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The Vegan Cheese Market size is projected to increase by USD 1.32 billion at a CAGR of 8.3% between 2023 and 2028. The growth of the dairy alternatives market is influenced by several key factors. The increasing number of organized outlets offering dairy alternatives, such as supermarkets and specialty stores, is expanding consumer access to these products. Additionally, the growing awareness of lactose intolerance conditions, which affect a significant portion of the population, is driving demand for dairy alternatives. Moreover, the growing awareness of animal welfare issues associated with conventional dairy production is also encouraging consumers to switch to dairy alternatives. These factors combined create a favorable environment for the growth of the dairy alternatives market.
An increasing number of organized outlets is notably driving the market growth. Organized retail is increasing in the market with the establishment of convenience stores, supermarkets, hypermarkets, and specialty stores around the world. Fresh, packaged, ready-to-eat vegan food and beverages, such as plant-based milk alternatives and vegan cheese, are sold primarily by large, organized retailers. Social media trends play a significant role in marketing these products, while competitive profiling and benchmarking help companies understand market dynamics. In the manufacturing sector, plant-based cheese manufacturing is a growing segment, alongside traditional dairy product manufacturing. Additionally, regulations and policy-making influence the foodservice sector, affecting the availability and distribution of these products. Furthermore, organized retailers, such as supermarkets, convenience stores, and hypermarkets that offer packaged vegan cheese products globally, are a suitable resource for new entrants to increase market exposure and sales of these products. Thus, the increase in organized outlets is expected to drive the growth of the market during the forecast period.
The Market shows an Accelerated CAGR during the forecast period.
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Soy milk is plant-based and can closely replicate the texture and flavor of cow's milk, making it popular with cheese makers. Soy milk-based is often seen as a healthier and more sustainable alternative to traditional dairy cheese because it is cholesterol-free and does not contribute to the environmental impact of dairy farming. Furthermore, understanding market segmentation by origin can help makers tailor products to the specific needs and preferences of different consumer groups. By targeting niche markets with specialty products, companies can increase market share and profitability while providing consumers with healthy and sustainable food choices. Overall, the soymilk segment of the market is expected to grow during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. In the market, offline distribution could involve dividing the market based on the different physical locations where customers can purchase these products. These locations could include supermarkets, specialty stores, health food stores, and farmers' markets, among others. It allows businesses to identify the most effective distribution channels for their products.
The offline segment was valued at USD 1.60 billion in 2018.
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Furthermore, restaurants and cafes are increasingly offering vegan cheese options on their menus, catering to the growing demand for plant-based dishes. This expansion of availability makes this cheese more accessible to consumers in their local communities. Vegan-centric stores and natural food markets provide a curated selection of these products, often catering to niche preferences and dietary restrictions. Thus, such factors will propel the growth of the offline segment, which will fuel the market during the forecast period.
Europe is estimated to contribute 41% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in the European region has grown steadily in recent years, fueled by increasing demand for plant-based alternatives to traditional dairy products. Vegan cheese is a type of non-dairy cheese made from plant-based ingredients such as nuts, seeds, soybeans, and coconut milk. In the European region, more and more consumers are opting for vegan and vegetarian diets for health and ethical reasons.
Additionally, in Europe, the UK, Germany, France, Holland, Spain, and Italy are big potential markets. Veganism is spreading rapidly in Europe, especially in Western Europe, where countries such as Germany, the UK, and France are at the forefront of the growth of the market. The growth of the market in Europe is driven by the increasing number of product launches and growing interest from existing and new entrants to the sector. Hence, such factors are expected to drive market growth in Europe region during the forecast period.
