Vegan Cheese Market (2024 - 2030)

Vegan Cheese Market Summary

The growing awareness regarding animal cruelty and the negative impacts on the environment caused by the dairy industry has encouraged consumers to opt for plant-based products. The COVID-19 pandemic has offered some respite to the market as people around the world have taken an unprecedented interest in cooking at home. Hence, the demand for vegan food products has significantly increased during this period. For instance, the plant-based food trade in the U.S. reached USD 7.0 billion in 2020, increasing from USD 5.0 billion in 2019. This scenario is likely to keep the market prospects upbeat.

Shifting consumer food preferences and evolving trends in the food and beverage industry are driving the demand for vegan cheese across the globe. The rising cases of lactose intolerance and other food-related allergies among children and adults have changed the food preferences of consumers in recent years. According to the data provided by the Food Intolerance Network, in 2019, around 70% of the population of the world suffered from lactose intolerance.

The inclination toward veganism and vegetarian diet among millennials is expected to boost the industry growth in the Hotel/Restaurant/Café (HoReCa) sector. For instance, in Saudi Arabia, vegan restaurants were established across the region to promote a healthy lifestyle.

In addition, the growing awareness regarding animal cruelty and global concerns over carbon footprint due to the animal-based diet has encouraged consumers to opt for plant-based products. Furthermore, apart from meat, the vegan population avoids all types of animal-derived products, including cheese, milk, cream, yogurt, and even honey, which will support the market growth.

Product Insights

The vegan mozzarella cheese held the largest revenue share of over 30.0% in 2021 and is expected to maintain its lead over the forecast period. Mozzarella is widely used in Italian dishes, such as pasta, pizzas, croquettes, and Caprese salad, and is available in the form of slices, cubes, shredded, and spreads. The demand for mozzarella is significantly high in countries where Italian cuisine is popular.

The ricotta segment is projected to register the fastest CAGR of 14.0% during the forecast period. The growing application scope of this product in Italian dishes, such as manicotti, lasagna, roll-up, high tea, and ravioli, has been fueling its demand, thereby augmenting the segment's growth.

Source Insights

The cashew-based cheese held the largest revenue share of more than 35.0% in 2021 and is expected to maintain its dominant position throughout the forecast period. Cashew-based vegan cheese contains vitamins B2 & B12 and is low in fat. This makes it favorable among health-conscious consumers all over the world. Furthermore, gluten-free and cholesterol-free cashew products are gaining traction owing to their health benefits.

The soy segment is projected to register the fastest CAGR of 13.1% from 2022 to 2030. Soy milk is a low-cost substitute for dairy and has a complete balance of desirable fatty acids and amino acids. Therefore, it is a cost-effective solution for large-scale vegan-cheese producers. In addition, soy-based cheese is gaining traction among consumers as it is easy to melt.

End-use Insights

The B2C segment led the global market in 2021 and accounted for a revenue share of more than 50.0%. Factors such as increased consumer disposable income levels and willingness to spend on premium products have led to a rise in the demand for plant-based products in the B2C segment. In addition, easy product availability in supermarkets and convenience stores has boosted the growth of this segment.

The B2B segment is expected to register the fastest growth rate of 13.0% during the forecast period. Several restaurants, fast food chains, and casual dining venues have been incorporating plant-based foods and drinks in their menus on account of the rising popularity of flexitarian and plant-based diets.

Regional Insights

Europe accounted for the largest revenue share of more than 35.0% in 2021 and will retain its leading position throughout the forecast years. Consumers in the region are increasingly opting for more eco-friendly and vegan products owing to the rising awareness regarding animal cruelty and growing carbon footprint due to the consumption of food products obtained from animals like milk, honey, eggs, meat, pork, and seafood.

Asia Pacific is estimated to be the fastest-growing regional market at a CAGR of 14.1% from 2022 to 2030. The growing demand for plant-based bakery and confectionery products in the Asia Pacific region is expected to fuel the sales of the product. China, Japan, and Australia are the key contributors to the growth of the Asia Pacific market.

Key Companies & Market Share Insights

The global market has a large number of regional and international players. Key manufacturing companies have been launching new products owing to the rising demand for vegan products. For instance, in January 2022, Aldi U.K. launched vegan cheese sold under the chain’s Plant Menu brand. It is made from coconut oil and is free of gluten and soy.

In July 2021, Upfield launched a vegan cheese brand Violife in the Middle East. The brand is an allergen-free alternative range to dairy and would be available in slices, boxes, and grated in two flavors such as cheddar and mozzarella. In March 2020, Treeline Cheese launched a line of plant-based cream cheese that is made using cultured cashew nuts and various other plant-based ingredients. It is available in three flavors, including plain, chive and onion, and strawberry. Some prominent players in the global vegan cheese market include:

• Treeline Cheese

• Follow Your Heart

• Daiya Foods Inc.

• Kite Hill

• Violife

• Dr-Cow Tree Nut Cheese

• Tofutti Brands, Inc.

• Tyne Chease Limited

• Miyoko's Creamery

• Parmela Creamery

Vegan Cheese Market