The report examines the factors influencing the plant based cheese market from a global as well as regional perspective. It discovers hidden opportunities for the leading market players. In addition to this, the report identifies the chief growth drivers, restraints, and opportunities.
The market for vegan cheese is anticipated to be worth US$ 3.313.98 million in 2023 and US$ 8,064.01 million by 2033. During the projected period, sales of vegan cheese are anticipated to increase significantly at a CAGR of 6.5%.
Additionally, the rise of the vegan cheese business is fueled by rising personal disposable income, altering tastes and preferences, and more adoption of the western lifestyle. Other market growth determinants include an increase in the worldwide vegan population and growing worries about the safety and health of animals. Manufacturers’ increased focus on novel product offerings, combined with increased limits on animal-based food items, will provide the market with even more profitable growth potential.
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Some of the key takeaways from the report are:
The expansion of plant-based food industry will support the growth of the vegan cheese market. With the demand for plant-based alternative rising, the market is likely to report impressive growth through the course of the forecast period.
In terms of distribution channel, the vegan cheese market is broadly categorized into direct and indirect sales channels. Of these, the indirect sales segment holds dominant vegan cheese market share.
Among indirect sales segments, convenience store is likely to emerge as the most attractive segment.
Among product types available in the market, the demand for mozzarella vegan cheese is expected to remain high owing to its versatility of use in different recipes.
On the basis of source, the almond milk segment is forecast to witness highest growth.
Rising Incidence of Lactose Intolerance to Fuel Demand for Vegan Cheese
A considerably large section of population around the world is lactose intolerant. People with lactose intolerance can rarely enjoy delicacies prepared with milk or milk-derived ingredients. It is due to this that the demand for vegan cheese is on a rise. Vegan cheese is a plant-based dairy alternative, particularly suitable for those suffering from lactose intolerance. Against this backdrop, an increasing number of hotels, restaurants, and cafes have started introducing vegan cheese in their menu to attract consumers who prefer vegan diets and those who are lactose intolerant.
Increasing Disposable Income of Consumers Supports their Purchase Decision
In the last couple of years, consumers’ willingness to spend on exotic and humane lactose free cheese has greatly increased. In addition to this, a stable increase in the demand for novel food alternatives is noticed. They are motivated by various advertisements and campaigns to obtain essential nutrients from plant-based alternatives, and this decision is supported to an extent by their increasing disposable income.
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