Vegan Cheese Market Growth & Trends
The global vegan cheese market size is expected to reach USD 5.64 billion by 2028, registering a CAGR of 12.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing acceptance of veganism among the consumers, especially among the millennials, has been fueling the market growth. Growing awareness about animal cruelty and the negative impacts on the environment caused by the dairy industry has encouraged consumers to opt for plant-based products.
The mozzarella product segment held the largest revenue share in 2020 and is expected to maintain its dominance over the forecast period. Mozzarella is widely used in Italian dishes, such as pasta, pizzas, croquettes, and Caprese salad, and is available in the form of slices, cubes, shredded, and spreads. The demand for mozzarella is significantly high in countries where Italian cuisine is popular. The cashew milk source segment contributed to the largest revenue share in 2020 and will expand further at a steady CAGR from 2021 to 2028.
Cashew-based cheese contains vitamins B2 & B12 and low fat. This makes it favorable among health-conscious consumers across the globe. In addition, gluten- and cholesterol-free cashew products are also gaining traction owing to their health benefits. The household segment led the market and accounted for the maximum share of the global revenue in 2020. Increased consumer disposable income and willingness to spend on premium products have led to a rise in demand for plant-based cheese in the household segment.
The market has a large number of regional as well as international players. Most of the manufacturing companies have been launching new products owing to the rising demand for vegan products from vegetarian, vegan, and health-conscious consumers.
Vegan Cheese Market Report Highlights
- Asia Pacific is expected to be the fastest-growing regional market at a CAGR of more than 13.5% from 2021 to 2028. The growing demand for plant-based bakery and confectionery products in the Asia Pacific region is expected to fuel product sales in the upcoming years
- The ricotta product segment is projected to register the fastest CAGR of over 13.5% from 2021 to 2028. The growing application of the product in Italian dishes, such as manicotti, lasagna, roll-up, high tea, and ravioli has been fueling the demand for ricotta
- The soy milk source segment is projected to register the fastest CAGR of over 12% from 2021 to 2028. It is a low-cost substitute for dairy and has a complete balance of desirable fatty acids and amino acids
- The foodservice end-use segment is expected to register the fastest growth rate during forecast years