Vegan Cheese Market to Be Worth $4.8Bn by 2028 as Consumer Values “Reshape the Landscape”

From vegconomist.com

A report by ResearchandMarkets has anticipated that the global vegan cheese market will grow with a CAGR of 12.2% to be worth $4.8 billion by 2028 — up from $2.4 billion in 2022.

Growth will largely be driven by an increasing consumer preference for plant-based diets, as awareness of the health and environmental issues associated with dairy products increases. Continued innovation, leading to improved and more diverse product ranges, is also boosting market growth, along with the increased availability of vegan cheeses at mainstream retailers and online stores.

By type, mozzarella alternatives have the largest market share due to their widespread use in dishes such as pizza and pasta. By ingredient, cashew-based products take the lead.

Supermarkets and hypermarkets are the leading distribution channel for vegan cheese, and correspondingly, households are the primary market segment. By region, Europe has the largest market share.

©Armored Fresh

“Transformative markets”

This is consistent with data showing that European dairy sales are stagnating, while sales of dairy alternatives — particularly plant-based cheese — continue to rise. A previous market report published last year found that the vegan cheese market could be worth over $8 billion by 2032.

These trends have prompted major dairy cheese producers to launch plant-based versions of their products, including Bel Brands (Babybel and Laughing Cow), Saputo Dairy (Cathedral City), and Norseland (Applewood and Ilchester). Norseland recently reported that vegan cheese now makes up 20% of Applewood’s sales.

“The burgeoning vegan cheese industry is a testament to today’s transformative markets, where consumer values and lifestyle choices are reshaping the landscape of food consumption,” says the new report. “At the forefront of this change is the burgeoning demand for vegan cheese — plant-based alternatives that cater to an ever-growing audience of health-conscious individuals and those favouring a cruelty-free diet.”

https://vegconomist.com/market-and-trends/vegan-cheese-market-4-8b-2028/