Global Vegan Cheese Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3,906 million by 2024 from $2,174 million in 2016; growing at a CAGR of 7.6% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 8.1% and 7.5%, respectively, during the forecast period.Vegan cheese is an alternative to dairy based cheese, made from various sources such as coconut milk, soy milk, peanut milk, hazelnut, and cashew. With widespread applications such as in dips & sauces, fast food snack, bakery & confectionery, the market is expected to grow in the coming years.
"Vegan Cheese Market (By Source Type: Soy Milk, Almond Milk, Rice Milk and Other Sources; By Product Type: Mozzarella, Parmesan, Cheddar, Cream Cheese and Other Product Types; By Distribution Channel: Large Retail, Small Retail, Specialty Store, and Online; By Application: Fast Food Snack, Dips & Sauces, Bakery & Confectionery, and Other Applications;By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rising number of vegan consumersto drive the growth ofthe vegan cheese market
The factors supporting growth of the global vegan cheesemarket are changing consumption pattern, rising number of vegan consumers, globalization, increasing dairy substitute cheese market, and increasing responsiveness of lactose intolerant conditions. However, low consumer awareness and high price may act as a restraint for the growth of the market. Moreover, emerging markets and rising awareness through advertisements would provide several growth opportunities for the market in the future years.
Source type, product type, distribution channel, application, and geography are the major segments considered in the global vegan cheese market. By, source type, the market is bifurcated into soy milk, almond milk, rice milk and other sources (Include coconut milk, peanut milk, hazelnut, and cashew). Product type further divided into mozzarella, parmesan, cheddar, cream cheese and other product types. Moreover, the market is categorized by distribution channel into large retail, small retail, specialty store, and online. Application includes fast food snack, dips & sauces, bakery & confectionery, and other applications. By geography, the global solar control glass market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Soy milk accounted for the largest market share in the source type segment
Global Vegan Cheese Market, by Source Type
Soy milkaccounted for the largest market share in 2016, in thesource type segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to its benefits helpful in maintaining healthy bones, relieving menopausal symptoms, and preventing prostate, and colorectal cancer.
Mozzarellaaccountedfor the largest market share in the product type segment
Global Vegan Cheese Market, by Product Type
Mozzarella accounted for the largest market share in 2016, in the product type segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to high adoption in many fast food items such as pastas, pizza, salads, and many other.
Asia-Pacificdominated the global market with highest market share over the forecast period
GLOBAL VEGAN CHEESE MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the global vegan cheese market with largest market share of 41.9% in 2016, and expected to continue its dominance during the forecasted period, owing to changing consumption pattern, increasing disposable income, and increasing number of vegan consumers.
The major players operating in the market are Punk Rawk Labs, Uhrenholt A/S, Kite Hill, Treeline Treenut Cheese, Dr. Cow Tree Nut Cheese, Miyoko’s Kitchen, Vtopian Artisan Cheeses, Heidi Ho., Hochland Group, and Parmela Creamery, among others.