Top Companies in Vegan Cheese Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Vegan Cheese Market is projected to reach USD 4.4 Billion by 2028 at a CAGR of 12.30% over the forecast period.
The Global Vegan Cheese Market is valued at USD 2.20 Billion in 2021 and is projected to reach USD 4.4 Billion by 2028 at a CAGR of 12.30% over the forecast period. The primary drivers of the growth of the Vegan Cheese Market are increasing personal disposable income, evolving tastes and preferences, and rising acceptance of the western lifestyle. Furthermore, other factors influencing market expansion include an increase in the number of vegans in the world and rising worries about the welfare and safety of animals. Increased limits on food products derived from animals combined with a growing manufacturer focus on innovative product offerings will further open up profitable market expansion potential. It is projected that additional reasons, such as the rising prevalence of lactose intolerance and the easier availability of dairy-free goods, will fuel the industry.
Market expansion has been fueled by rising consumer acceptance of veganism, particularly among millennials. Vegan Cheese sales are increasing due to customer preference for plant-based goods and increased awareness of animal suffering and the damaging effects the dairy industry has on the environment. Additionally, the market has been pushed and will continue to be driven by the rising popularity of the vegan diet and cases of lactose intolerance.
However, the market for Vegan Cheese will face significant obstacles due to the high expenses connected with consuming vegan products. Lack of awareness in developing nations and backward regions may further impede market expansion.
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Amidst Exponential Growth in Vegan Cheese Adoption, What Trends Should We Look Forward to?
- One of the key elements boosting the market for Vegan Cheese in the upcoming years will be the rising trend toward health-conscious dietary options. This element has affected consumers, and it is predicted that they will spend more money on nutritious food items like Vegan Cheeses rather than types made from animals that are more likely to include saturated fats and cholesterol.
- A disorder known as congenital lactase deficiency or lactose intolerance occurs when the small intestine is unable to produce enough lactase to properly digest or metabolize lactose. Undigested lactose can move to the large intestine and cause serious health problems, with bloating, diarrhea, and gas as the initial signs. The demand for Vegan Cheese and other lactose-free products has significantly expanded in recent years due to the global rise in lactose sensitivity, thus driving market growth.
- The fact that so many new Vegan Cheese products have been introduced in the last five years tells the growing demand for Vegan Cheese. Thus, one of the significant market trends for Vegan Cheesefueling market expansion is the rising number of new product releases.
- People are moving away from dairy in favor of alternatives as they become more conscious of the environmental damage caused by dairy operations. Due to nitrogen and phosphorus emissions from manure spreading and overgrazed fields, dairy production negatively influences watercourses. Therefore, the expansion of the Vegan Cheese business is likely to be aided by increased awareness of the environmental degradation brought on by dairy practices.
The Vegan Cheese Market is dominated by globally established players such as Treeline Cheese (US), Follow Your Heart (US), Daiya Foods Inc. (Canada), Kite Hill (US), Violife (Greece), Dr-Cow Tree Nut Cheese (US), Tofutti Brands Inc. (US), Tyne Cheese Limited (UK), Miyoko's Creamery (US), Parmela Creamery (US). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Vegan Cheese market.
Let's Look at the Top 5 Companies That are Taking the Vegan Cheese Market by Storm
The Vegan Cheese Market is expected to grow from USD 2.20 billion in 2021 to USD 4.4 billion in 2028 due to the increase in the number of flexitarians and vegans, as well as the voices raised against animal slaughter and concerns for their welfare. In addition, the millennial generation, a potential and targeted consumer group, is growing more urbanized, which has a significant impact on the growth of the product.
- Treeline Cheese(US)
Cashews from Brazil and West Africa that have been safely and ethically grown serve as the foundation of Treeline's Vegan Cheeses. Treeline produces tasty plant-based cheeses that are good for the environment and people.
- Daiya Foods Inc.(Canada)
An organization that produces dairy-free foods is called Daiya Foods Inc.,based in Burnaby, British Columbia.Thecheese that leads the vegan sector. More than 25000 supermarket stores in North America and other countries carry its products. It is anticipated that tasty plant-based diets will transform society. Therefore, we pioneer the creation of pleasantly surprising cuisine prepared with conscious components, constantly considering how we will feed future generations.
- Follow Your Heart(US)
A healthier world starts with smarter dietary decisions, according to Follow Your Heart. It produces Vegenaise, the greatest Vegan Cheeses, as well as other flavorful and cutting-edge plant-based substitutes. Its goal is to generate high-quality plant-based foods that will improve consumers' lives and the planet and all of its inhabitants.
- Kite Hill (US)
The notion that honesty and creativity can propel us all to new heights serves as the driving force behind Kite Hill. The year 2021 saw a significant increase in plant-based developments, and Kite Hill, an alternative dairy brand, continued to advance the Vegan Cheese Market with the introduction of its Soft Spreadable Cheese line.
- Tofutti Brands Inc. (US)
With its headquarters in Cranford, New Jersey, Tofutti Brands Inc. manufactures a variety of dairy-free, soy-based foods under the "Tofutti" brand, which was created by David Mintz. For the lactose-intolerant, kosher, food allergy-sensitive, vegetarian, and vegan markets, Tofutti offers an alternative to ice cream.
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