Global Plant-Based Cheese Market– Industry Trends and Forecast to 2029

Plant-Based Cheese Market Analysis and Size

Cheese has become a popular product not only in urban households but also in the global food processing industry. Plant-Based cheese has emerged as the most promising market worldwide in the last decade or so. Plant-Based cheese is easy to digest and low in calories, as opposed to bovine cheese, which is difficult to digest and high in cholesterol and fat. Plant-Based cheese also contains more vitamins, particularly vitamins A, B1, B2, and B3, as well as calcium and phosphorus.

Data Bridge Market Research analyses that the plant-based cheese market which was valued at USD 805 million in 2021 is expected to reach the value of USD 4356.44 million by 2029, at a CAGR of 23.50% during the forecast period of 2022-2029

Market Definition

Vegan cheese is a plant-based alternative to dairy cheese that is made with nuts, soy protein, nutritional yeast, natural enzymes, vegetable glycerine, and various bacterial cultures. It is combined with oils, starches, emulsifiers, thickeners, and spices to form a firm consistency and mimic the flavours of dairy cheese.

Plant-Based Cheese Market Scope and Segmentation

Plant-Based Cheese Market Dynamics

Drivers:

• Increasing public awareness of the health benefits of plant-based cheese

Increasing public awareness of the health benefits of plant-based cheese, such as their high calcium and protein content, is a factor driving the growth of the targeted market. Obesity and cholesterol problems are becoming more prevalent worldwide due to changes in eating habits. Consumers are becoming more health conscious, which is increasing demand for and consumption of plant-based cheese. Plant-based cheese has emerged as a significant substitute for dairy cheese and is expected to grow at a rapid pace during the forecast period. Furthermore, technological advancements in cheese production and increasing quality are a few of the factors driving the market.

• Increased demand for ready-to-eat food products

Consumers' willingness to spend money on plant-based foods has skyrocketed. Furthermore, there has been an increase in the desire for food alternatives. Several vegan cheese brands are promoting and encouraging consumers to get essential nutrients from plant-based foods. Changes in the food industry, as well as changes in consumption habits, are contributing to the growth of the vegan cheese market. The vegan cheese industry's rise is fuelled by rising disposable income, changing tastes and preferences, and increased adoption of the western lifestyle. Other market growth drivers include an increase in the global vegan population and growing concerns about animal safety and health. The increased focus of manufacturers on product offerings will provide the market with even more profitable growth potential.

Opportunity

The growing preference for plant-based cheese by lactose-intolerant people is further fuelling the market. Adding value-added products, such as flavoured milk varieties with low-sugar and fat-free content, also propels market growth. Plant-based milk-based infant formulas are also gaining popularity due to their high nutritional content, which helps children avoid neurodevelopment disorders. Furthermore, rising demand for plant-based milk in the personal care sector for the production of soaps, creams, and lotions is catalysing the market. The COVID-19 pandemic in early 2020 has also increased demand for plant-based milk. Because of its immunity-boosting properties, plant-based milk consumption has increased as a result of the pandemic.

Restraints

The plant-based cheese is more expensive than other cheeses on the market, which may limit the market's growth. As plant-based cheese is highly perishable, it may pose a challenge to the plant-based cheese market during the forecast period of 2022 to 2029.

This plant-based cheese market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plant-based cheese market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Plant-Based Cheese Market

Consumers stacked products with high nutritional value to keep them healthy during the pandemic period. As a result, sales were stabilised to some extent because of the pandemic, consumers have adjusted to a new normal lifestyle and as a result, an increasing number of consumers prefer quick and nutritious snacking options. COVID-19 opened the door for a slew of new private firms to enter the market in order to meet the ongoing demand. Plant-based cheeses are a quick and easy source of essential nutrients, so demand for innovative products is always high in developed countries. As home-bound consumers look for retail options, online distributors are becoming more interested due to the aforementioned factors.

Recent Development

• Daiya Foods Inc. will launch a new foodservice website in October 2021 to assist operators in meeting rising consumer demand for plant-based foods. The goal of this new online interface is to increase the company's visibility on college campuses, restaurants, and healthcare facilities.
• Violife Cheese, manufactured by Upfield Holdings B.V, entered the Middle Eastern market in July 2021, following the introduction of the company's Flora brand in 2020. The product is available in the United Arab Emirates, Saudi Arabia, Qatar, Oman, and Bahrain.

Global Plant-Based Cheese Market Scope

The plant-based cheese market is segmented on the basis of product type, source, form, application and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product type

• Mozzarella
• Parmesan
• Cheddar
• Cream Cheese
• Others

Source

• Soy Milk
• Almond Milk
• Coconut Milk
• Rice Milk
• Others

Form

• Singles
• Blend

Application

• Fast Food Snack
• Dips
• Sauces
• Bakery
• Confectionery
• Others

Sales channel

• Direct sales
• Indirect sales

Plant-Based Cheese Market Regional Analysis/Insights

The plant-based cheese market is analysed and market size insights and trends are provided by country, product type, source, form, application and sales channel as referenced above.

The countries covered in the plant-based cheese market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

In developing countries such as India, there has been a shift away from staple foods and toward processed and packaged foods. Furthermore, the expansion of retail channels such as supermarkets and hypermarkets in these countries' urban areas is expected to increase the availability of processed and packaged food. Plant-based cheese demand is expected to rise in the coming years due to rising demand for packaged foods such as snacks, bakery & confectionery products, and ready-to-eat meals.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Plant-Based Cheese Market Share Analysis

The plant-based cheese market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plant-based cheese market.

Some of the major players operating in the plant-based cheese market are:

• Ausnutria Dairy Corporation Ltd. (China)
• AVH Dairy Trade B.V (Netherlands)
• Plant-Based Partners (U.S)
• Granarolo S.p.A. (Italy)
• Meyenberg (U.S)
• Redwood Hill Farm & Creamery (U.S)
• St Helen's Farm Ltd (U.S)
• Stickney Hill Dairy Inc (U.S)
• Woolwich Dairy Inc (U.S)
• Xi'an Baiyue Plant-Based Dairy Group Co. Ltd (China)

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