North America Vegan Cheese Market is expected at USD 0.6 billion in 2021 and is anticipated to extent an over of USD 1.4 billion by the end of the assessment period. The North America Vegan Cheese Market is likely to knowledge reasonable growth highest of a CAGR of 8.2% through the estimate period (2022 - 2027).
Vegan cheeses range from fresh and soft cheeses to grated, cured and cultured hard cheeses such as vegetable Parmesan. The important characteristic of vegan cheese is the elimination of all animal products. Vegan cheese can be complete with mechanisms resulting from vegetables, such as milks (plant milks), fats and proteins. It can also be made from seeds, such as walnuts, sunflower, sesame, and soy, the other components are spices, potatoes, rice, tapioca, nutritional yeast, and coconut oil.
Recent Developments
The Very Good Food Company Inc. has announce that it has accomplished the acquisition of The Cultured Nut Inc., a popular producer of artisanal vegan cheese on the west coast of Canada, with current distribution of sales to various grocery store retailers and online, including some whole food stores. Cultured Nut is a plant-based cheese company that offers several innovative products to the market, including plant-based block cheeses, cream cheese and butter, as well as many products in development.
Market Drivers and Restraints:
Vegan cheese is increasingly used in baked goods, vegan snacks, and fast food items like pizza and hamburgers because it does not contain cholesterol. Herbal alternatives are no longer considered niche items that require limited storage space. Also, a healthy plant-based diet can be cheaper than an omnivorous diet. Another encouraging factor is customer health awareness, which drives sales of plant-based foods. Historically, the health and wellness industry has performed well and health-related spending has increased significantly. Increased customer perception of lactose intolerance is one of the main drivers of the vegan cheese market. As a result, vegan cheese, vegan meat, and vegan yogurt are becoming more common among consumers. According to a 2018 National Library of Medicine report, about 65% of the human population has difficulty digesting lactose after infancy. The change in lifestyle, coupled with the high spending on income from high-quality products, has contributed to a change in the eating habits of consumers and has made many desserts and flavors available to consumers. Plant-based cheese is gaining popularity in bakeries and fast food outlets. Fast food restaurants like McDonald's have also started selling plant-based fast food, such as plant-based burgers and fries, to take advantage of the growing demand for plant-based cheese.
Market Segmentation:
By Source
The almond milk segment dominated the vegan cheese market in North America in 2019. Almond milk cheese is one of the most widely used sources for making vegan cheese. Almond milk naturally contains a higher fat content, which gives the cheese a smoother texture without an astringent taste.
By Application
Product Type
Impact of COVID-19 on North America Vegan Cheese Market
Companies in the North American vegan cheese market are seizing this opportunity as more and more consumers have become health conscious and aim to improve their immune power. Consumers are turning to herbal products to reduce the incidence of possible allergies and eczema. Growing awareness of the immune properties of plant-based cheese is likely to keep the market going.
Regional Analysis:
Assessing the growth of the vegan cheese market in North America involves assessing Canada and the United States. US vegan cheese market is dominating with the largest shares. Vegan cheese is a plant-based alternative to cheese made from dairy products. Composed of ingredients such as coconut milk, almonds and cashews, among others, it is used in the same way as dairy cheese. Parmesan cheese, mozzarella, ricotta, cheddar and other products available and made with vegan ingredients are used in vegan diet preparations such as vegan pizza and vegan burgers. Followed by US, Canada vegan cheese market is leading with the prominent shares. Although meat has traditionally been viewed as a crucial part of Canada's diet, citizens of the country are becoming increasingly aware of nutritional choices and meat consumption. In 2020, around 40% of consumers in a Canadian survey said they were ready to minimize their meat consumption, while around 9% intended to do the same. Additionally, Canada is home to nearly 2.3 million vegetarians, as well as 850,000 vegans, the majority located in British Columbia. As a result, these factors are expected to drive the growth of the North American vegan cheese market during the forecast period.
Leading Company
Daiya foods Inc. had the largest share of the North America Vegan Cheese Market in terms of sales revenue in 2021.
Key Players
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