Vegan Cheese Market size is to increase by USD 1.32 billion between 2023 to 2028, The market growth by the offline segment is significant during the forecast period - Technavio

NEW YORK, Jan. 8, 2024 /PRNewswire/ -- The vegan cheese market is expected to grow by USD 1.32 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 8.3% during the forecast period. An increasing number of organized outlets is notably driving the vegan cheese market. However, factors such as the side effects of vegan cheese may impede the market growth. The market is segmented by distribution channel (offline and online), source (soy milk, almond milk, rice milk, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa). 

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Key Segment Analysis
The market share growth by the offline segment is significant during the forecast period. In the global vegan cheese market, offline distribution comprises dividing the market based on the various physical locations where customers can purchase vegan cheese products. In addition, these locations constitute supermarkets, specialty stores, health food stores, and farmers' markets, among others. Furthermore, it enables businesses to identify the most effective distribution channels for their products. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.

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Market Dynamics

Key Driver - The growth of the Vegan Cheese Market is notably driven by the rising presence of organized outlets. This rise impacts various segments including Vegan Cheese, Plant-based Cheese, and Dairy-free Cheese options. The increased availability extends to Nutritional Yeast, Vegan Cheese Alternatives, and Non-dairy Cheese varieties, spanning Vegan Cheese Spreads, Vegan Cheese Slices, and Vegan Cheese Blocks. Enhanced accessibility in Vegan Cheese Retail, boosted by diverse Vegan Cheese Brands and Cheese Substitutes, shapes the vegan cheese market's expansion.

Leading Trend - A prominent trend driving Vegan Cheese Market growth is the increasing demand for diverse alternatives. This trend encompasses various types like Almond Cheese, Soy Cheese, and Coconut-based Cheese. It extends to Rice Cheese, Hemp Cheese, Oat Cheese, and Pea Protein Cheese, along with Tapioca Cheese and Cashew Cheese varieties. Furthermore, the Vegan cheese production market witnesses a rise in Artisan Vegan Cheese options, reflecting the expanding preferences for diverse and innovative plant-based cheese alternatives.

Challenge - The Vegan Cheese Market faces challenges due to high costs and limited awareness, impacting aspects like Cheese Analogues and Vegan Cheese Consumption Trends. Challenges arise in Vegan Cheese Ingredients and Production, hindering the proliferation of diverse Vegan Cheese Varieties and innovative Vegan Cheese Snacks. Additionally, this obstacle affects Vegan Cheese Innovation and impedes growth within the broader Dairy-Free Cheese Market, highlighting the need for enhanced affordability and increased awareness to drive market expansion.

Geographical Market Analysis 

Europe accounts for 41% of the growth of the global market during the forecast period. The market in the European region has grown significantly over the years, driven by increasing demand for plant-based alternatives to traditional dairy products. In addition, vegan cheese is a type of non-dairy cheese made from plant-based ingredients including nuts, seeds, soybeans, and coconut milk. Moreover, in the European region, several consumers are opting for vegan and vegetarian diets for health and ethical reasons. In addition, the UK, Germany, France, Holland, Spain, and Italy are big potential markets for vegan cheese in Europe.

Company Insights 
The vegan cheese market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
Back2basics, Chicago Vegan Foods, Dairy Free Down Under, Danone SA, First Grade International Ltd., Franklin Foods Inc., Good Carma, I AM NUT OK, Kite Hill, Maple Leaf Foods Inc., Miyokos Creamery, Nush foods, OmniVegan Pvt. Ltd., Parmela Creamery, Saputo Inc., Tofutti Brands Inc., Treeline Cheese, Tyne Cheese Ltd., Upfield BV, and Vromage

View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The organic rice flour market size is projected to increase by USD 156.61 million and the market size is estimated to grow at a CAGR of 5.26% between 2023 and 2028.

The milk protein concentrates market size is projected to increase by USD 1,021.13 million and the market size is estimated to grow at a CAGR of 5.44% between 2023 and 2028.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Source

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio