Vegan Cheese Market: Introduction
A recent study published by Transparency Market Research on the vegan cheese market includes global industry analysis and opportunity assessment for 2020-2030. The global vegan cheese market is forecast to reach US$ 2.5 Bn by the end of 2020. The vegan cheese market is projected to rise at a CAGR of ~10%, to reach ~US$ 7 Bn by 2030.
As coronavirus scare spreads rapidly across the globe, consumers have now started to prefer vegetarian food. The number of diseases caused due to animals is increasing due to which, the consumption of animal-based products is decreasing.
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The number of vegan and vegetarian population is rising, which is beneficial for vegan cheese market. Due to the COVID-19, a large number of countries have implemented lockdown and world is facing economic crises due to which, the vegan cheese market is expected to have moderate growth rate in the next two years.
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Veganism on Rise
Rising inclination toward healthy and vegan diets is driving the global market. According to the Oxford University, switching to plant-based diets could save 8 million human lives by 2050, reduce greenhouse gases by two-thirds, and avoid climate change damages of US$ 1.5 Trn. Dairy giant Danone has invested US$ 60 Mn in dairy-free products. Today, around 44,000 products spanning across 1,300 companies are currently registered with the Vegan Society Trademark. Chasing the demand for more variety and tastier vegan products like vegan cheese is an opportunity for growth for players in the market.
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Growing Popularity of Vegan Cheese
As cheese is widely popular among all age groups, supermarket giants such as Tesco and Sainsbury’s, Walmart are assisting the vegan cheese market by increasing their overall plant-based stocks. In order to keep up with the increasing demand, companies such as Northern California’s Miyoko’s Kitchen upgraded its 29,000 sq. ft. facility that can handle 2,000 lb. batches of vegan nut cheese.
Increasing Health Consciousness of Consumers
A study conducted by Harvard Scientist in 2019 totaling over 300,000 participants discovered that following a vegan diet could cut the risk of developing type 2 diabetes by almost 23%. Moreover, if overweight people stick to a vegan diet, it would promote weight loss without restricting calories. Studies predict that those who follow vegan diets have a 35% lower risk of prostate cancer. There is also a growth of lactose-intolerant consumers, causing such consumers to opt for vegan milk products such as vegan cheese, as it is seen many consumers cannot live without adding cheese in their diets. More than 50% of the total world population is lactose intolerant, which is the main reason why manufacturers are making numerous innovations in the vegan cheese market.