The global plant-based cheese market is estimated to be valued at US$ 1,530.2 Mn 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.
According to the National Center for Biotechnology Information (NCBI), plant-based diet reduces the risks of metabolic syndrome, certain cancers such as colon, breast, and prostate cancer, heart disease, diabetes, and others. In June this year, the United Nations Environment Programme’s (UNEP) panel for sustainable resource management has highlighted the environmental impacts of the world’s predilections for western diet, comprising dairy and meat products.
A UN report, titled “Assessing the Environmental Impacts of Consumption and Production” has recommended that a global shift towards vegan diet could save the world from fuel poverty, hunger, and worst impacts of climate change.
With international organizations rallying for plant-based diet, FMI’s foresees impressive prospects ahead for the plant-based cheese market. While disruptions due to COVID-19 are inevitable, the report stresses on the benefits of surging awareness regarding veganism to the market.
According to the National Statistics of the United States, 3% of the population in the United States consider themselves vegan.
FMI offers a holistic overview of the global plant-based cheese market, its growth and restraints during the forecast period.
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Some of the key takeaways from the report are highlighted below-
- Surge in demand for oat milk source is anticipated to propel the growth of the plant-based cheese market in the coming years
- B2B distribution channels are expected to witness significant growth which is projected to increase the market value during the forecast period
- North America is forecast to lead in the global plant-based cheese market owing to the rise in vegan population. The U.S. is expected to spearhead growth in the region
- Europe, Middle East and Africa will remain another lucrative region in the global market
“The increase in demand for environment-friendly food products has been working in favor of the global plant-based cheese market. Furthermore, the health benefits of the plant-based diet are driving more people to go vegan. According to the National Center for Biotechnology Information (NCBI), a study involving more than 60,000 men and women, the prevalence of diabetes in individuals on a vegan diet was 2.9% compared with 7.6% in the non-vegetarians. As more people gain awareness on the health benefits of plant-based diet, the demand for various plant-based foods including plant-based cheese is likely to surge,” says a Fact.MR analyst.
COVID-19 Impact Analysis
The outbreak of COVID-19 initially affected the plant-based cheese market as hotels, restaurants, and cafes remained shuttered during extended periods of lockdown. The economic constraints followed soon after that further halted the production process of the plant-based cheese resulting in decline of the growth of the market.
Contrary to this, the pandemic has increased the awareness regarding health and people have become more conscious to maintain their well-being. In order to boost immunity, a major portion of the population has been opting plant-based diet which is bolstering the growth of the plant-based cheese market.
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Who is Winning?
Competition witnessed in the plant-based cheese market is increasing fast. In order to strengthen their foothold, the key market players are concentrating on both the quality and quantity of the products.
For instance,
- Tesco launched their new few-form cheese which are made with soy milk in 2020.
- Puris Foods launched their new PURIS™ vegan cream cheese which is made from non-GMO peas that deliver allergen-friendly protein and the texture of regular cream cheese without the dairy.
More Valuable Insights on Plant-based Cheese Market
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