Plant-based Cheese Market to Reach $8.62 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., Nov. 25, 2024 /PRNewswire/ -- According to a new market research report titled, 'Plant based Cheese Market Size, Share, Forecast, & Trends Analysis by Type (Mozzarella, Cheddar, Ricotta), Source (Almond, Coconut), Formulation, Form, Distribution Channel (B2C [Hypermarkets/Supermarkets, Online Retail], B2B)—Global Forecast to 2031.'

The plant-based cheese market is expected to reach $8.62 billion by 2031, at a CAGR of 9.8% from 2024 to 2031.

Plant-based cheese presents a flavorful and adaptable alternative to traditional dairy products, appealing to diverse dietary preferences and ethical considerations. The expansion of the plant-based cheese market is primarily fueled by the rise of flexitarian consumers alongside growing numbers of vegetarians and vegans. A convergence of ethical, environmental, and health concerns drives this shift. As the trend toward vegan options gains momentum, interest in plant-based cheese is expected to persist in the coming years. The broader plant-based food sector is experiencing rapid growth in response to critical issues such as rising greenhouse gas emissions and heightened demands on land and water resources associated with animal protein production. This creates significant opportunities for plant-based cheese, which can meet nutritional needs while promoting environmental sustainability.

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The plant-based cheese market is experiencing growth primarily due to the increasing vegan and vegetarian population, growing investments in dairy alternatives marketspace, increasing prevalence of lactose intolerance, and growing focus on animal welfare and sustainability. However, this market's growth is restrained by the preference for animal-based products and fluctuating raw material prices. Moreover, emerging economies and increasing focus on new product launches. However, the growing preference for soy and gluten-free products poses a significant challenge to the market's growth. Furthermore, the adoption of vegan culinary innovations in the hotel and restaurant sector and rising awareness of health and wellness are prominent trends in the plant-based cheese market. 

Key Players:

Some of the major players studied in this report are Daiya Foods Inc. (Canada), Danone S.A. (France), The Gardener Cheese Company Inc. (U.S.), Kite Hill (U.S.), Bute Island Foods Ltd. (U.K.), Puris Foods (U.S.), Miyoko's Creamery (U.S.), Field Roast (U.S.), GreenSpace Brands (Canada), WayFare Foods (U.S.), Kraft Heinz Company (U.S.), and Parmela Creamery (U.S.), among others.

The plant-based cheese market is segmented by type (mozzarella, cheddar, parmesan, ricotta, cream, and other plant-based cheese types), source (almond, soy, coconut, oat, cashew, and other sources), formulation (flavored, unflavored), form (block, cubes, shreds, slice, and other forms), and distribution channel (business-to-consumer [hypermarkets/supermarkets, convenience stores, specialty stores, online retail stores, and other B2C distribution channels] and business-to-business [hotels, restaurants, cafes, other B2C distribution channels]). This study also evaluates industry competitors and analyzes the regional and country-level markets.

Plant-based Cheese Industry Overview: Latest Developments from Key Industry Players

• In January 2024, The Laughing Cow (U.S.) launched a plant-based spreadable cheese product in the U.S., catering to consumers seeking dairy-free and creamy alternatives made from almond milk.
• In December 2023, The Kraft Heinz Not Company LLC (U.S.), a joint venture between The Kraft Heinz Company (U.S.) and NotCo, launched KRAFT NotMac&Cheese in two flavors, i.e., original and white cheddar flavors.
• In June 2023, Oatly Group AB (Sweden) launched an oat-based, neatly creamy oat spread, a cream cheese alternative. This product is available in two flavors: plain and chive and onion.
• In November 2023, Dreamfarm (Australia), a Parma-based start-up, raised USD 5.3 million to develop its portfolio of plant-based dairy products, mainly plant-based cheese. Their primary focus is on creating plant-based cheese options, particularly a plant-based mozzarella.

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Key Findings in the Plant-based Cheese Market Study:

Based on type, the ricotta segment is expected to register the highest CAGR during the forecast period. Growing demand for plant-based savory dishes and rising consumer preference for soy-free or nut-free plant-based ricotta are expected to support the segment's high growth.

Based on source, the coconut segment is slated to register the highest CAGR during the forecast period. This rapid growth is fueled by the naturally creamy texture and mild taste of coconut cheese and its reputation as a beneficial source of healthy fats, particularly medium-chain triglycerides (MCTs).

Based on formulation, the flavored segment is slated to register a higher CAGR during the forecast period. This rapid growth is driven by changing consumer preferences and increasing new product launches in the flavored plant-based cheese segment.

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Based on form, the slice segment is slated to register the highest CAGR during the forecast period. Its ability to offer a ready-to-use option for consumers, making it ideal for quick meal preparation, is expected to support the segment's high growth.

Based on distribution channels, the business-to-consumer segment is slated to register the highest CAGR during the forecast period. The increasing availability of plant-based products in brick-and-mortar grocers, cost-effectiveness, and convenience offered by the online retail sector are the key factors driving the segment's rapid growth.

Among the geographies studied in this report, Asia-Pacific is slated to register the highest CAGR during the forecast period. This growth is attributed to several factors, including the growing focus on health & wellness, increasing research and development activities within the plant-based food sector, growing fast food sector, and growing concerns about animal welfare.

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Scope of the Report:

Plant-based Cheese Market Assessment—by Type

• Mozzarella
• Cheddar
• Parmesan
• Ricotta
• Cream
• Other Plant-based Cheese Types

Plant-based Cheese Market Assessment—by Source

• Almond
• Soy
• Coconut
• Oat
• Cashew
• Other Sources

Plant-based Cheese Market Assessment—by Formulation

• Flavored
• Unflavored

Plant-based Cheese Market Assessment—by Form

• Block
• Cubes
• Shreds
• Slice
• Other Forms

Plant-based Cheese Market Assessment—by Distribution Channel

• Business-to-Consumer
• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retail Stores
• Other B2C Distribution Channels
• Business-to-Business
• Hotels
• Restaurants
• Cafes
• Other B2B Distribution Channels

Plant-based Cheese Market Assessment—by Geography

• North America
• S.
• Canada
• Europe
• Germany 
• K. 
• Spain 
• Italy 
• France 
• Netherlands 
• Belgium 
• Austria 
• Poland 
• Portugal 
• Denmark 
• Romania 
• Sweden
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• Australia
• Thailand 
• South Korea 
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• United Arab Emirates
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

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Plant-based Cheese Market Research Summary

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