A lead analyst at AMR highlighted the market across Europe region is expected to dominate in terms of revenues throughout the forecast period.
Allied Market Research published a research report on the vegan cheese market. The findings of the report states that the global market for Vegan Cheese generated $1.23 billion in 2019, and is expected to reach $4.42 billion by 2027, manifesting a CAGR of 15.5% from 2021 to 2027. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.
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“The vegan cheese market growth is primarily attributed to a host of factors, including consistent rise in the number of vegan consumer base worldwide, growing awareness regarding the benefits of vegan food products, mounting environment protection concerns, animal welfare, and evolving consumer trends.” Research Manager, Food and Beverages Said at Allied Market Research.
The report provides detailed information based on the key determinants of the market to help market players in devising growth strategies and capitalizing on opportunities. The rise in purchasing power, changes in lifestyle and food habits, surge in number of organized retailing outlets, and growth in vegan population drive the growth of the global vegan cheese market. However, availability of healthier substitutes and lack of storage and transport facility restrain the growth to certain extent. Moreover, growth in vegan population and development of retail sector anticipated to present lucrative opportunities in the future.
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The report provides a detailed scenario of impact of the Covid-19 pandemic on the vegan cheese market globally. The global pandemic led to declined demand from restaurants and food service provider. The manufacturing units have witnessed challenges owing to shortage of raw material due to disrupted supply chain. However, as the government bodies have now eased off certain regulations, the industry is expected to witness increased demand.
The report offers detailed segmentation of the global vegan cheese market on the basis of product, source, end use, and region. These insights are helpful for the new entrants as well as current market players to capitalize on the fastest growing and highest revenue generating segment to accomplish growth in the coming years.
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Based on product, the market is categorized into mozzarella, cheddar, pepper jack, parmesan, gouda, and other. The cheddar segment dominated with the highest market share in 2019, and is expected to maintain its leadership status throughout the forecast period. On the other hand, the mozzarella segment is anticipated to manifest the fastest CAGR from 2021 to 2027.
Based on end use, it is segmented into household, food industry, and food service industry. The foodservice industry segment contributed to the highest share in 2019, and is expected to lead the trail during the forecast period. On the other hand, the household segment is anticipated to exhibit the highest CAGR throughout the forecast period.
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Based on region, the market is studied across regions including Asia-Pacific, North America, Europe, and LAMEA. The market across Europe dominated in 2019 with the highest market share in 2019, and is expected to lead the trail by the end of 2027. However, the region across Asia-Pacific is expected to exhibit the highest CAGR throughout the forecast period.
Leading market players of the global Vegan Cheese market analyzed in the report include Vtopian Artisan Cheeses., Chicago Vegan Foods, Gardener Cheese Company, Bute Island Foods Ltd, GreenSpace Brands, violifefoods.com, Tofutti Brands Inc., Kite Hill, DAIYA FOODS INC., and Nush Foods.
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