Vegan Cheese Market size is set to grow by USD 1,267.56 million from 2022 to 2027; The increasing number of organized outlets to boost the market - Technavio

NEW YORK, May 29, 2023 /PRNewswire/ -- The global vegan cheese market size is estimated to grow by USD 1,267.56 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.97% during the forecast period. Europe is estimated to account for 39% of the global market growth during the forecast period. The regional market has grown steadily in recent years, fueled by increasing demand for plant-based alternatives to traditional dairy products. European consumers opt for vegan and vegetarian diets for health and ethical reasons. Additionally, concerns about the environmental impact of the dairy industry and animal welfare have also contributed to the rising popularity of vegan cheese. Furthermore, the growing trend toward plant-based diets isn't just limited to vegans and vegetarians. Hence, such factors drive market growth in the region during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Technavio has announced its latest market research report titled Global Vegan Cheese Market 2023-2027

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Vegan Cheese Market - Segmentation Assessment Segment Overview
Technavio has segmented the market based on source (soy milk, almond milk, rice milk, and others), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

The market share growth by the soy milk segment will be significant for overall market growth during the forecast period. Soymilk is plant-based milk, which can closely replicate the texture and flavor of cow's milk, making it popular with vegan cheesemakers. Its vegan cheese is often viewed as a healthier and more sustainable alternative to traditional dairy cheese due to it is cholesterol-free and does not contribute to the environmental impact of dairy farming. For instance, some consumers may be willing to pay a premium for vegan cheese made from organic or non-genetically modified soybeans, while others may be willing to pay a premium for vegan cheeses without added vitamins and minerals. Hence, the soymilk segment of the global vegan cheese market is expected to grow during the forecast period.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Vegan Cheese Market – Market Dynamics

Key factor driving market growth

An increasing number of organized outlets notably drives the vegan cheese market growth.
Organized retail is growing in the market due to the establishment of convenience stores, supermarkets, hypermarkets, and specialty stores around the world.
Various large retail chains have been fairly aggressive in expanding their geographic footprint by opening new stores over the past five years.
Additionally, Germany, the USA, Australia, Canada, France, Belgium, Netherlands, and China are other countries with high levels of organized retail.
Hence, the increase in outlets is expected to drive the growth of the market during the forecast period.

Leading trends influencing the market

Increasing demand for vegan cheese is an emerging trend influencing the vegan cheese market growth.
There is a growing awareness of the health benefits of a plant-based diet. With many people becoming more health conscious and looking for alternatives to traditional dairy products, which are often high in saturated fat and cholesterol, various products are low in fat and calories and often contain vitamins and minerals.
The dairy industry contributes majorly to greenhouse gas emissions, deforestation, and water pollution. Resultantly, many consumers are turning to plant-based alternatives to reduce their carbon footprint and contribute to a more sustainable future.
Hence, the availability and diversification of vegan products drive the demand for vegan cheese in the market and is expected to drive its growth forecast period.

Major challenges hindering the market growth

The high cost and limited awareness are challenges hindering the vegan cheese market growth.
The manufacturing process is more complex and requires special equipment and techniques, resulting in a higher overall cost.
Moreover, the market is relatively small compared to the traditional milk-cheese market, so economies of scale are not as developed as in the dairy industry.
And in order to address cost challenges in the vegan cheese market, companies are taking several steps, including investment in research and development, to create more cost-effective and scalable production methods.
Hence, such factors are expected to negatively affect the growth of the market during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Vegan Cheese Market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the vegan cheese market between 2023 and 2027
Precise estimation of the size of the vegan cheese market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the vegan cheese market across Europe, North America, APAC, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of vegan cheese market vendors

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Vegan Cheese Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.97%
Market growth 2023-2027	USD 1,267.56 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	7.4
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	Europe at 39%
Key countries	US, Canada, Australia, Germany, and France, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Chicago Vegan Foods, Dairy Free Down Under, Danone SA, First Grade International Ltd., Franklin Foods Inc., Good Carma, GreenSpace Brands Inc., I AM NUT OK, Kite Hill, Maple Leaf Foods Inc., Miyokos Creamery, Nush foods, Otsuka Holdings Co. Ltd., Parmela Creamery, Saputo Inc., Tofutti Brands Inc., Treeline Cheese, Tyne Chease Ltd., Upfield BV, and Vromage
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.3 Market size 2022

4 Historic Market Size

5 Five Forces Analysis

5.1 Five forces summary

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Source

6.1 Market segments

6.2 Comparison by Source

7 Market Segmentation by Distribution Channel

7.1 Market segments

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.3 Chicago Vegan Foods

12.6 Franklin Foods Inc.

12.7 Good Carma

12.9 Kite Hill

12.11 Miyokos Creamery

12.12 Nush foods

12.14 Saputo Inc.

12.16 Treeline Cheese

12.17 Upfield BV

13 Appendix

13.1 Scope of the report

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