Vegan Cheese Market By Product Type (Mozzarella, Parmesan, Cheddar), By Source Type, By Form, By Distribution Channel , By Application (Baked Goods, Snacks And Ready Meals, And Others), and Region - Global Forecast to 2028

Global Vegan Cheese Market: Introduction

The global vegan cheese market is expected to value at nearly US$ 2.5 Bn in 2019 and is expected to register a CAGR of 7.3%.

Vegan cheese is a lactose-free product derived from non-dairy milk such as cashew milk, peanut milk, soy milk, etc. It is a plant-based cheese that has various health benefits. Vegan cheese is cholesterol-free and in the case of soy-derived vegan cheese, it can be a good source of soy protein.

The growing vegan population and increasing popularity of plant-based products among consumers are major factors driving the growth of the global vegan cheese market. In addition, increasing adoption of a healthy lifestyle and growing preference for a vegetarian diet, owing to rising health consciousness are also factors anticipated to support the growth of the global vegan cheese market to a certain extent.

Vegan cheese contains filer and less saturated fat. It is safe from food allergies and can be consumed by lactose-intolerant individuals. Moreover, it does not contain any hormones that are harmful to an individual’s health. Increasing adoption of vegan cheese as a healthy alternative to conventional cheese is expected to drive the growth of the target market during the forecast period. Vegan cheese is available in different flavors as it can be combined with different types of herbs, species, and vegetables to create a new flavor. This is a factor propelling the growth of the target market.

Global Vegan Cheese Market Analysis, by Product Type

Among the product type segments, the mozzarella segment is expected to account for a major revenue share and is expected to maintain its position over the forecast period.  The mozzarella segment is projected to register a CAGR of over 7.2%. The increasing use of mozzarella in various cuisines, owing to its stretchy and melty texture is a factor supporting the growth of this segment in the global vegan cheese market. The cheddar segment accounts for the second-highest share in terms of revenue in the global market.

Global Vegan Cheese Market Analysis, by Source Type

Among the source type segments, the soy milk segment accounts for a significant revenue share and is expected to maintain its dominance over the forecast period. The soy milk segment is expected to register a CAGR of over 7.1%. Soy milk contains less cholesterol, fats, and sodium, compared to conventional cheese and it also contains high amounts of protein, which is expected to support the revenue growth of this segment in the global market. The coconut milk segment is also anticipated to register the highest growth in terms of revenue in the near future.

Global Vegan Cheese Market Analysis, by Form

Among the form segments, the blocks and wedges segment is expected to account for a major share in terms of revenue and is expected to maintain its position over the forecast period. The backs and wedges segment is expected to register a CAGR of over 7.0% during the forecast period. Increasing demand for cheese in form of blocks and wedges among individuals is expected to support revenue growth of this segment in the target market. The slices segments are expected to account for a second-highest share in terms of revenue in the near future.

Global Vegan Cheese Market Analysis, by Distributional Channel

Among the distributional channel segments, the hypermarkets/supermarkets segment is expected to account for a major share in terms of revenue and is expected to register a CAGR of over 6.6% in the near future. Availability of various types of vegan cheese in different flavors, forms, and sizes, coupled with discount offers are factors expected to support the revenue growth of this segment in the target market. The convenience store segments are expected to account for a second-highest share in terms of revenue in the near future.

Global Vegan Cheese Market Analysis, by Application

Among the application segments, the snacks and ready meals segment is expected to account for a significant share in terms of revenue and is expected to maintain its position over the forecast period. The snacks and ready meals segment is expected to register a CAGR of over 7.3% during the forecast period. Increasing consumption of fast food and ready-to-eat food products is expected to support the revenue growth of this segment. The backed goods segments are expected to account for a second-highest share in terms of revenue in the near future.

Global Vegan Cheese Market Analysis, by Region

Currently, the market in North America accounts for a major share in terms of revenue and is expected to maintain its dominance over the forecast period. Increasing preference for vegan food products among the young population, coupled with changing lifestyles are major factors driving the growth of the vegan cheese market in North America.

The market in Europe accounts for the second-highest share in terms of revenue and is expected to register lucrative growth in the near future. Growing awareness regarding the advantages of vegan cheese among individuals is a major factor fueling the growth of the target market in this region. In addition, increasing demand for vegan cheese from street food vendors and food outlets, owing to the increasing inclination of consumers toward vegan cheese is another factor expected to fuel the growth of the vegan cheese market in Europe over the forecast period. Furthermore, the presence of prominent players and launches of new and innovative varieties of vegan cheese products by manufacturers are also factors supporting the growth of the target market in this region.

The market in Latin America is expected to register lucrative growth in terms of revenue over the forecast period, followed by Middle East & Africa.

Global Vegan Cheese Market Segmentation:

Global Vegan Cheese Market Segmentation, by Product Type:

• Mozzarella
• Parmesan
• Cheddar
• Others (Cream Cheese and Ricotta)

Global Vegan Cheese Market Segmentation, by Source Type:

• Almond Milk
• Soy Milk
• Coconut Milk
• Others (Cashew Milk, Peanut Milk, and Hazelnut)

Global Vegan Cheese Market Segmentation, by Form:

• Shreds
• Blocks and Wedges
• Slices

Global Vegan Cheese Market Segmentation, by Distribution Channel:

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Retail Stores
• Online Retailers

Global Vegan Cheese Market Segmentation, by Application:

• Baked Goods
• Snacks and Ready Meals
• Processed and Packed Foods
• Dairy and Desserts
• Others (Food Service (Hotels, Restaurant, Cafe, etc.) and Household)

Global Vegan Cheese Market Segmentation, by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa