Vegan Cheese Market Size Worth $2.66 Billion By 2027 | CAGR: 12.8%: Grand View Research, Inc.

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Sep 15, 2020, 05:35 ET

SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- The global vegan cheese market size is expected to reach USD 2.66 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.8% from 2020 to 2027. Expanding acceptance of veganism and "Flexitarianism" among the millennial consumers has been fueling the demand for the product. Rising awareness regarding the harmful impacts of the dairy industry on the environment and animals has persuaded consumers to opt for dairy-free products. Moreover, growing health awareness among the lactose intolerant people is another key driver in the industry.

Mozzarella dominated the market with more than 30.0% share of the global revenue in 2019. Extensive application of the product in various Italian foods, including pizzas, pasta, croquettes, risotto, lasagna, and Caprese, has surged the demand for the product. The ricotta product category is projected to expand at the fastest CAGR over the forecast period due to the increasing use of the product in various recipes.

Key suggestions from the report:

Asia Pacific is projected to witness the fastest growth with a CAGR of 14.3% from 2020 to 2027 owing to rising adoption of plant-based food in China, Japan, and Australia
The household end-use segment dominated the market by accounting for over 50.0% share of the global revenue in 2019
In terms of source, the cashew segment held the largest share of more than 35.0% in 2019
The mozzarella product segment led the market and accounted for more than 30.0% share of the total revenue in 2019 due to its extensive application in various food recipes.

Read 80 page research report with ToC on "Vegan Cheese Market Size, Share & Trends Analysis Report By Product (Mozzarella, Cheddar, Parmesan, Ricotta, Cream), By Source (Cashew, Soy), By End-use (Household, Foodservice), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/vegan-cheese-market

In terms of end-use, the household segment led the market and held over 50.0% share of the global revenue in 2019. Rising purchasing power and willingness to spend on quality food products have expanded the demand for the product in the household sector. The foodservice segment is anticipated to witness the fastest growth during the forecast period. An increasing number of restaurants, fast-food chains, and cafes, are including plant-based items in their menus, which is fueling the demand for the product in the foodservice sector. Increasing use of the product in several pizza chains, such as Pizza Express and Koti Pizza, has boosted the segment growth across the globe.

New players have been entering the market to tap the growing demand for the product. For instance, in 2019, Pleese Foods, a U.S.-based plant-based cheese producer, entered the industry with a range of products available in various forms and flavors.

Grand View Research has segmented the global vegan cheese market on the basis of product, source, end-use, and region:

Vegan Cheese Product Outlook (Revenue, USD Million, 2016 - 2027)

Mozzarella
Cheddar
Parmesan
Ricotta
Cream
Others

Vegan Cheese Source Outlook (Revenue, USD Million, 2016 - 2027)

Soy
Almond
Coconut
Cashew
Others

Vegan Cheese End-use Outlook (Revenue, USD Million, 2016 - 2027)

Household
Food Processing
Foodservice

Vegan Cheese Regional Outlook (Revenue, USD Million, 2016 - 2027)

North America

The U.S.

Europe

Germany
The U.K.
France

Asia Pacific

China
Japan

Central & South America

Brazil

Middle East & Africa

List of Key Players of Vegan Cheese Market

Gardener Cheese Company
Tofutti Brands, Inc.
Violife
Dr-Cow Tree Nut Cheese
DAIYA FOODS INC.
Kite Hill
Tyne Chease Limited
VTOPIAN ARTISAN CHEESES
Miyoko's Creamery
Parmela Creamery

Find more research reports on Consumer F&B Industry, by Grand View Research:

Coconut Milk Powder Market – Increasing adoption of these powdered forms as one of the economical alternatives with higher shelf-stability to regular coconut milk is driving the market.
Fruit Puree Market – Increasing application of fruit puree in several food processing sectors, including bakery, beverages, smoothies, confectionary, baby foods, dairy, and frozen products, is expected to boost the fruit puree demand in the upcoming years.
Frozen Fruits Market – Gaining popularity of non-seasonal fruits at the global level as a result of their freshness and exceptional nutritional benefits is expected to remain a key driving factor.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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