Demand for Plant Based Cheese is Likely to Augment at a CAGR Value of 15.5% During Forecast Period 2021-2031

Plant-based cheese sales have shown a notable increase in recent years, with a forecasted value of about US$ 1,550 Mn by the conclusion of the forecast period (2019-2027). The demand for plant-based cheese has been growing due to an increase in the global vegan community. Currently, more than 6% of the American population considers themselves as vegan, and recent statistics show that the number of people interested in vegan diets may be increasing.

From 2021 to 2031, demand for plant-based cheese is expected to grow at a CAGR of 15.5 percent, indicating a fourfold rise. The market is expected to be worth US$ 924.4 million in 2021, rising to US$ 3.9 billion by 2031. Food firms are rising to the challenge of creating delectable dairy-free cheese that will elevate plant-based cuisine to new heights. Changes in consumer perceptions of the significance of health are also assisting the expansion of the plant-based cheese sector. Consumers all over the world are shifting away from animal protein and toward plant-based protein sources as clean label trends sweep the industry. The market for plant-based cheese is expected to expand at a CAGR of more than 9% based on this assumption.

Key Segments Covered

• Source

  • Soy Cheese
  • Coconut Cheese
  • Cashew Cheese
  • Almond Cheese
  • Other Plant Based Cheese

• Form

  • Plant Based Cheese Blocks & Wedges
  • Plant Based Cheese Slices
  • Plant Based Cheese Spreads
  • Plant Based Cheese Shreds

• Buyer Type

  • Plant Based Cheese for Households
  • Plant Based Cheese for HoReCa
  • Plant Based Cheese for Food Processors

• Sales Channel

  • Plant Based Cheese Retail Sales
    • Hypermarkets / Supermarkets
    • Departmental Stores
    • Convenience Stores
    • Specialty Stores
    • Online Retailers
  • Plant Based Cheese Direct Sales

Competitive Landscape

Growing demand for plant-based foods is allowing both start-ups and established corporations to develop new products to fill market shortages. Manufacturers of plant-based cheese keep their prices low. The following are some noteworthy advancements in the plant-based cheese market

• Daiya Cuisine Inc. introduced a new foodservice website in October 2021, with the goal of assisting operators in meeting rising consumer demand for plant-based foods. This new website intends to increase the company’s presence on college campuses, eateries, and healthcare institutions.

• Following the debut of the company’s Flora brand in 2020, Violife Cheese, manufactured by Upfield Holdings B.V, entered the Middle Eastern market in July 2021. The product is available in the United Arab Emirates, Saudi Arabia, Qatar, Oman, and Bahrain.

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