Plant Based Cheese Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2027


  • Rep Id : XPLREP5436
  • Published On : February, 2020
  • No. of Pages : 170
  • Category : Food

Global Plant-based Cheese Market to Expand at Impressive CAGR of 9% Through 2027

The global plant-based cheese market is forecasted to register substantial growth during the forecast period (2019 to 2027), according to a new market study by XploreMR. The growth of the market is primarily driven by macroeconomic factors such as increasing consumer preference for healthy food products, growing awareness regarding pet health, increasing levels of disposable income, rapid urbanization.

Furthermore, consumers across the world are shifting to plant-based protein and are moving away from animal protein, owing to the clean label trend. Likewise, the growing trend of veganism in North America and Europe, coupled with strong economic growth in these regions are also boosting the demand for plant-based cheese in these regions.

Besides, factors such as changing consumption patterns and increasing prevalence of lactose intolerance in these regions are also acting as a growth driver to the market. On the back of these factors, the global plant-based cheese market will progress at a steller CAGR of 9% through the forecast period.

Rising Consumer Preference for Healthy Alternative Shapes Growth Trajectory

In the recent past, the demand for low-fat, low sugar, and lactose-free products has witnessed a significant upsurge owing to changing eating habits and increasing health consciousness among consumers. Plant-based cheese is a source of fat-free proteins and antioxidants which possess numerous health benefits in addition to offering tasty flavor to food products.

Furthermore, increasing prevalence of lactose intolerance and milk allergies are directly impacting the demand and consumption of vegan, plant-based food products. Furthermore, numerous regulatory bodies are promoting and encouraging the consumption of plant-based cheese owing to nutritional benefits. For instance, the U.S. Food and Drug Administration (FDA) established plans to introduce innovations in the production of plant-based cheese and other plant-based products.

Along similar lines, in 2019 the European Commission aims to create a legal definition of plant-based food to use as a benchmark. Such initiatives will continue to drive the market on a positive growth trajectory.

Adoption in Food Industry Promises Remunerative Opportunities

The burgeoning popularity of veganism has asserted players in the food production market, such as bakeries and fast-food chains, to include dairy-free alternatives in their offerings. On these lines, McDonald's has introduced plant-based fast food such as cheeseburgers and pizzas, and many more players are foreseen to further the trend.

On this premise, plant-based cheese is gaining substantial adoption in the food industry. Besides, an increasing number of retail stores and retail outlets are starting to sell various plant-based cheese varieties, thus widening the availability of these products. Also, plant-based cheese is available in myriad flavors, thus gaining traction among consumers seeking diverse flavors.

North America at the Forefront While APAC Buckles Up

The growth of the global plant-based cheese market is forecasted to be concentrated in North America, owing to high demand in the U.S. and Canada. The region held a share of nearly 30% in 2018, and will continue to remain at the forefront of the regional market through the assessment period. The region's dominance can be attributed to the high adoption of milk-free cheese among consumers seeking health benefits. Following North America, Europe is anticipated to remain the second most lucrative market, while the Asia Pacific is poised to register healthy growth.

Competitive Landscape of Plant-based Cheese Market

Some of the major market players operating in the market include, Nestle SA, The Plant based Cheeses Co., Danone, Glanbia, Plc, Paleo Baking Company, Epic Provisions, Paleo Braaap, LLC, PRIMAL PACS, Black Bear GmbH, Blue Mountain Organics, Back Roads Food Company, Plant based Cheese, and Prodotti Per La Dieta Paleo, among others.

Market players are focusing on expanding their product portfolio to cater to growing consumer demand. On these lines, In 2019, French cheesemaker Danone exhibited interest in expanding its plant-based cheese range to encourage sustainable eating and drinking. In the same year, Nestle SA introduced alternatives to dairy cheese and bacon, in order to complement their existing plant-based burger patties.

Global Plant-Based Cheese Market – Scope of the Report

The following report provides forecast and analysis of the global plant-based cheese market along with the historical data of 2013, estimated data 2019 and forecast data up to 2027 in terms of value (US$ Mn) and volume (Tons), according to a XploreMR study. The research propounds critical trends that are currently influencing growth within the global plant-based cheese market along with several macro-economic indicators. This newly published and insightful report on plant-based cheese sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global plant-based cheese market.

The report also comprises the study of current issues with end users and opportunities for plant-based cheese. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of plant-based cheese manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the Plant-Based Cheese market provided in the report adds to the credibility of this exhaustive research study.

Global Plant-Based Cheese Market: In-Depth Assessment on Key Segments

The global plant-based cheese market is segmented on the basis of source, form, sales channel, buyer type and region

Source

  • Soy
  • Coconut
  • Cashew
  • Almond
  • Others

Form

  • Blocks & Wedges
  • Slices
  • Spreads
  • Shreds

Buyer Type

  • Household
  • HORECA
  • Food Processing

Sales Channel

  • Retail Sales
    • Hypermarkets / Supermarkets
    • Departmental Stores
    • Convenience Stores
    • Specialty Stores
    • Online Retailers
  • Direct Sales

Region

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.                    

Country-specific assessment on demand for plant-based cheese has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous plant-based cheese manufacturers, experts, and suppliers. Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.

The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global plant-based cheese market. Some of the major competitors operating in the plant-based cheese market are Daiya Foods, Inc., Field Roast Grain Meat Co., Inc., Follow Your Heart, Galaxy Nutritional Foods, Inc., Lyrical Foods Inc. and others.

Global Plant-Based Cheese Market: Research Methodology

A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research. The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights in the plant-based cheese market.

A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the plant-based cheese market, which includes global GDP growth rate, various industries growth rate, such as food & beverages, e-commerce and HORECA. This report serves as an authentic resource of intelligence on the plant-based cheese market, enabling the readers to take fact-based decisions on the future direction of their businesses.