Poised to surpass a valuation of over US$ 1,550 Mn by the end of the forecast period (2019-2027), plant-based cheese sales have witnessed a significant surge in the last few years. A spurt in the global vegan population has been increasing worldwide demand for plant-based cheese. Presently, more than 6% of the American population describes themselves as being vegan and recent trends indicate a possible increase in the number of people expressing their interest in vegan diets. Food companies are stepping up to the plate to create mouth-watering, dairy-free cheese that would take plant-based foods to the next level. Other aspects facilitating growth of the plant-based cheese market include changing consumer perception on the importance of health. With clean label trends taking industries by storm, consumers around the globe are also moving away from animal protein to plant-based protein sources. On this premise, the market for plant-based cheese is projected to grow at an impressive CAGR of more than 9%.
The plant based cheese market report highlights the following players:
- Daiya Foods Inc.
- Follow Your Heart
- Lyrical Foods Inc.
- Lisanatti Foods Inc.
The plant based cheese market report examines the operating pattern of each player – new product launches, partnerships, and acquisitions – has been examined in detail.
Opportunities Abound for New Entrants with Improving Consumption Trends
The plant-based cheese market continues to observe an elevated degree of fragmentation given the nature of the product, with unorganized players maintaining their strong presence. The degree of fragmentation is higher because many developing Asia Pacific countries are among the leading plant-based cheese producers and consumers. The key factors that can be attributed to the growth of the unorganized sector in the plant-based cheese market are lax regulations, dominance over domestic supply chains and familiarity with local tastes and preferences.
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Fact.MR, in its new offering, provides an unbiased analysis of the global market for plant-based cheese, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for plant-based cheese based on source (soy, coconut, cashew, almond, others), form (blocks & wedges, slices, spreads, shreds), sales channel (retail sales (hypermarkets / supermarkets, departmental stores, convenience stores, specialty stores, online retailers), direct sales), end use (household, HoReCa, food processing) across several major regions.