Plant-Based Cheese Market Growth Projected at 15.5% CAGR by 2030
As per a new study by FMI the global plant-based cheese market will expand at an impressive CAGR of 15.5% amid the assessment period between 2020 and 2030. The exponential market growth can be mainly ascribed to increasing adoption of plant-based and allergen-free diet in the last decade.
The demand in the plant-based cheese market is poised to surge exponentially between 2020 and 2030, finds Future Market Insights (FMI) in a new study. Rising cases of food related allergies and dairy intolerance have been fuelling the demand for plant-based alternatives. Driven by changing consumer preference, the plant-based cheese market is expected to gain momentum. With some of the leading food service chains introducing vegan food items in their menu, the market has lucrative opportunities to capitalize on in the near future.
“Rising demand for eco-friendly food products is supporting the global plant-based cheese market. Moreover, the health benefits of the plant-based diet is pushing more people to prefer a vegan diet. As awareness on the health benefits of plant-based diet is rising, the need for several plant-based foods comprising plant-based cheese is projected to surge.” states the FMI analyst.
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Plant-based Cheese Market – Important Highlights
- North America will remain lucrative in the global market due to increased adoption rate of vegan diet in the region, together with the increase in environmental awareness.
- Oat milk remains majorly preferred source for manufacturing plant-based cheese due to its several health benefits.
- The B2B sales channels will drive the sales in the approaching years.
Plant-based Cheese Market – Drivers
- Initiatives such as public educational advertising campaign to create awareness about veganism will bode well for the market.
- Rising health concerns boost increased adoption of veganism, which continues to create opportunities
- Growing focus on eco-friendly products continues to boost sales
Plant-based Cheese Market – Restraints
- Lack of resemblance in texture and taste amid dairy based alternatives and plant-based cheese remains a challenge
- Increased dependence on availability of a lot of raw ingredients, cost, and time during the production process might hurt market growth.
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COVID-19 Impact on Plant-based Cheese Market
The COVID-19 outbreak initially impacted the plant-based cheese market as cafes, restaurants, and hotels remained closed amid the extended lockdown periods. However, the outbreak fuelled awareness regarding health and people are becoming more aware to keep up their well-being. Widespread adoption of plant-based diet in order to boost immunity is augmenting the market growth of the plant-based cheese.
Competitive Landscape
The global plant-based cheese market is foreseeing increased competition. Majority of the market players are focusing on both the quantity and quality of the products to fortify their foothold.
A few of the key market players identified in the market include Danone S.A., Kite Hill, GreenSpace Brands, Miyoko’s Creamery, WayFare Foods, Field Roast, Daiya Foods Inc., Bute Island Foods Ltd., Upfield, Follow Your Heart, Puris Foods, The Gardener Cheese Company, Inc. and Simply V.
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendation
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Plant Based Food 2.0_How novel technologies are disrupting the plant based food industry
3.1. Plant-Based Trend on Rise
3.2. Health Being an Important Quotient Leading to Veganism
3.3. Understanding Consumer Perceptions
3.4. Alternative Proteins: Not A New Idea
3.5. Not All Alternatives Are Created Equal
- Plant Based Cheese- Recent Developments
4.1. Plant Based Cheese- Recent Developments
- Global Plant Based Cheese Demand Analysis 2015-2019 and Forecast, 2020-2030
5.1. Historical Market Volume (Mn Units) Analysis, 2015-2019
5.2. Current and Future Market Volume (Mn Units) Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
- Global Plant Based Cheese Market – Pricing Analysis
6.1. Pricing Break-up
6.1.1. Manufacturer Level Pricing
6.1.2. Distributor Level Pricing
6.1.3. Retail Level Pricing
- Market Dynamics
7.1. Plant-based Cheese Market Drivers
7.2. Plant-based Cheese Market Restraints
7.3. Plant-based Cheese Market Opportunities
7.4. Plant-based Cheese Market Trends
7.5. Macro-economic Factors
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