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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
Report ID: MRFB - 1041334 Pages: 275 Oct-2024 Formats*: PDF Category: Food and Beverages Delivery: 24 to 72 Hours Download Free Sample ReportThe growth of this market is driven by the growing vegan and vegetarian population, increasing investments in dairy alternatives marketspace, rising prevalence of lactose intolerance, and growing focus on animal welfare and sustainability. However, factors such as the preference for animal-based products and fluctuating raw material prices are expected to hinder the growth of this market to a notable extent. In addition, emerging economies and new product launches are expected to generate growth opportunities for players operating in this market. However, the growing preference for soy and gluten-free products poses a significant challenge to the market’s growth.
Moreover, 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.
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The globe is registering an increasing prevalence of food allergies and intolerance for animal proteins. Among these food allergies noted across the globe, dairy products, such as animal milk and its by-products, are considered one of the key food allergies. Lactose intolerance is the inability of the body to digest lactose, the sugar present in milk. Lactose intolerance can be symptomatic or asymptomatic. In symptomatic populations, lactose intolerance can lead to diarrhea and stomach pain.
Further, according to the National Institutes of Health (NIH), lactose intolerance among adults is most common in East Asians, affecting 70–100% of the population. Encyclopedia Britannica adds that the condition affects 75 to 90% of Native American, African, Asian, Mediterranean, and Jewish populations. With the high prevalence of lactose intolerance and allergies to cow milk or animal-based milk products, many consumers across the globe are switching to vegan diets, reducing animal milk-based product consumption, which, in turn, is driving the growth of the plant-based cheese market.
In recent years, there has been rapid growth in vegetarianism and veganism due to consumers’ increasing health & environmental awareness and compassion for animals. Moreover, vegan diets are generating interest among consumers. According to The Vegan Society, in 2023, approximately 700,000 people participated in the Veganuary campaign, wherein people only eat vegan foods during January. In comparison, there were 692,000 participants in 2022, 582,000 participants in 2021, and 400,000 participants in 2020.
The demand for plant-based and cruelty-free foods has increased globally due to rising environmental awareness and compassion for animals. For instance, according to the Plant-Based Foods Association and The Good Food Institute, from SPINS data, in 2021, the U.S. retail sales of plant-based foods increased to 6.2% from 2020, and the total plant-based market was valued at USD 7.4 billion. Thus, increasing vegetarianism and veganism are expected to boost the demand for dairy alternatives, driving the growth of the plant-based cheese market.
Further, according to the Academy of Nutrition and Dietetics, suitably planned vegetarian, including vegan diets, are healthful and nutritionally acceptable. They decrease the danger of certain ailments, including ischemic heart disease, Type 2 diabetes, hypertension, certain types of cancer, and obesity. These diets are suitable for all life cycle stages, including pregnancy, lactation, infancy, childhood, adolescence, older adulthood, and athletes. Thus, the growing demand for plant-based diets provides significant growth opportunities for manufacturers operating in the plant-based cheese market.
Emerging economies in Asia-Pacific, Latin America, and Africa, such as China, India, South Africa, Argentina, and Brazil, are some of the fastest-growing markets for plant-based cheese. Growth in the vegetarian population, the rising popularity of dairy alternatives, increasing incomes, changing tastes and preferences, and improvements in food production technologies are boosting the demand for plant-based cheese in these countries.
In the last few decades, China has emerged as one of the world’s largest agri-food markets due to its large population base. Most people in China consume animal-based products; however, in the last few years, a large section of consumers has embraced vegetarianism, motivated by health consciousness, animal welfare, and environmental concerns. According to Vegconomist, in 2023, China’s vegetarian population accounted for around 5% of the country’s total population. Moreover, according to ProCon.org, lactose intolerance is highly prevalent in India, with almost 61% of people being lactose intolerant in 2022. The rise in lactose intolerance and milk & milk-based product allergies among the population has also contributed to the surging demand for plant-based cheese in India. Thus, the huge base of vegetarian and lactose intolerance populations in emerging economies indicates strong market growth opportunities for the players operating in the plant-based cheese market.
Factors such as rapid urbanization, lifestyle changes, industrialization, economic development, health & wellness trends, and the rising awareness about health issues caused by the long-term use of animal milk have created immense growth opportunities for the manufacturers of plant-based cheese globally.
A large share of the global population is struggling with weight management, cardiovascular diseases, and allergies. Moreover, there are other concerns related to animal milk-based cheese, such as acne & dermatological problems and exposure to contaminants like hormones, pesticide residues, mycotoxins, metals, and antibiotics that can lead to allergies and poor health. Plant-based cheese typically has a lower content of saturated fat and cholesterol compared to full-fat animal milk. They can, therefore, help control cardiovascular diseases by reducing blood pressure and cholesterol.
Plant-based cheese alternatives can be a solution for many of these health concerns and also provide nutrition. Plant-based cheese is nutritionally adequate for everyone, from pregnant women to children to athletes. These products can reduce health issues, such as heart disease, Type 2 diabetes, hypertension, certain types of cancer, and obesity. Dairy alternative-based diets are high in fiber and provide all the necessary nutrients. Therefore, the growing focus on health & well-being is driving the demand for plant-based cheese.
Based on type, the plant-based cheese market is segmented into mozzarella, cheddar, parmesan, ricotta, cream, and other types. In 2024, the mozzarella segment is expected to account for the largest share of 31.4% of the plant-based cheese market. This segment's large market share is attributed to its widespread use in popular dishes like pizza and pasta, versatility in cooking, mild taste, and the ability to melt well.
However, the ricotta segment is projected to witness the highest growth rate during the forecast period. This growth is attributed to increasing innovations in lactose-free products, growing demand for plant-based savory dishes, and rising consumer preference for soy-free or nut-free plant-based ricotta.
Based on source, the plant-based cheese market is segmented into almond, soy, coconut, oat, cashew, and other sources. In 2024, the almond segment is expected to account for the largest share of the plant-based cheese market. This segment's large market share is driven by various factors, such as the higher consumer acceptance level, high nutrition value, increasing number of consumers switching to nut-based lactose-free products, and increasing health & environmental concerns. Almond cheese is entirely plant-based, making it a suitable choice for individuals following vegan or vegetarian diets.
However, the coconut segment is anticipated to register the highest CAGR during the forecast period. This growth is primarily because coconut offers a naturally creamy texture and mild flavor properties. Coconut is becoming more popular in various plant-based product categories, and coconut cheese is perceived as a good source of healthy fats, particularly medium-chain triglycerides (MCTs).
Based on formulation, the plant-based cheese market is segmented into flavored and unflavored. In 2024, the flavored segment is expected to account for a larger share of the plant-based cheese market. This segment's large market share can be attributed to the continuous innovation and new product development in this category and increasing consumer acceptance of the flavored plant-based cheese. Moreover, this segment is also projected to witness a higher growth rate during the forecast period of 2024–2031.
Based on form, the plant-based cheese market is segmented into blocks, cubes, shreds, slices, and other forms. In 2024, the block segment is expected to account for the largest share of the plant-based cheese market. This segment's large market share is attributed to several factors, such as the familiarity of consumers towards block cheese, easy storage and usage of block cheese, widely available in grocery shops, and versatility of block cheese as it can be sliced, melted, grate, shred according to the requirement.
However, the sliced segment is anticipated to register the highest CAGR during the forecast period. This growth is attributed to its ability to offer a ready-to-use option for consumers, making it ideal for quick meal preparation.
Based on distribution channel, the plant-based cheese market is segmented into B2C and B2B. In 2024, the B2C segment is expected to account for a larger share of the plant-based cheese market. This segment's large market share is attributed to several factors, such as increased retail sales of plant-based cheese in supermarkets & hypermarkets, increased shelf space for plant-based products in modern groceries, and increasing consumer acceptance of vegan & vegetarian dairy products.
Moreover, the B2C segment is anticipated to register the highest CAGR during the forecast period. This growth is attributed to the increasing availability of plant-based products in brick-and-mortar grocers, faster accessibility, cost-effectiveness, and convenience offered by the online retail sector.
Based on geography, the plant-based cheese market is majorly segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 45.1% of the plant-based cheese market. The significant market share of the Asia-Pacific can be attributed to several key factors, including increasing health consciousness, thriving food & beverages industry in the region, growing population and rapid urbanization, and the region’s large vegan & vegetarian population base.
Moreover, this region is poised to register the highest CAGR of 12.9% during the forecast period. This growth is attributed to significantly growing markets such as India and China. This market's growth is attributed to a growing focus on health and wellness, increasing research and development activities within the plant-based food sector, increasing investment in the plant-based industry, growing fast food sector, and growing concerns about animal welfare.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of the key players operating in the plant-based cheese market 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.
Particulars |
Details |
Number of Pages |
275 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2024 |
CAGR (Value) |
9.8% |
Market Size (Value) |
USD 8.62 Billion by 2031 |
Segments Covered |
By Type
By Source
By Formulation
By Form
By Distribution Channel
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, U.K., Spain, Italy, France, Netherlands, Belgium, Austria, Poland, Portugal, Denmark, Romania, Sweden, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Thailand, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa (United Arab Emirates, South Africa, Saudi Arabia, and Rest of Middle East & Africa) |
Key Companies |
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. |
This study focuses on market analysis and opportunity assessment based on the sales of plant-based cheese across various countries, regions, and market segments. The study also includes a competitive analysis based on key market players’ product portfolios, geographic presence, and growth strategies adopted in the last 3 to 4 years.
The plant-based cheese market study provides valuable insights, market sizes, and forecasts for value by type, source, form, distribution channel, and geography.
The plant-based cheese market is projected to reach $8.62 billion by 2031, at a CAGR of 9.8% during the forecast period.
In 2024, the mozzarella segment is expected to hold a major share of the plant-based cheese market.
The coconut segment is expected to witness the fastest growth during the forecast period of 2024–2031.
In 2024, the flavored segment is expected to hold a major share of the plant-based cheese market.
In 2024, the block segment is expected to hold a major share of the plant-based cheese market.
In 2024, the business-to-consumer segment is expected to hold a major share of the plant-based cheese market.
The growing vegan and vegetarian population, increasing investments in the dairy alternatives market space, rising prevalence of lactose intolerance, and growing focus on animal welfare and sustainability are the key factors supporting the growth of this market. Moreover, emerging economies and new product launches create opportunities for players operating in this market.
The key players operating in the plant-based cheese market 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.), Parmela Creamery (U.S.).
Asia-Pacific is expected to witness significant growth during the forecast period, mainly due to factors such as the growing focus on health and wellness, increasing research and development activities within the plant-based food sector, increasing investment in the plant-based industry, the growing fast food sector, and growing concerns about animal welfare.
Published Date: Sep-2024
Published Date: Sep-2024
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jul-2024
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