Vegan cheese is derived from non-dairy and plant-based milk. Commonly soy milk, coconut milk, almond milk, cashew milk, etc. are used for making vegan cheese.
The first five-year cumulative revenue (2019-2023) is projected to be more than US $ 14 Bn, which is expected to increase rather relatively over the laughter part of the five-year forecast period. The global vegan cheese market is expected to be nearly US $ 2.5 in 2019, and is expected to be CAGR or 7.3%.
A major factor driving growth of the global vegan cheese market is increasing adoption of plant-based products, including growing health consciousness among individuals. In addition, growing vegan population is another key factor fueling growth of the target market. Increasing preference for healthy alternatives to conventional food products, which includes less cholesterol and saturated fats, which are also expected to support growth of the target market over the forecast period.
Global Vegan Cheese Market: Market Forecast
The comprehensive research report includes a complete forecast of the global vegan cheese market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global vegan cheese market is expected to register at CAGR or 7.3% during the forecast period.
Global Vegan Cheese Market: Segmental Snapshot
By Product Type: The mozzarella segment is expected to register the highest CAGR or 7.2% over the forecast period in the global market
By source type: The soy milk segment is expected to register the highest CAGR or 7.1% over the next 10 years
By Form: The blocks and wedges segment is expected to register the CAGR or over 7.0% over the forecast period in the global market
By Distribution Channel: The hypermarkets / supermarkets segment is expected to register the CAGR or over 6.6% in the near future
By application: The snacks and ready meals segment is expected to register the highest CAGR or over 7.3% over the forecast period in the global market
By Region: The market in Asia Pacific is expected to register the highest CAGR or over 7.4% in the global vegan cheese market
The research report on the global vegan cheese market includes some of the major companies such as Daiya Foods Inc., Dr. Cow Tree Nut Cheese, Follow Your Heart, Inc., GreenSpace Brands Inc. (Galaxy Nutritional Foods, Inc.) , Maple Leaf Foods Inc. (Field Roast Grain Meat Co., Inc.), Miyoko's Kitchen, Inc., Happy Cheeze GmbH, Punk Rawk Labs, Inc., Bute Island Foods Ltd., Tofutti Brands, Inc., and Wayfare Inc. .