The global vegan cheese market is expected to grow at a CAGR of 8.95% over the forecast period to reach a total market size of US$7.096 billion by 2027, increasing from US$3.895 billion in 2020. Vegan cheese is often called plant-based cheese for consumers who are lactose intolerant and want to go animal-free. Growing health-consciousness among consumers, dietary restrictions, and the popularity of veganism is supplementing the demand for vegan cheese products globally. Besides, a growing consumer inclination toward veganism in various parts of the world is anticipated to boost the adoption of vegan cheese over the forecast period. However, the relatively high price of plant-based products compared to dairy is expected to restrain the growth of the market in the coming years.
Rising consumer awareness
Growing awareness about the negative impact of high meat consumption on the environment is one of the major factors behind the rising popularity of plant-based products, including vegan cheese. Greenhouse gas emissions due to grazing are pressurizing the whole world to increase focus on plant-based products, which in turn is driving the growth of the vegan cheese market. The rapid shift towards vegan diet adoption is also boosting the demand for cheese, along with other plant-based protein products in various parts of the world. Moreover, the absence of artificial sweeteners and chemical additives is also leading manufacturers and customers to opt for plant-based products over animal-based.
Increasing cases of lactose intolerance are driving the growth of the vegan cheese market
In recent years, the demand for vegan cheese has substantially increased on account of the growing number of lactose intolerance cases in developed economies like the United States, the United Kingdom, and Germany. Growing social and ethical concerns about animal-based products are driving up demand for plant-based cheese during the forecast period. Additionally, the prominent market players are investing heavily in research and development for new product development which is anticipated to widen the growth opportunities for new players entering the market.
Furthermore, due to the COVID-19 pandemic, consumers are demanding more plant-based products at a rapid pace, and it is possible that vegan cheese could be on a similar trajectory in various parts of the world. In the first two quarters of 2020, retail sales of plant-based cheese in developed economies like the United States, and Canada witnessed an exponential rise. Recent investments in plant-based cheese production support the category’s growing momentum in various parts of the world.
Understanding the European market
A plant-based lifestyle is becoming increasingly popular in Germany, and people are shifting from an animal protein diet to a plant-based diet. Rising health awareness toward a plant-based diet, supported by the increasing investments in plant-based food businesses, is expected to drive the German rice protein market during the forecast period. Besides, increasing product launches offering a wider variety of solutions to consumers, and rising trends towards sustainability are further anticipated to boost the rice protein market in the country.
France has the third-largest economy on the continent after Germany and the UK. The French rice protein market is being driven by an established food and beverage industry, as well as growing investments in new food production lines. In a country like France, where eating cheese is almost a religion, and meat is considered an essential part of a meal, having vegan food in the country has been like an uphill battle over the past few years. Rising awareness of the negative health effects of animal consumption and growing sensitivity among consumers are positively contributing to the rice protein market. Also, companies such as Carrefour, which is one of the leading supermarkets in the country, opened new stores in Paris with 1/3rd of the shop dedicated to vegan and organic food. Such efforts by market players are anticipated to boost the demand for plant-based proteins in the country, further augmenting the market for rice protein in the coming years. Italy has been witnessing rising investments in the retail business where market players are investing heavily, including super-smart chains like Coop which is the leader in grocery retail in the country and has certified vegan products under its brand, invests well in plant-based protein segments, which are anticipated to boost the market for rice protein in the coming years.
In countries like Canada, China, and India, which are still at a nascent stage, both Chinese and Canadians prefer animal-based products over plant-based alternatives. However, social pressure to reduce meat consumption is resulting in the adoption of plant-based protein diets among more populations, supported by regulatory recommendations. For instance, the new Canada Food Guide encourages meatless meals. Also, companies are investing in these countries, aiming to have a competitive edge over competitors. For instance, in Canada, Ottawa has invested $150 million in Canada’s plant protein industry through its $950 Supercluster initiative, recommending people eat more plant-based products. All these factors will spur the overall growth of the vegan or plant-based cheese market during the next five years. The increased presence of the vegan population is even forcing restaurants to consider new approaches to serving protein-based alternatives to their customers.
COVID-19 had a positive impact on the vegan cheese market. With the surge in active cases, lockdown and social distancing measures were deployed. With brands actively adapting to e-commerce, the vegan cheese segment witnessed increased sales. Furthermore, greater awareness of lactose-intolerant conditions and the many advantages of plant-based milk products, such as lowering the intensity of certain allergies and dermatitis, are driving the growth.
The overall vegan cheese industry is expanding tremendously. It offers various opportunities for new entrants owing to a continuous shift in consumer preferences towards a healthy lifestyle around the globe. The rising application in various industries is widening the growth opportunities for vegan cheese producers in various parts of the world. Also, the market factors such as the increasing number of product launches and investments by major players, the development of demand through marketing, and local infrastructure are projected to influence the whole value chain of vegan cheese. In addition, companies that are directly involved in retail are investing in e-commerce channels to gain benefits from growing market penetration. Furthermore, consumer buying behaviour has been reshaped in recent years with growing variety, and online retail discount offers have impelled consumers to prefer online retail.
Prominent/major key players in the global vegan cheese market include Hope Foods, LLC, GOOD PLANeT Foods, Kite Hill, Angel Food, Miyoko's Creamery, Green Vie Foods, and Tofutti Brands, Inc., among others. The number of players in the vegan cheese market is limited and is growing with the opportunity to generate significant revenues because of growing demand in various parts of the world. The players in the global vegan cheese market are implementing various growth strategies like product launches and online discount schemes to gain a competitive advantage over their competitors in this market. Major market players in the global vegan cheese market have been covered exhaustively along with their relative competitive positions and strategies. The report also mentions recent deals and investments of different market players over the last couple of years. The company profiles section details the business overview, financial performance (public companies), strategies, and key products and services being offered, along with the recent deals and investments of these important players in the global vegan cheese market.
|Market size value in 2020||US$3.895 billion|
|Market size value in 2027||US$7.096 billion|
|Growth Rate||CAGR of 8.95% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Source, Product Type, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||GOOD PLANeT Foods., Kite Hill., Angel Food, Miyoko's Creamery, Green Vie Foods, Tofutti Brands, Inc, Bute Island Foods Ltd, WayFare Foods, VioLife, Galaxy Nutritional Foods, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the vegan cheese market size by 2027?
A1. The global vegan cheese market is expected to reach a total market size of US$7.096 billion in 2027.
Q2. What is the size of the global vegan cheese market?
A2. Vegan Cheese Market was valued at US$3.895 billion in 2020.
Q3. What are the growth prospects for the vegan cheese market?
A3. The vegan cheese market is expected to grow at a CAGR of 8.95% over the forecast period.
Q4. What factors are anticipated to drive the vegan cheese market growth?
A4. Growing health-consciousness among consumers, dietary restrictions, and the popularity of veganism is supplementing the demand for vegan cheese products globally.
Q5. Who are the major players in the global vegan cheese market?
A5. Prominent key market players in the global vegan cheese market include GOOD PLANeT Foods., Kite Hill, Angel Food, Miyoko's Creamery, Green Vie Foods, Tofutti Brands, Inc, Bute Island Foods Ltd, Daiya Foods Inc, WayFare Foods, Gardener Cheese Company, VioLife, and Galaxy Nutritional Foods, Inc.
GOOD PLANeT Foods.
Green Vie Foods
Tofutti Brands, Inc
Bute Island Foods Ltd
Galaxy Nutritional Foods, Inc.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.