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Pulished Date April, 2021
ID: 8891
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Vegan Cheese Market by Source (Soy Milk, Almond Milk, Coconut Milk, and Rice Milk), Application (Snacks, Dips & Sauces, And Bakery & Confectionery), Product Type (Mozzarella, Parmesan, Cheddar, Cream Cheese) and Region Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 – 2026

Pulished: April, 2021
ID: 8891
Pages: 175

Vegan Cheese Market Growth and Forecast (2021-2026):

Vegan Cheese Market Size was valued at USD 2.15 billion in 2021 and is projected to expand at a CAGR of about 9% between 2021 and 2026.

Vegan cheese is completely plant-based and is considered a rich source of soy protein. Because it does not contain cholesterol, vegan cheese is increasingly used in baked goods, vegan snacks, and fast food items such as pizzas, hamburgers, and the like. A key point to keep in mind here is that vegan cheese is made from coconut oil, soy milk, and plant-based milk extracted from nuts like almonds, pine nuts, and cashews. Growing health awareness among consumers is likely to drive vegan cheese sales for years to come.

Market Overview:

Vegan cheese belongs to the cheese variants produced from non-dairy, plant-based and others. It is available in various forms like soft, hard and matured like herbal parmesan. The absence of animal products is a notable aspect of this vegan cheese. It can be made from a variety of proteins and vegetable fats. As with vegetable milk, vegan cheese can be made from seeds, such as sesame and sunflower, walnuts, cashews, pine nuts and almonds, and soy, peanuts, coconut oil, nutritional yeast, tapioca and rice, among other ingredients. Vegan cheese is cholesterol-free and can be a good source of protein.

Recent Developments in Vegan Cheese Industry:

  • Burger King, one of the largest fast-food chains in the United States, introduced a meatless version of its signature burger. Burger King partnered with Impossible Food, a vegan start-up to deliver the new burger. The vegan start-up has also partnered with White Castle and Red Robin. Additionally, Impossible Food is expected to launch its line of vegan products in supermarkets this year.
  • The Canadian Food Inspection Agency (CFIA) has ordered Blue Hero Creamery, a Vancouver-based vegan cheese shop, to stop labeling its products like cheese. The CFIA found the description misleading for consumers. The CFIA subsequently canceled the rejection.
  • In October 2019, Upfield, owner of the Flora, Stork and I Can't Believe It's Not Butter brands, is planning for the acquisition of Violife Foods for € 500 million (£ 449 million), to take advantage of growing consumer demand global non-dairy products. The former Unilever, now owned by private equity firm KKR since late 2017, is the top bidder among several companies to take over the vegan cheesemaker, as first reported.
  • The Canadian manufacturer and distributor of plant-based food products will be acquired by the Japanese company Otsuka Pharmaceutical Co. Ltd., a wholly-owned subsidiary of Japan-based Otsuka Holdings Co. Ltd. In a statement, the companies say the Cdn $ 405 million acquisition "should help increase Daiya's presence in North America and beyond, while creating a global factory-based platform."

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 – 2026

Base Year

2020

Forecast Period

2021 - 2026

CAGR

9%

Segments Covered

By Source, Application, Product Type and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Daiya Foods Inc, Galaxy Nutritional Foods Inc, Violife Foods, Kite Hill Cheese, Tofutti Brands Inc, Bute Island Foods Ltd, Follow Your Heart, Uhrenholt A / S, Angel Food, Miyoko's Kitchen, Punk Rawk Labs, Vtopian Artisan Cheeses and Others.

Market Drivers and restraints:

The global vegan cheese market is expected to continue its upward trend as demand for plant-based products increases. The increasing prevalence of lactose intolerance is becoming a vital factor that stimulates the growth of the vegan cheese market. Veganism, once considered a fad, is beginning to spread, with the millennial generation driving the trend. The growing concerns about animal welfare and the increased awareness of sustainability offered by the vegan food industry are the key factors contributing to the promotion of veganism. Furthermore, growing concerns about health problems associated with consuming dairy products are making consumers more likely to opt for vegan products. Recent research has suspected the use of antibiotics, hormones, and allergens in livestock to increase livestock production, creating a negative outlook for the dairy industry.

Furthermore, the growing awareness of environmental contamination caused by dairy practices is leading to a transition towards dairy alternatives. Many leading players operating in the food and beverage market are embarking on the making of vegan products to expand on the growing popularity of veganism worldwide. The approval of vegan products and the launch of several new channels by celebrities and sports figures are also driving demand for vegan products worldwide.

