Market intelligence company Transparency Market Research has published a study forecasting a value of USD $2.5 billion for the vegan cheese industry by the end of this year. The global industry analysis and opportunity assessment projects a compound annual growth rate of 10%, which means it would reach USD $7Bn by 2030.
Studies have shown that for vegans, cheese is the most difficult food to give up. But since the coronavirus pandemic, consumer demand for plant-based alternatives has increased significantly, and vegan cheese has become a hot topic. Companies like Good Planet Foods are taking the initiative in meeting the demand, and non-vegan companies like Kraft-Heinz and Tesco are jumping onboard.
Among the most popular foods for all age groups, cheese has become a universal staple of the modern world. But as consumers continue to demand healthier and more environmentally sustainable alternatives to their favorite foods, the vegan cheese market is becoming increasingly competitive, and scalable.
So far, Europe and North America have the bulk of the vegan cheese market, while Latin America and Asia have the lowest percentage of offerings. How long the latter regions continue to lag behind remains to be seen, especially considering recent success in other plant-based departments. Vegan food companies such as OmniFoods and Notco have witnessed tremendous success in their respective markets, Asia and Latin America, with their plant-based pork and beef.
Cheese appears to be the next runner up in a booming consumer shift that is reaching all continents.