Growing health and wellness awareness to boost vegan cheese market at 10% CAGR during forecast period, according to TMR

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– The increasing inclination towards plant-based diets among a considerable part of the global population is expected to provide vast growth opportunities for the vegan cheese market

– The high consumer awareness of veganism and the increase in disposable income of many people are expected to improve the growth prospects of the vegan cheese market

ALBANY, NY, October 14, 2021 / PRNewswire / – The vegan trend continues to thrive at a rapid pace and is gaining momentum. Several food companies and brands are expanding their portfolio of vegan products such as bread, ice cream, cheese, etc. Additionally, many fast food brands are working with vegan cheese companies to add the veganism label to their products. Therefore, these factors are likely to invite considerable growth for the vegan cheese market during the forecast period 2020-2030.

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Transparency Market Research (TMR) has conducted extensive research on various aspects related to the growth of the vegan cheese market. The global vegan cheese market is estimated to grow at a CAGR of 10% during the forecast period. The vegan cheese market is expected to cross 6.6 billion US dollars by 2030. The global vegan cheese market US $ 2.5 billion in 2020.

The hectic lifestyle and sedentary work habits have resulted in high incidences of obesity, diabetes and other disorders. In order to avoid such health problems, many people opt for a vegan diet. The exponential demand for vegan diets has led to the consumption of vegan cheese to a large extent. In addition, lactose intolerance has become a major problem. A large number of people become lactose intolerant, resulting in an increased demand for vegan cheese. Thus, all these factors are expected to prove to be growth generators for the vegan cheese market.

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Main conclusions of the report

The B2C segment will dominate the vegan cheese market in the context of the sales channel

The business-to-consumer (B2C) segment is expected to observe a dominant position during the forecast period. It leads the way with an 84% share of the vegan cheese market and is expected to grow at a CAGR of 10.9% during the forecast period. Animal welfare activism has accelerated exponentially over the years, ultimately drawing many people to the vegan trend. All of these aspects will serve as growth magnets for the B2C segment.

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North America and Europe become the largest income-generating regions

The growing awareness of veganism through North America and Europe will ensure considerable growth for the vegan cheese market. Changing consumer trends in the region and emerging vegan cheese related startups in the region are likely to drive the market in the region. Vegan cheese market players are also leveraging e-commerce platforms to increase their sales in the region. Many influencers and social media celebrities across the region are also promoting vegan cheese products, further boosting the market for North America and Europe.

Asia Pacific is extrapolated to observe moderate growth due to lack of awareness of veganism among people. However, players are striving to expand their footprint in the region with significant marketing initiatives thereby boosting the growth of the vegan cheese market in the region. Asia Pacific. In addition, the presence of key companies in both Asia Pacific and North America, the growing number of social media influencers promoting vegan cheese and the expansion of the product portfolio by players in the vegan cheese market are expected to be profitable growth drivers.

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Some well-established players in the vegan cheese market are Daiya Foods, Vermont Farmstead Company, Field Roast Grain Meat Co., Vtopian Artisan Cheese Company, Good Planet Foods, Miyoko’s Kitchen Company, Follow Your Heart, Tyne Chease Limited and Parmela Creamery.

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Segmentation of the vegan cheese market

Cheese market vegan by nature

Vegan Cheese Market by Product Type

  • Mozzarella

  • Cheddar

  • Pepper Jack

  • Parmesan cheese

  • Gouda

  • Other types of products

Vegan Cheese Market By Shape

  • To block

  • cube

  • Shreds

  • Slice

  • Broadcast

  • Powder

  • The sticks

Vegan Cheese Market By Protein Source

  • Almond

  • Coconut

  • Cashew

  • Legumes

  • Oats

  • Soy

  • Others

Vegan Cheese Market By End Use

  • Food industry

  • Catering / HoReCa

  • Household / Retail

Vegan Cheese Market By Flavor

Vegan cheese market by sales channel

  • B2B / Direct sales

  • B2C / Indirect sales

Vegan Cheese Market By Region

  • North America

  • Latin America

  • East Asia

  • South Asia

  • Oceania

  • Middle East & Africa

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