A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global vegan cheese market. Presenting exclusive insights into the market from 2018 to 2027, the report projects that the market will witness significant growth during the forecast period. Vegan cheese is a non-dairy product derived from plant-based sources and is essentially consumed by vegans across the world. The growth of the market is predominantly driven by rising awareness regarding the adverse effects of meat consumption, which is increasing the adoption of vegan lifestyles. Furthermore, the growing concerns regarding animal welfare and the launch of new vegan products are impelling market growth.
Availability of Diverse Flavours and Preference of Non-dairy Products Shape Market Growth
Over the years, the population practicing veganism has risen significantly, in turn increasing the demand for vegan food products. The increasing inclination towards veganism is primarily attributed to the awareness regarding the adverse effects of consuming high amounts of meat in daily meals. The likelihood of lifestyle-related disorders, such as obesity, diabetes, and blood pressure, is high among the meat consuming population. Owing to this, consumers across the world are improving their lifestyles, and are adopting veganism as a solution. Despite opting for veganism, consumers wish to savor their favorite food such as burgers, pizzas, and other popular items in which cheese is a key ingredient. On this premise, vegan cheese has become the ideal alternative to dairy cheese with similar taste and additional health benefits. The high demand for a variety of flavors has probed vegan cheese producers to launch to numerous flavors, thus acting as a significant growth driver. Vegan cheese is gradually replacing popular conventional cheese types such as cheddar, parmesan, ricotta, and cream cheese among others. As the demand for vegan cheese grows year-on-year, market players are producing cheese from non-dairy sources such as almond milk, soy milk, cashew milk, coconut milk. In addition to that, the usage of vegan cheese in the bakery industry is also expected to drive the market growth.
North America and Europe Lead Regional Landscape while Asia Pacific Exhibits Tremendous Growth
North America is expected to lead the regional landscape of the vegan cheese market, owing to a strong presence of market players and advanced production capabilities. Closely following North America is Europe, which is expected to register significant growth backed by the high per-capita income of the regional consumers, and demand for non-dairy products. On the other hand, Asia Pacific is anticipated to record significant growth through the forecast period, on the back of increasing preference among consumers towards vegan alternatives. However, the lack of awareness among certain geographies regarding the negative effects of meat products is likely to restrict the swift growth to key regions. On a positive note, the growing trend of veganism will continue to channel sales through the forecast period.