The global plant based cheese market will thrive at an impressive 9% CAGR during 2019 – 2027, as projected by a new Fact.MR report. Key players in the plant based cheese market are seeking to leverage the recent legal definitions of plant based foods to set category benchmarks, particularly in emerging countries.
“The endorsement of plant-based dairy products by major celebrities is creating opportunities for the plant-based cheese market. Support from key health organizations is also generating demand for plant-based cheese,” says the Fact.MR report.
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Plant Based Cheese Market: Key Findings
- Rising sales of plant based cheeses will account for a CAGR of over 10% for e-commerce channels through the forecast period.
- Plant based cheeses will primarily be distributed through indirect channels, third parties, and affiliates, even as direct sales fall behind.
- Developed regional markets such as North America continue to be at the forefront of demand, driven by retail sales activity.
- Capturing a substantial volume share in the market, Asia Pacific is projected to display highly lucrative opportunities.
Plant Based Cheese Market: Key Driving Factors
- An upward trend in veganism and healthy eating habits are key drivers supporting the rise of the plant based cheese market.
- Rising consumer demand for low-sugar, low-fat, lactose free foods is a key driver of market growth.
- Regulatory bodies such as the FDA are recommending the consumption of plant based cheese, bolstering market growth.
- Rising adoption of plant based fast food options by major brands is anticipated to sustain global sales.
Plant Based Cheese Market: Key Restraints
- Deficiencies of nutrients and relevant side effects associated with consumption of only plant based cheese will remain a key constraint.
- High consumer preference for conventional cheese options continues to hamper market growth.
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Manufacturers are leveraging high growth potential of plant based cheese market by investing in strategic product development endeavours. Industry heavyweights are targeting nominal pricing levels, to meet the global demand, largely coming from the millennial consumer demographic. Prominent companies operating in plant based cheese market include, but are not limited to, Daiya Foods Inc., Field Roast Grain Meat Co. Inc., Follow Your Heart, and Galaxy Nutritional Foods Inc.
About the Report
This 170-page study offers detailed market forecast on the plant based cheese market. The key categories covered in the report include source (soy, coconut, cashew, almond, and others), form (blocks & wedges, slices, spreads, and shreds), buyer type (household, HORECA, and food processing), and sales channel (retail sales and direct sales). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 5 key regions.