Plant-Based Cheese Market to Hurtle towards US$ 280 Mn, with Proliferating ‘Vegan’ Trends, Concludes Fact.MR
Published : 21 Feb 2020 Industry: Food & Beverage
Poised to surpass a valuation of over US$ 1,550 Mn by the end of the forecast period (2019-2027), plant-based cheese sales have witnessed a significant surge in the last few years. A spurt in the global vegan population has been increasing worldwide demand for plant-based cheese. Presently, more than 6% of the American population describes themselves as being vegan and recent trends indicate a possible increase in the number of people expressing their interest in vegan diets. Food companies are stepping up to the plate to create mouth-watering, dairy-free cheese that would take plant-based foods to the next level. Other aspects facilitating growth of the plant-based cheese market include changing consumer perception on the importance of health. With clean label trends taking industries by storm, consumers around the globe are also moving away from animal protein to plant-based protein sources. On this premise, the market for plant-based cheese is projected to grow at an impressive CAGR of more than 9%.
Key Takeaways of Plant-based Cheese Market Study
- Owing to a spurt in healthy lifestyles, North America, led by the U.S. and Canada captured a share of over 30% in 2018
- Retail sales of plant-based milk have paved the way for the growing acceptance of plant-based cheese in North America
- APAC due to its enormous food consumption patterns, is noticing an ever increasing plant based cheese market share. The region is expected to grow at an astounding CAGR of over 11% during the forecast period
- In terms of sales channel, plant-based cheese is primarily distributed through indirect sales channels, third parties and affiliates, while direct sales channels have shown considerable decline in the last few years
- The increase in the number of organized retail outlets worldwide is one of the key factors that will drive market growth for plant-based cheese
- Consumers preferring to purchase plant-based cheese online are expected to boost the e-commerce segment with a CAGR of over 10%.
“The recognition of plant-based dairy products by prominent celebrities and athletes is creating growth opportunities for the plant-based cheese market. Support from respected health organizations such as the PBFC (Plant-Based Foods of Canada) is also driving demand for plant-based cheese” says the Fact.MR analyst.
Opportunities Abound for New Entrants with Improving Consumption Trends
The plant-based cheese market continues to observe an elevated degree of fragmentation given the nature of the product, with unorganized players maintaining their strong presence. The degree of fragmentation is higher because many developing Asia Pacific countries are among the leading plant-based cheese producers and consumers. The key factors that can be attributed to the growth of the unorganized sector in the plant-based cheese market are lax regulations, dominance over domestic supply chains and familiarity with local tastes and preferences.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for plant-based cheese, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for plant-based cheese based on source (soy, coconut, cashew, almond, others), form (blocks & wedges, slices, spreads, shreds), sales channel (retail sales (hypermarkets / supermarkets, departmental stores, convenience stores, specialty stores, online retailers), direct sales), end use (household, HoReCa, food processing) across several major regions.
About The Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.