The USA Vegan Cheese Market is projected to grow at a CAGR of 9.02 % to reach US$1,804.790 million by 2025, from US$1,074.954 million in 2019. Fathoming the trajectory which has led to the estimation that the vegan cheese market of USA is poised to witness a meteoric rise during the forecast period is deemed important above all. In view of above, it is important to note that over the previous century there has been a substantial reduction in essential nutrient deficiencies leading to the prevention of many infectious diseases facilitating a healthier and longer life span for the US population. However, despite the aforesaid, the rates of non-communicable diseases especially those pertaining to chronic diet-related diseases have increased due to a marked shift in lifestyle behaviors. A combination of poor dietary choices and a dearth of physical activities have led to significant nutrition- and physical activity-related health challenges for the US population. Moreover, approx. half of the American adults (117 million individuals) suffer from one or more preventable chronic diseases that stem from the aforesaid. These diseases are inclusive of but not limited to type 2 diabetes, some sort of cancers, poor bone health, high blood pressure, and cardiovascular diseases, among others. Also, more than 2/3rd of adults and about 1/3rd of children are reportedly obese. Therefore, the aforesaid has not only effectuated increased health risk but has also come at a high medical cost. [Source: U.S. Department of Health and Human Services]. To this end it is important to note that U.S. health care spending grew 4.6 percent in 2018, reaching $3.6 trillion or $11,172 per person [ Source: U.S. Centres for Medicare & Medicaid Services] among which 90% is for individual with chronic conditions among others [ Source: National Center for Chronic Disease Prevention and Health Promotion]
These negative externalities of poor dietary choices and the resulting macroeconomic burden have paved the way for an upswing in plant-based, vegetarian, and vegan food consumption habits among others. Cheese, among others, being an integral component of the American diet has undergone several evolutions leading to a positive impact on the USA vegan cheese market. Certain recent market developments despite the economic hardship brought about by COVID 19, clearly suggest that the vegan cheese market of the nation is poised to reach stratospheric height during the forecast period. Further the pandemic has propelled the health-conscious food consumption tendencies among the global population, which in part is also expected to contribute to the USA vegan cheese market growth. a few of the recent market developments are being elucidated below:
May 2020 – Fundraising
A Washington-based vegan company GOOD PLANeT Foods which currently offer a variety of coconut oil-based vegan cheeses in shreds and slices reportedly announced the raising of $12 million in a Series A funding led by venture capital firm Cleveland Avenue, among others.
June 2020 – Product launch
A California based vegan brand Follow Your Heart (FYH) was reported to launch Dairy-Free Feta Crumbles Cheese Alternative, a first-of-its-kind crumbled vegan cheese made with coconut oil.