The Global Plant-based Cheese Market to Reach Revenues of Over $2.5 Billion by 2024 - Market Research by Arizton

CHICAGO, Nov. 19, 2019 /PRNewswire/ -- According to Arizton's recent research report, Plant-based Cheese Market - Global Outlook and Forecast 2019-2024 is expected to grow at a CAGR of approximately  16% during the forecast period.

Key Highlights Offered in the Report:  

1.  In 2018, Plant-based cheese or vegan cheese accounted for approximately 6% of the global non-dairy milk market.

2.  The Plant-based cheese brands are emphasizing on clean labeling such as organic, gluten-free, soy-free, non-GMO, and others.

3.  The increasing availability of various types of vegan cheese along with the constant innovations in terms of flavors, packaging, and texture is driving the demand of the plant-based cheese.

4.  Plant-based mozzarella cheese dominated the market with more than one-third of the market share in 2018. Plant-based cheddar is expected to grow at the fastest rate, with a CAGR of more than 17% during the forecast period.

5.  Europe dominated the plant-based cheese market in 2018. The highest percentage of consumers opting for the consumption of only plant-based alternatives is found in Denmark and the UK.

6.  Plant-based cheeses are highly processed and has a long list of ingredients, which is contributing to some skepticism amongst the consumers regarding the health benefits of this product.

Key Offerings:

• Market Size & Forecast by Revenue | 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product types, form, source, distribution channels, and geography.
• Competitive Landscape – Profile of 7 key vendors and 22 other vendors.

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Plant-based Cheese Market – Segmentation

• North America is the largest market for vegan parmesan. The growing sale of non-dairy milk products in the UK can be attributed to changing consumption patterns and the increasing number of flexitarians.
• Blocks & wedges forms largest segment within the plant-based cheese market. They are widely available across supermarkets and hypermarkets and through online channels.
• Coconut milk contains a high quantity of saturated fat and oil, which is beneficial for maintaining cholesterol levels. Owing to the high-fat content in coconut milk, coconut cheese forms a creamy product that is similar to the dairy product.
• In terms of distribution, the global plant-based cheese market was dominated by supermarkets & hypermarkets in 2018. Consumers will always prefer retail sales through specialty stores because of the presence of all types of grocery products under one roof.

Market Segmentation by Product Types  

• Mozzarella
• Parmesan
• Cheddar
• Ricotta
• Cream Cheese
• Others

Market Segmentation by Sources

• Soy
• Coconut
• Cashew
• Almond
• Others

Market Segmentation by Forms

• Shreds
• Blocks and Wedges
• Slices
• Others

Market Segmentation by Distributions

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Channels
• Others

Plant-based Cheese Market – Dynamics

Plant-based cheese is available in different varieties, and flavors. Some of the most popular plant-based cheeses are, mozzarella, cream cheese and parmesan. Flavors such as, chili, onion, chive, garlic herbs are some of the most popular. Vegan cheeses such as, Treeline Aged Artisanal Nut Cheese, Fresh Vegan Mozzarella by Miyoko's Kitchen, Kite Hill Cream Cheese, Nooch It! Grated Cashew Cheese, Violife Just like Smoked Provolone Vegan Cheese, Field Roast Cheese Slices, Follow Your Heart Shredded Parmesan, Daiya Mozzarella Shreds, Tofutti Better than Cream Cheese, are some of the most popular vegan cheese available. The vegan cheese producers are also offering organic, non-GMO, gluten free, cholesterol free products, driving the demand for such products among a larger consumer base. The availability of a diverse and wider product range is fueling the growth of the global plant-based market.

Key Drivers and Trends fueling Market Growth:

• Rising Vegan Population
• High prevalence of lactose intolerant population
• Rising Demand for Non-GMO food products
• Growing consumer demand for clean label products

Plant-based Cheese Market – Geography

In 2018, North America accounted for the largest market for the plant-based cheese. The increasing demand for healthier diets along with natural and organic food has driven the demand for vegan food in recent years. Europe constitutes the second-largest market with the growing vegan and flexitarian population and the availability of non-dairy milk products. The growing health awareness among consumers, the growing disposable income, the rising demand for healthier food and beverages, and the increasing impact of social media are driving the market in the APAC region. Latin America and MEA are also growing at a significant pace; however, the vegan product has a low penetration due to the lack of awareness in these regions.

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Market Segmentation by Geography

• North America
• US
• Canada
• Europe
• Italy
• Germany
• France
• UK
• Spain
• APAC
• China
• Japan
• Australia
• South Korea
• Indonesia
• Latin America
• Brazil
• Mexico
• MEA
• GCC
• South Africa

Major Vendors

• Kite Hill
• Bute Island -Cheese
• Violife
• Field Roast
• Daiya Foods
• Miyoko's Creamery
• Wayfare

Other vendors include - Lisanatti Foods, Tofutti, Dairy free Down Under, Angel Food, Green Vie, Koko Dairy Free, Dr. Cow, Follow Your Heart, Go Veggie, Punk Raw Labs, Vermont Farmstead Cheese Company (VFCC), Kinda Co., Good Planet Foods, Reine, Serotonina, Vtopian Artisan Cheese, Parmela Creamery, Tree Line Cheese, New Roots, Sister River, Heidi Ho, and The WhiteWave Company.

Explore our consumer goods & retail technology to know more about the industry.

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SOURCE Arizton Advisory & Intelligence