According to a new report the global vegan cheese market is set to grow by at least 10% reaching a yearly market value of 7 billion by 2030.
A large number of growth factors are driving the global vegan cheese market and, the growth would translate to a string of growth opportunities.
The market would chart a notable growth curve over the period 2020 to 2030.
Transparency Market Research notes, “Global Vegan Cheese Market will chart a Compound Annual Growth Rate of about 10% from 2020 to 2030. This will drive the market worth up to USD 7 billion (approximately) by the end of the stated period. It is a notable increase from 2020 worth of USD 2.5 billion.”
Key Findings of Global Vegan Cheese Market Study:
- Conventional segment is set to lead growth in the market over the forecast period
- Mozzarella Vegan Cheese will dominate the product-type segment in the market
- Block segment under the form category will contribute massively to growth
- Household will generate the largest demand in the end-user segment
For a detailed analysis of global vegan cheese market by product type, flavor, form, protein source, end-use, and sales channel, visit https://www.transparencymarketresearch.com/pressrelease/vegan-cheese-market.htm
Key Drivers of Growth in Global Vegan Cheese Market:
The host of trends and drivers that is underscoring growth in the global vegan cheese market has been identified b Transparency Market Research.
Some of the major factors identified are an increase in the number of new people on plant-based diets, who have gone vegan, and a growing trend of health and wellness.
A glimpse into these and other growth factors is provided below:
- The millennial populace is aware of its choices and this is leading to the consumption of healthy foods and beverages
- Products derived from animals are taking a backseat due to the rise in veganism across the globe
- Veganism is a result of an increase in awareness regarding animal cruelty and harm to the environment caused by meat processing and dairy industry
- Multi-national corporations such as Whole Foods and McDonald’s are incorporating vegan cheese and vegan cheese products in their offerings
Regional Analysis of Global Vegan Cheese Market:
- A sizeable share of the global vegan cheese market will be held by Europe
- Awareness regarding animal cruelty, growing number of vegans in the region are leading to this growth
- The region will chart a growth rate of 10.1%, compounded annually, over the forecast period
They analyzed global vegan cheese market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.
Competitive Landscape of Global Vegan Cheese Market:
The global vegan cheese market is a fragmented landscape with a decent number of players marking it with their presence.
Well known companies in the global vegan cheese market including Violife Foods, Daiya Foods, Tyne Chease Limited, Vtopian Artisan Cheese Company, Kite Hill, Miyoko’s Kitchen Company, Vermont Farmstead Company, Good Planet Foods, Follow Your Heart, Galaxy Nutritional Foods, Inc., Parmela Creamery, and Field Roast Grain Meat Co., among others, are all set for further growth.
Transparency Market Research has profiled these comprehensively, detailing out financial and company overviews, strategies deployed by various companies to stay ahead of the curve, and information regarding product launches and so on.
“Major growth strategies deployed by prominent players include forging key alliances to have a better grasp at the market share of certain regions. These include strategic mergers and acquisition, joint ventures, and synergistic collaborations and partnerships.” Said the report.
Large multinational corporations are eyeing smaller vegan cheese companies to tap into new regions and improve product diversity. Adverting and Marketing are gaining center stage for a number of vegan cheese companies.
With this nearly 5 billion dollar leap set to boost the dairy-free plant-based vegan cheese market, it’s no wonder traditional dairy is dying year by year according to organizations like the Dairy Farmers of America.
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