The global vegan cheese market has seen remarkable growth in recent years, and is expected to grow at a CAGR of 10.48% between 2023 and 2028 to reach a total market value of $2.74 billion (€2.49 billion), a new report from Research and Markets has found.
The market for vegan cheese was valued at $1.36 billion (€1.24 billion) in 2021.
Growth in the market can be attributed to various factors, Research and Markets found, including the increasing popularity of veganism, dietary restrictions among health-conscious consumers, and concerns about the unhealthy aspects of animal-based products.
However, it added that one of the key factors driving the growth of the vegan cheese market is the increasing prevalence of lactose intolerance. According to the European Plant-Based Foods Association, about 70% of the world's population suffers from lactose intolerance, leading many individuals to shift to non-dairy products such as vegan cheese.
Plant-based diets are also becoming more environmentally friendly, and consumers are demanding more plant-based products at a rapid pace. This trend is resulting in vegan cheese becoming more popular in various parts of the world, with soy, almonds, vegetable oils, and numerous additional all-natural ingredients, such as peas or arrowroot, used in the production of vegan dairy alternatives.
Some recent key developments in the vegan cheese market include the launch of a range of vegan cheese products by Mumbai-based tech company Plan B Foods and the introduction of vegan cheese sandwiches by UK restaurant chain Pret A Manger.
In addition, in January of this year, discounter Aldi offered its broadest selection of vegan cheeses to date, capitalising on the 'Veganuary' trend
North America accounts for a significant share of the global vegan cheese market, with the United States expected to hold a substantial share of the market owing to the health consciousness among consumers coupled with the growing cases of lactose intolerance.
© 2023 European Supermarket Magazine – your source for the latest A-brand news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.