirely from plant-based sources like soy, coconuts, almonds, and cashews. It is sustainable and eco-friendlier than dairy-based products. It also has gained high popularity in recent years due to the rapidly growing vegan population.

Customer trends continue to set the direction of the food and beverage industry. Customers are progressively taking on new food trends and inclinations that have remained niche categories for some time. One such trend in the food and beverage industry is growth of vegan products like cheese.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐀 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭!
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Factors such as growing awareness regarding animal cruelty and high acceptance of veganism are prompting consumers to opt for vegan foods such as plant-based cheese. Veganism is now in high demand, and more and more people around the world are getting aware of the benefits of veganism. Various food brands and businesses have expanded their product portfolios to offer vegan products such as cheese, bread, and biscuits to swim with the tide.

Plant-based cheese products are gaining immense popularity across the globe as customers switch to it from traditional cheese. Due to the rising interest in vegan cheese, new vegan cheese brands have entered the market.

Various social media influencers and celebrities are also encouraging consumption of plant-based products. This is further set to create a surging demand for plant-based cheese and the trend is expected to continue during the forecast period.

Additionally, rising prevalence of lactose intolerance is acting as a catalyst triggering development of the global plant-based cheese market. In recent years, the number of people suffering from lactose intolerance has increased dramatically.

For instance, as per the World Population Review, nearly 65% of the adult human population suffers from lactose intolerance caused by decreasing activity of the LCT gene. This, in turn, is compelling people to opt for plant-based dairy products.

Plant-based cheese is slowly becoming mainstream, but today's customers are more cautious about product quality and nutritional value. As a result, several businesses are increasingly investing resources in research and development (R&D) activities to effectively mimic cheese's complex functional and flavor profiles. This will help them to expand their customer base during the projection period.

Demand remains especially high for soy-based cheese in the market owing to its healthy and high nutritional content. Soy-based cheese comes in different varieties and textures and its taste closely resembles that of conventional cheese.

Further, it is rich in essential fatty acids, protein, potassium, fiber, iron, and other essential bioactive components, making it perfect for people looking for healthy plant-based cheese. Fact.MR predicts the soy-based cheese segment to hold the largest market share of around 40% by the end of the forecast period.

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬:

• Based on source, soy-based cheese segment is expected to hold around 2/5 share of the global market by the end of 2033.
• By sales channel, retail sales are likely to generate the highest revenue in the global plant-based cheese market.
• The U.S. plant-based cheese shipments are expected to grow at a CAGR of over 10% over the next decade.
• Demand for plant-based cheese across China is projected to increase at 14% CAGR through 2033.
• The U.K. plant-based cheese market is anticipated to expand at 12% CAGR over the next decade.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

• Growing trend for veganism across the world is a key factor driving the global plant-based cheese market.
• Surging cases of cardiovascular diseases, diabetes, and obesity will encourage people to opt for plant-based foods like vegan cheese over the projection period.

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:

• Absence of proper flavor, nutrition, and genuineness in plant-based cheese is restraining market expansion.
• Vegan cheese made with coconut oil is high in saturated fat, which can lead to heart disease.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

With the entry of new-start-ups, competitive landscape of the plant-based cheese market is getting more intense. In order to survive in this market space, as well as to increase their revenue share, key players are employing various strategies such as new product launches, partnerships, mergers, acquisitions, facility expansions, and strengthening distribution channels. Further, they are using innovative advertisements and campaigns to improve their brand image.

For instance,
• In 2021, Daiya Foods Inc. launched a foodservice site to help foodservice operators meet growing customer demand for plant-based foods.
• In 2019, Live Yum Foods, a new vegan cheese company was founded by Taanya Ravi to make plant based diets accessible to everyone.

𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐛𝐲 𝐅𝐚𝐜𝐭.𝐌𝐑

• Daiya Foods Inc.
• Lyrical Foods Inc.
• Greenspace Brands
• Violife Foods
• Field Roast Grain Meat Co. Inc.
• Lisanatti Foods Inc.
• Follow Your Heart
• Danone S.A.
• Miyokos Creamery
• Bute Island Foods Ltd.
• Gardener Cheese Company
• Galaxy Nutritional Foods Inc.
• WayFare Foods
• Otsuka Holdings Co. Ltd.

𝐌𝐨𝐫𝐞 𝐕𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐏𝐥𝐚𝐧𝐭-𝐛𝐚𝐬𝐞𝐝 𝐂𝐡𝐞𝐞𝐬𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

In its latest research, Fact.MR reveals key factors driving the growth of the plant-based cheese market during the forecast period.

The study provides an in-depth study of the opportunities and growth drivers anticipated to increase the revenue of the plant-based cheese market through segmentation as follows:

Form:
• Blocks & Wedges
• Slices
• Spreads
• Shreds

Source:
• Soy
• Coconuts
• Cashews
• Almonds
• Other Sources

Buyer Type:
• Households
• HoReCa
• Food Processors

Sales Channel:
• Retail Sales
o Hypermarkets/Supermarkets
o Departmental Stores
o Specialty Stores
o Online Retailers
• Direct Sales

Region:
• North America
• Latin America
• Europe
• APAC
• MEA

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𝐊𝐞𝐲 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐥𝐚𝐧𝐭-𝐛𝐚𝐬𝐞𝐝 𝐂𝐡𝐞𝐞𝐬𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭

• What will be the demand outlook for the plant-based cheese market during the forecast period?
• Which are the challenges faced in the plant-based cheese market?
• Which region will lead the growth in the plant-based cheese market during 2023-2033?
• What is the projected market valuation of the plant-based cheese market in 2033?
• Which are the factors driving the plant-based cheese market during 2023-2033?
• Which product will generate maximum revenue in plant-based cheese market?

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