The plant-based cheese market is predicted to be valued at US$ 3,068 million in 2024. The market for plant-based cheese is expected to grow at a compound annual growth rate (CAGR) of 12.2% between 2024 and 2034 to reach a value of US$ 9,658 million. This expansion is due to consumers seeking cruelty-free, environmentally friendly, and sustainably produced substitutes for conventional dairy products. It also reflects a trend toward a plant-based diet, as seen by the various product offers, exquisite flavor, and health-conscious consumer base.
The plant-based cheese business is predicted to rise due to shifting consumer preferences, increased interest in plant-based dairy products, a surplus of capital, and more acceptance of Western lifestyles. The food service industry has also made a substantial contribution to the growth of the vegan cheese industry by branding its products as vegan cheese and providing vegan cheese-based appetisers. People who are allergic to dairy products or lactose intolerant are increasingly choosing plant-based cheeses.
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Concerns about animal welfare, the rise of veganism, and the adoption of plant-based goods by dairy-allergic people all contribute to the global trend of replacing dairy products with plant-based alternatives.
Vegan cheese includes less fat than dairy cheese but has equivalent vitamins, proteins, and carbohydrates. Eating vegan foods has been related to better health. The millennial generation is developing novel ways to use artisanal vegan cheese, which is becoming increasingly popular in fast food, hotels, cafés, and restaurants to serve large crowds.
The growing popularity of plant-based diets and veganism is creating rapid shifts in the food industry. With the increased availability of vegan cheese, ‘clean’ labelling is becoming more popular. It includes plant-based starches and oils (derived from nuts), cheese substitutes, and fermented cheese. The worldwide plant-based cheese industry is predicted to increase rapidly as people adopt healthier eating habits.
As people become more aware of the benefits of plant-based diets, there is a growing demand for cheese alternatives made from plant-based ingredients. This trend is likely to continue in the coming years, driven by factors such as rising awareness about the environmental impact of animal agriculture and concerns about animal welfare. As a result, the plant-based cheese market is poised for strong growth, offering new opportunities for manufacturers and suppliers in the food industry.
“Demand for plant-based cheese substitutes is rising due to growing benefits and awareness of plant-based diets. Concerns about animal welfare and the negative environmental effects of animal agriculture are fueling the trend of consuming vegan products. Consequently, the market for plant-based cheese is anticipated to rise rapidly, presenting novel prospects for food industry suppliers and manufacturers.” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Plant-based Cheese Market
- The soy milk-based cheese segment is set to capture a significant 38.2% share of the plant-based cheese industry in 2024.
- The B2C distribution channel is projected to dominate with an 83.8% market share in 2024.
- The United States plant-based cheese industry is expected to experience a CAGR of 8.2% through 2034.
- Germany plant-based cheese market is expected to demonstrate a remarkable CAGR of 10.2% through 2034.
- The United Kingdom plant-based cheese industry is anticipated to see a CAGR of 8.7% through 2034.
- India plant-based cheese industry showcases a healthy CAGR of 8.4% through 2034.
- China plant-based cheese market is expected to display an average CAGR of 3.3% through 2034.
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Competitive Landscape
The market for plant-based cheese is fiercely competitive, with companies vying for supremacy through a variety of measures such as price strategies, advertising campaigns, research and development, and the introduction of new products. The fragmented vegan cheese market places a strong emphasis on competitive factors and strategic decision-making. To stay ahead, competitors invest much in research and development, producing cutting-edge, cruelty-free dairy products.
Organizations strive to enhance their market share and operational efficiency by forming strategic alliances, partnerships, and collaborations. Manufacturers of plant-based dairy products employ a range of marketing strategies, such as collaborations and the introduction of new products, to grow their clientele and get a competitive advantage. Companies may preserve their leadership positions in the industry and remain ahead of their peers by continuously inventing and creating novel ways to interact with their target consumer base.
Key Companies in the Plant-based Cheese Market:
- Daiya Foods Inc.
- The Gardener Cheese Company Inc.
- Kite Hill
- Miyoko’s Creamery
- Field Roast
- Puris Foods
- Bute Island Foods Ltd.
- Follow Your Heart
- WayFare Foods
- GreenSpace Brands
- Danone S.A.
Recent Developments in the Plant-based Cheese Market
- In January 2024, South Korean food technology company Armored Fresh developed a range of plant-based almond products that replicate the taste and texture of dairy cheese while providing essential nutrients and high protein content, potentially revolutionizing the food industry.
- In January 2024, The American company The Laughing Cow launched a new range of plant-based spreadable cheese products in response to the growing demand for dairy-free alternatives. These innovative spreads give consumers a guilt-free option for snacking and spreading their favorite foods.
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Key Segments
By Source:
- Oat Milk
- Rice Milk
- Corn Milk
- Soy-Milk
- Pea Milk
- Almond Milk
- Coconut Milk
- Cashew Milk
- Flax Milk
- Hemp Milk
- Other
By Distribution Channel:
- B2B
- Hotels
- Restaurants
- Cafes
- B2C
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Mom and Pop Stores
- Discount Stores
- Food & Drink Specialty Stores
- Independent Small Groceries
- Online Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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