The sales of Plant Based Cheese Market is estimated to be valued at US$ 1,530.2 Million in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 3,416.6 Mn by 2032, rising at a CAGR of 8.4% for 2022-32.
Numerous health advantages of plant-based cheese include improved insulin sensitivity, decreased risk of type 2 diabetes, and lowered blood glucose levels. Additionally, plant-based cheese is strongly advised for individuals who are allergic to dairy products.
The rapidly expanding market for plant-based cheese over the past few years can be attributed to factors including the increase in popularity of allergen-free and plant-based meals. In the previous five years, the acceptance of veganism in society has almost doubled, reaching an all-time high. Celebrities that support veganism are helping it become more popular.
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A greater emphasis on eco-friendly products has fueled the market expansion for plant-based cheese. More than 92% of the greenhouse gas emissions related to the manufacture of cheese are attributed to the dairy farm. Since plant-based cheese is much more environmentally friendly, it is gaining popularity.
Currently, North America holds a lion’s share of the world market for plant-based cheese. An increase in the number of North Americans adopting a vegan diet and a rise in environmental consciousness are both contributing to the continent’s success. The second-largest market for plant-based cheese in the world, EMEA has great growth potential in the next years. In Europe, the sector for plant-based cheese is expanding as a result of the expanding vegan community.
Oat milk’s many nutritional advantages make it a great option for producing plant-based cheese. Vitamin B is abundant in oat milk, which is good for bones. Additionally, it has a number of health advantages. Because it is lactose and gluten free, it is perfect for persons with food sensitivity, lactose sensitivity, and other food sensitivities.
Key Takeaways from Market Study
- The plant based cheese market is expected to expand at CAGRs of 31.4% and 26.8% in Europe and America, through 2032.
- Market share of oat milk increased by 19% to reach USD 277 Mn in 2021.
- The North American plant based cheese market is currently pegged at USD 580 Mn.
- Growing consumer demand for healthy and nutritious foods, as well as rising vegetarianism, are propelling sales of plant-based cheese across the globe.
- The outbreak of COVID-19 has had a good impact on the popularity of vegan cheese. For a variety of reasons, including supply shortages amongst traditional meat and dairy products and health concerns, consumers are increasingly turning to plant-based substitutes.
“Producers of plant-based cheese could generate revenue if they focus on the non-dairy market. The vegan-based ingredients sector could be a prospective market for plant-based cheese, which is expanding in popularity around the world.” says a Future Market Insights analyst.
Competitive Landscape
Key players in the plant-based cheese market are emphasizing their efforts on research and development in order to improve the quality of their products.
Daiya Foods Inc. introduced a new service platform in October 2021, with the goal of assisting operators in meeting rising consumer requirements for plant-based foods. This new portal intends to increase the company’s presence on university campuses, eateries, and healthcare facilities.
Following the debut of the firm’s Flora brand in 2020, Violife Cheese, manufactured by Upfield Holdings B.V entered the Middle Eastern market in July 2021. The product is available in the United Arab Emirates, Saudi Arabia, Doha, Oman, and Bahrain.
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Segments Covered in Plant Based Cheese Market Analysis
Source:
- Oat Milk source
- Rice Milk Source
- Corn Milk Source
- Soy-Milk Source
- Pea Milk Source
- Almond Milk Source
- Coconut Milk Source
- Cashew Milk Source
- Flax Milk Source
- Hemp Milk Source
- Other Milk Source
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 Retail Formats
Region:
- North America
- Latin America
- Europe
- Asia
- Oceania
- MEA
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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