Plant-based Cheese Market Report

Veganism's growing acceptance, particularly among millennials, has fuelled plant-based cheese market expansion. Consumers are increasingly turning to plant-based products as they become more aware of animal cruelty and the negative environmental impacts of the dairy industry. Shifting consumer dietary preferences and evolving food and beverage industry trends are boosting global demand for plant-based cheese. Consumer food choices have shifted in recent years as the prevalence of lactose intolerance and other food allergies among children and adults has increased. According to the WHO, diabetes is also a leading cause of blindness, heart disease, kidney difficulties, lower limb surgical excision, and other health concerns. As a result, an increasing number of consumers are opting for plant-based meals.

Cashew-based cheese is low in fat and high in vitamins B2 and B12. As a result, it is popular among health-conscious consumers all around the world. Furthermore, due to its health benefits, gluten-free and cholesterol-free cashew products are gaining popularity. Increasing consumer spending power and willingness to spend on premium products has resulted in an increase in household demand for plant-based cheese. The plant-based cheese market has many regional and international companies. Because of the increasing demand for plant-based products among vegetarian, vegan, and health-conscious consumers, the companies are launching various new products.

There are numerous plant-based cheese options available nowadays. Soy cheese, cashew cheese, almond cheese, and coconut cheese are among the most popular. Each type of cheese has a particular flavor and texture, making it excellent for a variety of culinary applications. Soy cheese, for example, is frequently used as a sandwich spread or in salads, but cashew cheese is frequently used as a topping for pizzas and other savory foods. Meanwhile, almond and coconut cheese are popular ingredients in baking and pastries. With so many exquisite possibilities, plant-based cheese is becoming increasingly popular among people seeking dairy-free alternatives.

Consumers are becoming more aware of the health risks linked with dairy consumption, which is leading to a shift towards plant-based products. Plant-based diets can assist in lowering blood pressure while also decreasing the risk of heart disease, stroke, prostate cancer, colorectal cancer, cholesterol, and premature death. Products like plant-based cheese are getting increasingly popular as consumers shift away from regular cheese. Several reasons are driving the demand for dairy-free products. When it comes to food, consumers are becoming increasingly conscious of ethical issues. Furthermore, the millennial vegan generation is the most dedicated, leading to a mindful and balanced way of living. The growing popularity of plant-based cheese in snack foods, followed by bakery and confectionery, is expected to drive demand for plant-based cheese.

• Nutrient-dense ingredients such as nuts, seeds, and legumes enhance nutritional value.
• Incorporation of fermentation techniques to improve texture and taste.
• Development of healthier versions with fat and calorie options.
• Use of biodegradable and recyclable packaging materials to attract environmentally conscious consumers.
• Clean-label products with fewer and recognizable ingredients.

Plant-based cheese is made with components derived from vegetables, such as proteins and lipids. The availability of a diverse range of fresh ingredients, as well as time and cost, are all challenges limiting the expansion of the plant-based cheese market. The lack of information about the benefits of plant-based cheese, as well as its high price, may hamper the plant-based cheese market growth. A lot of plant-based cheeses contain little or no protein, only fat and carbohydrate. Plant-based cheese, like vegan meat, convenience foods, and frozen meals, is classified as a highly processed product. Though highly processed plant-based cheese tastes great but has drawbacks, such as excessive fat, oil, and salt content, which can contribute to negative health effects in consumers. The majority of brands include a cashew base or nut flour for their plant-based cheese, and these are avoided by people who are allergic to nuts. Plant-based cheese costs more than normal cheese. Furthermore, it may not melt or stretch as effectively as regular cheese. Some people, however, dislike the taste of plant-based cheese. Therefore, these factors may hamper the plant-based cheese market’s expansion.

Producers of traditional dairy-based cheese are increasingly focusing on expanding their product offerings by introducing plant-based cheese. Companies across the world are now actively investing in the acquisition and development of new products and brands in order to meet the increasing consumer demand for plant-based products. Grounded Foods Co., a Los Angeles-based start-up established in 2019, makes nut-free plant-based cheese from hemp seeds and cauliflower. Vegan and keto-friendly products include Cheese-Free Cheese Sauce and Marinated Hemp Seed Goat Cheese. Bel Group, a French dairy firm, launched six new vegan slices of cheese in six flavors and two styles in April 2021. Danone's plant-based dairy-free brand, So Delicious Dairy Free, has expanded its product portfolio in Jan 2021, to include shredded and sliced cheeses, as well as creamy spreads.

Producers are expanding their research and development capabilities in order to improve the reliability, flavor, and fat-binding qualities of nut-based cheese. The plant-based cheese company GOOD PLANeT Foods rebranded its entire range in 2022 with new packaging and better products as it prepares to accelerate growth in the upcoming years. ALDI UK launched its first vegan cheese under the Plant Menu brand in 2022. The 200g Mature Cheddar block is prepared with coconut oil and is gluten and soy-free.

Europe will retain its dominance throughout the forecast period. Consumers in the region are increasingly looking for more eco-friendly and plant-based products as a result of rising awareness about animal cruelty and the growing carbon footprint caused by the use of animal-derived food products such as milk, honey, eggs, meat, pig, and seafood. Companies in the North American plant-based cheese market are capitalizing on an opportunity, that is; an increasing number of consumers becoming health-conscious and aim to boost their immunity. Consumers are leaning towards plant-based goods in order to lessen the incidence of allergies and eczema. Cashew, soy, and coconut are becoming popular plant-based cheese ingredients.

To fulfill the growing demand for nutritious plant-based cheese, companies in the North American vegan cheese market are expanding their production capacities in mozzarella-style shreds and tofu-based cheese slices. Asia Pacific is the fastest-growing regional market. The product's sales are likely to be boosted by the Asia Pacific region's increased demand for plant-based cheese for baking and confectionery products. China, Japan, and Australia are the major contributors to the Asia Pacific market's expansion. The plant-based cheese product's increasing use in Italian cuisines such as manicotti, lasagna, roll-up, high tea, and ravioli has increased demand for it.

The report provides a detailed overview of the plant-based cheese market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the plant-based cheese market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the plant-based cheese market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the plant-based cheese market. Some key countries and regions included in the plant-based cheese market report are as follows:

• Plant-based cheese market detailed segments and segment-wise market breakdown
• Plant-based cheese market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in plant-based cheese industry)
• Current, historical, and forthcoming 10 years market valuation in terms of plant-based cheese market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Plant-based cheese market demand analysis
• Plant-based cheese market pricing analysis over the forecast period (by key segment and by region)
• Plant-based cheese market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the plant-based cheese market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the plant-based cheese market
• Plant-based cheese market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on plant-based cheese market forecast by countries
• Mergers and acquisitions in the plant-based cheese market
• Essential information to enhance market position
• Robust research methodology