The increasing popularity of veganism has led food manufacturing units to incorporate the dairy-free alternative into the production of different food products. Vegan cheese is widely adopted in bakeries and fast foods. To capitalize on the growing demand for vegan cheese, major fast-food companies like Domino's and MacDonald's have already started serving vegan burgers, pizza and other vegan fast food products. Additionally, an increasing number of supermarkets and retail stores are beginning to sell different varieties of vegan cheeses. The availability of vegan cheese in different flavors such as caramel, cranberry, blueberry, and many others offer consumers the opportunity to discover new tastes.

In addition to that, vegan cheese is cholesterol-free and a great source of protein, making it a healthy alternative for the obese and lactose intolerant population. The market is gradually gaining insight as manufacturers focus on improving the texture and mouthfeel of vegan cheese to resemble the qualities of its dairy counterpart. However, the lack of awareness of most consumers about the harmful effects of meat products can hamper the market.

Veganism is starting to spread worldwide with millennials leading the way. The growing concern for animal welfare and the increased awareness of sustainability offered by the vegan food industry are the key factors contributing to the promotion of veganism. Additionally, growing concerns about dairy-related health issues are additional incentives for consumers to switch to vegan products. Vegan cheese is widely adopted in bakeries and fast food outlets. To take advantage of the growing demand for vegan cheese, major fast food companies such as Domino's and MacDonald's have already started serving vegan burgers, pizzas and other fast food products. Additionally, a growing number of supermarkets and retail stores are starting to sell different varieties of vegan cheeses.

Vegan Cheese Market Segmentation Analysis:

By Source

  • Soy Milk
  • Almond Milk
  • Coconut Milk
  • Rice Milk

By Application

  • Snacks
  • Dips & Sauces
  • Bakery & Confectionery

By Product Type

  • Mozzarella
  • Parmesan
  • Cheddar
  • Cream Cheese

Regional Analysis:

On the basis of the geographical segmentation, the global Vegan Cheese Market is segmented into different regions: North America (U.S. and Canada), Europe (U.K., France, Germany and Rest of Europe), Asia Pacific (Japan, China, India and Rest of APAC), Latin America (Brazil, Mexico and Rest of Latin America), and Middle-East & Africa (GCC and Rest of MEA).

Among all the regions, North America is expected to remain at the forefront of the growth of the vegan cheese market due to the availability of advanced manufacturing and production facilities in the region. Vegan cheese sales in the area will continue to grow due to the burgeoning demand for healthy and ready-to-eat snacks. Nearly 40% of market growth will come from North America during the forecast period. The United States is an important market for vegan cheese in North America. Market growth in this region will be faster than market growth in the other areas.

Asia-Pacific is anticipated to grow at a significant growth during the projection period owing to the high lactose intolerant population is present also the growing awareness among the consumers concerning the unmatched benefits offered by plant-based dairy products driving the growth of non-dairy cheese market in the region. Furthermore, sales of vegan cheeses are anticipated to grow similarly in Western Europe, and the area is supposed to gain a substantial share of the market for the foreseeable future. An increase in disposable income and growing health awareness should guide the expansion of the vegan cheese market in the APEJ and MEA regions.

Impact of COVID-19 on Vegan Cheese Market

Uncertainty about employment increases, with the likelihood that a point of sale was employed at the closing store. Outlets that will continue to exist will do so with significantly less seating capacity and reduced overall demand due to public perception and reduced unjustified departures, further impacting the number of employees needed. The return of migrant labor to their country of origin will also affect the availability of skilled labor and there may be a shortage of people who are well adjusted to the limited jobs available. It will be a two-sided problem for both operators and F&B employees. As per the industry experts, this phase is survival of the fittest. So while many operations will deteriorate, some will merge with larger companies. Today, as the entire nation grapples with the problem of a global recession, all sectors are in an unprecedented situation where they are forced to make difficult decisions that could have colossal tax effects on their businesses. By being forced to endure this challenge, the F&B sector does so for the benefit of the entire community, although it will take some time to recover from losses incurred during the closing phase. While the strong performance in the last quarter will be austere, expectations for a strong rebound in the days after the close are not predictable and will be a daunting task. The road to profitability will not be easy and companies will need to adopt innovative and more efficient methods of doing business and creating new sources of income to maintain their presence in the market.

Leading Company

Daiya Foods Inc. had the largest share of the Vegan Cheese Market in terms of sales and revenue in 2019.