The market is experiencing significant growth due to increasing health consciousness and the rising number of Vegan and vegetarian population. Project planning and venture financing deals are driving innovation and expansion in this sector. Hiring trends and social media insights play a crucial role in understanding consumer preferences and market dynamics. Competitive profiling and benchmarking help in assessing competitors' capabilities and developing effective strategies. As regulations and policy-making evolve, the market for plant-based cheese manufacturing is expected to expand further, especially in the foodservice sector. Independent research and analysis by BI analysts are essential for identifying trends and opportunities in this dynamic market. In the bakery and confectionery, business market obstacles may arise in sourcing ingredients such as cow and tree nut cheese, cream cheese, and dips and sauces, impacting product innovation and supply chain stability.
The increasing demand for vegan cheese is the primary trend shaping growth. Many people are becoming more health-conscious and are seeking out alternatives to traditional dairy products, which are often high in saturated fat and cholesterol. Vegan cheese offers a healthier option. The growing demand for vegan cheese is an increasing concern for animal welfare. The rise in popularity of veganism has been driven by the growing awareness of the environmental impact of animal agriculture. Many consumers are, therefore, turning to plant-based alternatives to reduce their carbon footprint and contribute to a more sustainable future.
Moreover, the growing awareness of the health benefits of plant-based diets, the increasing concern for animal welfare, the environmental impact of animal agriculture, and the growing availability and variety of vegan products will increase the demand for vegan cheese. Consequently, the increasing demand for vegan cheese will drive the growth during the forecast period.
High cost and limited awareness of vegan cheese is a challenge that affects market growth. The production process for vegan cheese is more complicated and needs specialized equipment and technology, which adds to the overall cost. Also, the economies of scale are not as developed as in the dairy industry, as the vegan cheese market is still relatively small compared to the traditional dairy cheese market. Another factor affecting the cost of vegan cheese is the supply chain.
In addition, the higher cost compared to traditional dairy cheese is due to several factors, including the higher cost of ingredients, such as soy, seeds, and plant-based milk, and the cost of research and development to create vegan cheese with a similar taste and texture to traditional cheese, this is anticipated to impede the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Packaged Vegan Foods Market: Packaged Vegan Foods Market by Distribution Channel, Product, and Geography - Forecast and Analysis
Vegan Food Market: Vegan Food Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast
Cheese Market: Cheese Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast
The market is experiencing significant growth due to various factors. Advancements in technology and innovation have led to the development of high-quality vegan cheese products that closely mimic the taste and texture of dairy cheese. Consumer awareness about health and environmental concerns is driving the demand for plant-based alternatives. Flexitarians and vegans are key consumers, seeking products that align with their ethical values. Despite production costs and economic constraints, investment opportunities are emerging in this sector.
Regulations and policy making are also shaping the market, with a focus on quality and labeling standards. The market is influenced by various factors. Health and environmental concerns drive the demand for plant-based alternatives. Cost analysis and taste-related factors impact product development. Cholesterol levels and dairy allergies prompt consumers to seek alternatives. Economic conditions and market entry strategies are crucial for market growth.
The market is influenced by a variety of factors. Changes in demand reflect a growing preference for plant-based alternatives, driven by health and environmental concerns. Ethical factors and intolerance towards animal cruelty also contribute to this shift. Technological innovation has improved the quality of vegan cheese, making it more appealing to a wider audience. Raw materials play a crucial role in production, ensuring the saturated fats content is low, catering to lactose-intolerant individuals. Egypt and other emerging markets present investment opportunities, with venture funding supporting the development of new products and projects. Overall, the market shows potential for widespread adoption as consumers seek healthier and more sustainable alternatives.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.3% |
Market Growth 2024-2028 |
USD 1.32 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.3 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 41% |
Key countries |
US, Canada, Australia, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Back2basics, Chicago Vegan Foods, Dairy Free Down Under, Danone SA, First Grade International Ltd., Franklin Foods Inc., Good Carma, I AM NUT OK, Kite Hill, Maple Leaf Foods Inc., Miyokos Creamery, Nush foods, OmniVegan Pvt. Ltd., Parmela Creamery, Saputo Inc., Tofutti Brands Inc., Treeline Cheese, Tyne Chease Ltd., Upfield BV, and Vromage |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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