Soy Derived Cheese to Accumulate 40% Revenue in the Plant Based Cheese Market: Fact.MR
Published : 20 Oct 2021 Industry: Food & Beverage
According to a recent report by Fact.MR, the worldwide plant-based cheese market will expand at a 15.5 % CAGR between 2021 and 2031, as veganism gains acceptance throughout the world. As per the report, the market is slated to be valued at US$ 3.9 Bn by the end of the aforementioned forecast period.
From 2016-2020, sales of plant based cheese surged at an impressive 9% CAGR. During the COVID-19 pandemic, prospects further widened, as an increasing proportion of consumers began adopting plant based diets amidst fear of contracting the virus via consumption of animal based products.
Lactose intolerance and milk allergy are two further causes contributing to the growth of ‘vegan' lifestyles. Consumers are strongly advised by several regulatory bodies to use plant-based cheese. Similarly, in 2019, the European Commission plans to create a legal definition of plant-based food that will serve as a category standard. The aforementioned factors are likely to increase the plant based cheese market over the forecast period.
Key Takeaways from the Market Study
- By source, soy cheese to gain maximum traction, capturing 40% of global revenue
- HoReCa to be the fastest growing segment by buyer type, registering a CAGR of 13%
- Cashew cheese to account for a notable revenue share, accounting for over 35% revenue
- Indirect channels to remain primary source of plant based cheese sales, clocking a CAGR of 10%
- U.S to register an impressive growth rate, registering a CAGR worth 10% until 2031
- A CAGR worth 12% is expected for the plant based cheese market in the U.K
- China to emerge as the fastest growing market, registering 14% CAGR through 2031
“Millennials and Generation Z are the primary consumers of plant-based cheese products, owing to their proclivity for experimenting with and trying out new foods. The availability of choices is a significant driver of the plant-based cheese market's expansion,” says a Fact.MR Analyst.
The growing demand for plant based foods is providing opportunities for both start-ups and established companies to develop new products to address market gaps. Plant based cheese manufacturers keep their prices low. The following are some significant developments in the market for plant based cheese:
- In October 2021, Daiya Foods Inc. unveiled a new foodservice website, designed to help operators meet growing consumer demand for plant based foods. This new online interface aims to expand the company’s visibility across college campuses, restaurants and healthcare facilities
- In July 2021, Violife Cheese, manufactured by Upfield Holdings B.V, has made its foray into the Middle Eastern market, following the introduction of the company’s Flora brand in 2020. The product is sold across the UAE, Saudi Arabia, Qatar, Oman and Bahrain
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global plant based cheese market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the electrical steel market on the basis of source (soy, coconut, cashew, almond and others), form (blocks & wedges, slices, spreads and shreds), buyer type (households, HoReCa and food processors) and sales channel (retail sales and direct sales) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food & beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – Food and Beverages