 

Key players in the market:

Major players in the Global Vegan Cheese Market are

  • Daiya Foods Inc
  • Galaxy Nutritional Foods Inc
  • Violife Foods
  • Kite Hill Cheese
  • Tofutti Brands Inc
  • Bute Island Foods Ltd
  • Follow Your Heart
  • Uhrenholt A / S
  • Angel Food
  • Miyoko's Kitchen
  • Punk Rawk Labs
  • Vtopian Artisan Cheeses

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                           

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Research Phases                      

                                2.2.1 Secondary Research            

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modeling     

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                             

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 Source                          

                                5.1.1 Introduction           

                                5.1.2 Soy Milk   

                                5.1.3 Almond Milk           

                                5.1.4 Coconut Milk          

                                5.1.5 Rice Milk  

                                5.1.6 Y-o-Y Growth Analysis, By Source

                                5.1.7 Market Attractiveness Analysis, By Source               

                                5.1.8 Market Share Analysis, By Source

                5.2 Application                 

                                5.2.1 Introduction           

                                5.2.2 Snacks      

                                5.2.3 Dips & Sauces        

                                5.2.4 Bakery & Confectionery    

                                5.2.5 Y-o-Y Growth Analysis, By Application         

                                5.2.6 Market Attractiveness Analysis, By Application        

                                5.2.7 Market Share Analysis, By Application         

                5.3 Product Type                             

                                5.3.1 Introduction           

                                5.3.2 Mozzarella              

                                5.3.3 Parmesan

                                5.3.4 Cheddar   

                                5.3.5 Cream Cheese      

                                5.3.6 Y-o-Y Growth Analysis, By Product Type     

                                5.3.7 Market Attractiveness Analysis, By Product Type   

                                5.3.8 Market Share Analysis, By Product Type    

6. Geographical Analysis                                              

                6.1 Introduction                              

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Source

                                                6.1.3.3 By Application

                                                6.1.3.4 By Product Type

                                6.1.4 Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Source

                                                6.1.4.3 By Application

                                                6.1.4.4 By Product Type

                                6.1.5 Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Source

                                                6.1.5.3 By Application

                                                6.1.5.4 By Product Type

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy           

                                6.2.6 France      

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan        

                                6.3.5 Australia  

                                6.3.6 South Korea           

                6.5 Latin America                            

                                6.4.1 Introduction           

                                6.4.2 Brazil         

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America         

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa        

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leaders' Analysis                                        

                8.1 Daiya Foods Inc.                       

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Galaxy Nutritional Foods Inc.                              

                8.3 Violife Foods                              

                8.4 Kite Hill Cheese                        

                8.5 Tofutti Brands Inc.                   

                8.6 Bute Island Foods Ltd.                            

                8.7 Follow Your Heart                    

                8.8 Uhrenholt A/S                           

                8.9 Angel Food                 

                8.10 Miyoko's Kitchen                   

                8.11 Punk Rawk Labs                     

                8.12 Vtopian Artisan Cheeses                    

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, collaborations and Joint Ventures                          

                9.4 New Product Launches                          

10. Market Outlook and Investment Opportunities                                          

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The Segment-level analysis in terms of By Source, Application, Product Type and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

 

 

  1. Global Vegan Cheese Market By Region, From 2021-2026 ( USD Billion )
  2. Global Vegan Cheese Market By Source, From 2021-2026 ( USD Billion )
  3. Global Soy Milk Market By Region, From 2021-2026 ( USD Billion )
  4. Global Almond Milk Market By Region, From 2021-2026 ( USD Billion )
  5. Global Coconut Milk Market By Region, From 2021-2026 ( USD Billion )
  6. Global Rice Milk Market By Region, From 2021-2026 ( USD Billion )
  7. Global Vegan Cheese Market By Application, From 2021-2026 ( USD Billion )
  8. Global Snacks Market By Region, From 2021-2026 ( USD Billion )
  9. Global Dips & Sauces Market By Region, From 2021-2026 ( USD Billion )
  10. Global Bakery & Confectionery Market By Region, From 2021-2026 ( USD Billion )
  11. Global Vegan Cheese Market By Product Type, From 2021-2026 ( USD Billion )
  12. Global Mozzarella Market By Region, From 2021-2026 ( USD Billion )
  13. Global Parmesan Market By Region, From 2021-2026 ( USD Billion )
  14. Global Cheddar Market By Region, From 2021-2026 ( USD Billion )
  15. Global Cream Cheese Market By Region, From 2021-2026 ( USD Billion )

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