‘The market growth can be primarily attributed to a consistent rise in the number of vegan consumer base worldwide, growing awareness, mounting environment protection concerns, animal welfare, and evolving consumer trends’
The global vegan cheese market is poised to reach $2.5 billion by the end of 2020 and touch a whopping $7 billion by the end of 2030, a new study reveals.
The report states that Northern America, Europe, and the UK currently have the majority of the vegan cheese market, while Latin America and Asia are lagging behind though the market in Asia is increasing at a rapid pace.
Image: ocphoto / shutterstock.com
The global vegan cheese market is poised to reach $2.5 billion by the end of 2020 and touch a whopping $7 billion by the end of 2030, a new study reveals.
The report states that Northern America, Europe, and the UK currently have the majority of the vegan cheese market, while Latin America and Asia are lagging behind though the market in Asia is increasing at a rapid pace.
Factors influencing the vegan market boom
The report by Transparency Market Research notes that “climate change, mounting concerns related to animal cruelty, and health are some of the leading factors that are driving the vegan movement worldwide” and pushing niche category products such as cheese into the mainstream market.
Commenting on the changing food landscape, the study said: “At present, veganism is at its peak and the trend is likely to continue in the near future, as more number of individuals across the world continues to realize the benefits of veganism.”
COVID-19 and the vegan market
Apart from the benefits of a vegan diet, the current pandemic has also played an important role in changing consumer food preferences.
“Reports linking the spread of coronavirus from animals are pushing consumers away from the consumption of meat and meat-based products. The increasing consumption of plant-based products is expected to fuel the demand for vegan cheese in the forecast period,” the study said.
Based on the findings, the report summarized: “The global vegan cheese market is expected to grow at an impressive CAGR of ~10% during the forecast period.
“The market growth can be primarily attributed to a host of factors, including consistent rise in the number of vegan consumer base worldwide, growing awareness regarding the benefits of vegan food products, mounting environment protection concerns, animal welfare, and evolving consumer trends.”
Array of vegan cheese products
As plant-based cheese products gain popularity, an array of vegan cheese brands have entered the global market. The key players catering to the growing demand for vegan cheese include Violife Foods, Daiya, Kite Hill, Follow Your Heart, Parmela Creamery, Field Roast and Miyoko’s Creamery.
In addition, multiple big-name brands have also recently introduced or expanded their vegan cheese range with new products available at ASDA, Whole Foods, Tesco, ALDI, and Dominos among others.
https://www.totallyveganbuzz.com/news/vegan-cheese-2-5-billion-2021/
The report by Transparency Market Research notes that “climate change, mounting concerns related to animal cruelty, and health are some of the leading factors that are driving the vegan movement worldwide” and pushing niche category products such as cheese into the mainstream market.
Commenting on the changing food landscape, the study said: “At present, veganism is at its peak and the trend is likely to continue in the near future, as more number of individuals across the world continues to realize the benefits of veganism.”
COVID-19 and the vegan market
Apart from the benefits of a vegan diet, the current pandemic has also played an important role in changing consumer food preferences.
“Reports linking the spread of coronavirus from animals are pushing consumers away from the consumption of meat and meat-based products. The increasing consumption of plant-based products is expected to fuel the demand for vegan cheese in the forecast period,” the study said.
Based on the findings, the report summarized: “The global vegan cheese market is expected to grow at an impressive CAGR of ~10% during the forecast period.
“The market growth can be primarily attributed to a host of factors, including consistent rise in the number of vegan consumer base worldwide, growing awareness regarding the benefits of vegan food products, mounting environment protection concerns, animal welfare, and evolving consumer trends.”
Array of vegan cheese products
As plant-based cheese products gain popularity, an array of vegan cheese brands have entered the global market. The key players catering to the growing demand for vegan cheese include Violife Foods, Daiya, Kite Hill, Follow Your Heart, Parmela Creamery, Field Roast and Miyoko’s Creamery.
In addition, multiple big-name brands have also recently introduced or expanded their vegan cheese range with new products available at ASDA, Whole Foods, Tesco, ALDI, and Dominos among others.
https://www.totallyveganbuzz.com/news/vegan-cheese-2-5-billion-2021/
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