Vegan Cheese Market 2020 : Industry Trends, Growth, Future Demands, Latest Innovation, Sales Revenue by Regional Forecast to 2030

Vegan Cheese Market: Introduction

A recent study published by Transparency Market Research on the vegan cheese market includes global industry analysis and opportunity assessment for 2020-2030. The global vegan cheese market is forecast to reach US$ 2.5 Bn by the end of 2020. The vegan cheese market is projected to rise at a CAGR of ~10%, to reach ~US$ 7 Bn by 2030.

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new global vegan cheese market
As coronavirus scare spreads rapidly across the globe, consumers have now started to prefer vegetarian food. The number of diseases caused due to animals is increasing due to which, the consumption of animal-based products is decreasing. The number of vegan and vegetarian population is rising, which is beneficial for vegan cheese market. Due to the COVID-19, a large number of countries have implemented lockdown and world is facing economic crises due to which, the vegan cheese market is expected to have moderate growth rate in the next two years.

Veganism on Rise

Rising inclination toward healthy and vegan diets is driving the global market. According to the Oxford University, switching to plant-based diets could save 8 million human lives by 2050, reduce greenhouse gases by two-thirds, and avoid climate change damages of US$ 1.5 Trn. Dairy giant Danone has invested US$ 60 Mn in dairy-free products. Today, around 44,000 products spanning across 1,300 companies are currently registered with the Vegan Society Trademark. Chasing the demand for more variety and tastier vegan products like vegan cheese is an opportunity for growth for players in the market.

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Growing Popularity of Vegan Cheese

As cheese is widely popular among all age groups, supermarket giants such as Tesco and Sainsbury's, Walmart are assisting the vegan cheese market by increasing their overall plant-based stocks. In order to keep up with the increasing demand, companies such as Northern California's Miyoko's Kitchen upgraded its 29,000 sq. ft. facility that can handle 2,000 lb. batches of vegan nut cheese.

Increasing Health Consciousness of Consumers

A study conducted by Harvard Scientist in 2019 totaling over 300,000 participants discovered that following a vegan diet could cut the risk of developing type 2 diabetes by almost 23%. Moreover, if overweight people stick to a vegan diet, it would promote weight loss without restricting calories. Studies predict that those who follow vegan diets have a 35% lower risk of prostate cancer. There is also a growth of lactose-intolerant consumers, causing such consumers to opt for vegan milk products such as vegan cheese, as it is seen many consumers cannot live without adding cheese in their diets. More than 50% of the total world population is lactose intolerant, which is the main reason why manufacturers are making numerous innovations in the vegan cheese market.

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Vegan Cheese Market Segmentation

Vegan Cheese Market by Nature

Organic
Conventional

Vegan Cheese Market by Product Type

Mozzarella
Cheddar
Pepper Jack
Parmesan
Gouda
Other Product Types

Vegan Cheese Market by Form

Block
Cube
Shreds
Slice
Spread
Powder
Sticks

Vegan Cheese Market by Protein Source

Almond
Coconut
Cashew
Legumes
Oats
Soybeans
Others

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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