DUBLIN–(BUSINESS WIRE)–The “Vegan Cheese Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type; Form; Source; and Distribution Channel, and Geography” report has been added to ResearchAndMarkets.com’s offering.
According to this report the market is accounted for US$ 2,705.00 million in 2019 and is expected to grow at CAGR of 7.1% during the forecast period 2020 – 2027, to account for US$ 4,651.68 million by 2027. The report highlights key factors driving the market growth and the prominent players along with their developments in the market.
Vegan cheese is prepared using plant-based ingredients instead of the traditional animal-based products. Vegan cheese is rich in proteins, calcium, vitamins, and has a high nutritional profile. There has been an increasing demand for vegan cheese owing to the change in eating patterns of the consumers all over the world. The low cholesterol level of the vegan cheese has been the prime factor that helps in the prevention of cardiovascular disease. Development in new products like microorganism-cultured vegan cheese is expected to provide lucrative opportunities to the vegan cheese market in the coming years. Based on source, the vegan cheese market is categorized into almond milk, soy milk, coconut milk, cashew milk, and others. In 2019, the almond milk segment dominated the market by accounting for major share of the total market share. The almond milk base is highly in demand as the consumers believe that it is healthier as it contains higher concentration of nutritional compounds. Scientific studies have shown that almond milk consumption is known to reduce the risk of cardiovascular diseases and hence has been recommended by consumers globally. Thus the high nutritional profile of almond milk has been one of the major contributing factors for its source base in the vegan cheese production.
Lactose intolerance is the consumer’s incapacity to digest significant amounts of lactose present in milk and milk products. The demand for lactose-free food products such as vegan cheese is driven by increased incidences of food allergies and intolerances. Consumers with lactose intolerance fail to break down all the lactose into its absorbable components, glucose, and simple sugars galactose. Instead, the lactose particles pass through the gastrointestinal tract intact and cause intolerance symptoms. These symptoms include abdominal pain, cramping, bloating, gas (flatulence), and diarrhea gurgling sounds in the digestive system, borborygmi. The North American region has experienced a rising amount of lactose intolerance that has favored the rise and expansion of the vegan cheese market and has been estimated to grow in the coming years.
The COVID-19 outbreak has affected economies and industries in various countries due to government-imposed, as well as self-imposed lockdowns, travel bans, and business shutdowns. Food processing is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The global market breakdown due to COVID-19 spread is also affecting the growth of the market for vegan cheese applications.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies.
- Features key findings and crucial progressive industry trends in the global vegan cheese market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
- Health benefits associated with vegan cheese
- Rising cases of lactose intolerance among the consumers to boost the vegan cheese market
- Higher preference for dairy cheese as compared to vegan cheese
- Increasing demand from the Asia Pacific region
- Introduction of cell-based vegan cheese
- Daiya Foods Inc.
- Field Roast
- Follow Your Heart
- Galaxy Nutritional Foods, Inc.
- Good Planet Foods
- Kite Hill
- Miyoko’s Creamery
- Nush Foods
- Uprise Foods LLC
For more information about this report visit https://www.researchandmarkets.com/r/t9hbqp
Laura Wood, Senior Press Manager
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