Vegan Cheese Market to Surpass 10.61 Billion by 2030 Drives Due to the Increasing Acceptance of Veganism
SkyQuest projects that the vegan cheese market will attain a USD 10.61 billion value by 2030, with a CAGR of 10.61% over the forecast period (2023-2030). The exponential growth of the vegan market can be attributed to the increasing acceptance of veganism, particularly among millennials. A significant catalyst driving this shift is the growing awareness of animal cruelty and the detrimental environmental consequences of the dairy industry.
Westford,USA, July 04, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the remarkable growth of the vegan cheese market can be attributed to various factors, including the global expansion of organized retail locations. The proliferation of supermarkets, hypermarkets, convenience stores, and specialized shops has played a crucial role in driving the increased availability and accessibility of vegan cheese to consumers. Vendors in this market heavily rely on established, organized merchants to ensure effective product promotion and widespread distribution.
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- Pages – 265
- Tables – 64
- Figures –75
The growth of the vegan cheese market is primarily fueled by a growing desire for transformation and change among consumers. Increasing awareness of animal cruelty and the detrimental environmental impact of the dairy industry has significantly influenced individuals to shift towards plant-based alternatives.
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Prominent Players in Vegan Cheese Market
- Daiya Foods
- Violife Foods
- Kite Hill
- Field Roast Grain Meat Co.
- Miyoko’s Creamery
- Follow Your Heart
- Tofutti Brands Inc.
- Good Planet Foods
- Nush Foods
- Treeline Cheese
- Vtopian Artisan Cheeses
- Nuttin Ordinary
- Punk Rawk Labs
- Dr. Cow Tree Nut Cheese
- GreenSpace Brands Inc.
- Heidi Ho
- Parmela Creamery
- The Frauxmagerie
- Kinda Co.
- Wildwood Foods
CashewSegment is Expected to Grow the Market Due to theRising Popularity of Vegan Cheese
The cashew segment emerged as the leading contender, capturing an impressive revenue share of over 35%. This dominance is expected to persist throughout the forecast period, solidifying its commanding position in the market. The rising popularity of vegan cheese derived from cashews is a significant contributing factor to this success.
The market in the Asia Pacific is projected to emerge as the fastest-growing market, boasting an impressive CAGR of 14.1% from 2023 to 2030. The surge in demand for plant-based bakery and confectionery products within the region is a major driving force behind the escalating vegan cheese sales. Countries such as China, Japan, and Australia play a pivotal role in propelling the growth of the market.
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Soy is Expected to Dominate the Market Due to the Increasing Popularity of Soy Milk
The soy segment is poised to experience rapid growth, expected to soar at a remarkable rate of 13.1% between 2023 and 2030. One of the primary drivers behind this surge is the increasing popularity of soy milk, which serves as an affordable and sustainable alternative to traditional dairy products. Beyond its cost-effectiveness, soy milk boasts a perfect balance of essential fatty and amino acids, making it a nutritionally beneficial option for health-conscious consumers.
Regional markets in Europe emerged as the dominant market, securing a substantial revenue share of over 35%, and it is anticipated to maintain its leadership position throughout the forecast period. This can be attributed to the shifting consumer preferences in the region, driven by a growing awareness of animal cruelty and the environmental impact associated with the consumption of animal-derived products.
A comprehensive analysis of the major players in the vegan cheese market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Vegan Cheese Market
- In 2021, Feel Foods Ltd announced the successful completion of its arm’s length acquisition of the British Columbia-based vegan cheese company, “Black Sheep Vegan Cheeze Company Corp.” The strategic acquisition aims to address the soaring consumer demand for vegan cheese by boosting production volume and expanding Feel Foods’ business operations. With this acquisition, Feel Foods Ltd positions itself to capitalize on the growing market for plant-based alternatives, catering to consumers’ evolving preferences seeking dairy-free options.
- Miyoko’s Creamery recently unveiled an innovative addition to its product lineup in the United States. The company introduced vegan cheddar cheese snack sticks crafted from oats and legumes. This lactose-free, gluten-free, soy-free, and cashew-free alternative was developed in response to the robust demand for plant-based dairy products.
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Key Questions Answered in Vegan Cheese Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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