Australia Vegan Cheese Market is projected to grow at a CAGR of 6.36% for the 2019-2025-time frame. The aforesaid is in part substantiated by the growing popularity of vegan, vegetarian, and flexitarians that the entire world is witnessing. On the other hand, there is a robust demand for cheese across the nation with cheese consumption in 2020 forecasted to increase around 1 percent to 299,000 MT [Source: USDA]. Conversely, the Australian national public health service Health direct Australia which provides access to online health information and advice has enumerated the benefits of a vegetarian diet and recommends means by which it is possible to get more quantity of nutrients on vegan diets among others. It also mentions that recommendations by the Government of Australia intended for infants who are on a vegan diet. Coupled with the aforesaid factors is the shift of consumers in Australia mindset and adopting a back-to-basics consumption inclination which is focused on simple ingredients with fewer artificial or processed foods [ Source: USDA]. Thus, the aforementioned developments are conclusively conducive for Australia vegan cheese market growth.
Further plant-based consumption is gradually becoming the new normal and is expected to further augment the vegan trend especially due to the increase in health consciousness as one of the COVID 19 aftermaths. Certain recent market developments (both pre- and post-pandemic) across the nation as a response to vegan consumption habits are a testimony to the aforesaid. For example, in August 2020, it was announced that Grounded Foods a vegan cheese brand that has around 30 different varieties of cheese in its portfolio plans to launch its products in Australia the country of its inception. The product rollout plan of the organization is to launch a direct-to-consumer offering after going through foodservice which it launched in New York as well as establish an independent supply chain in Australia. Earlier in October 2019, it was reported that California-based Miyoko’s Creamery recentlyexpanded distribution to Australia by way of 400 Woolworth’s grocery stores, one of the country’s largest retailers. Included in the offerings are European Style Cultured, and Classic Vegan Cream Cheese, among others. The organization launch in Australia is a part of its global expansion strategy. Further in tandem with the trend where an increasing number of consumers are embracing meat alternatives and introducing vegetarian and vegan-friendly options into their weekly diets, including adding plant-based foods that don’t compromise on taste, quality, or price, Australia’s largest retailers are increasing their vegan retail offerings which pertain to vegan cheeses. For example, in February 2018 it was reported that Woolworths was all set to stock Sheese’s range of cheesy slices, shreds, and blocks. Again, in July 2018 it was reported that Coles, one of Australia’s leading supermarkets, is developing a new shopping experience and items to cater to a healthier, more plant-based customer demographic. The giant retailer has decided to open 120 boutique convenience stores within the next few years. Thus, from the aforesaid spectrum of developments, it can be conclusively delineated that the Australia vegan cheese market is projected to witness strong growth during the next few years.