Global Vegan Cheese Market is Estimated to Reach $4,443 Million by 2025
Global vegan cheese market report published by Accurize Market Research forecast that the global market is expected to reach $4,443 Million by 2025; growing at a CAGR of 8.6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
The upsurge in awareness of lactose intolerant conditions across the globe to drive the growth of the market
Changing consumption pattern, an increasing number of vegan consumers and globalization, increasing dairy-alternative cheese market fuel the demand for the global vegan cheese market. Moreover, rising awareness of lactose intolerant conditions also boosts the growth of the market.
The global vegan cheese market has been bifurcated on the basis of source type, product type, distribution channel, and application. By source type, the market is further bifurcated into soy milk, almond milk, rice milk and other sources (Include coconut milk, peanut milk, hazelnut, and cashew). By product type, the market is segmented as mozzarella, parmesan, cheddar, cream cheese, and other product types. By distribution channel, the vegan cheese market has been categorized into large retail, small retail, specialty store, and online. By application, the market is segmented into fast food snack, dips & sauces, bakery & confectionery, and other applications.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in the U.S., Canada, and Mexico whereas Europe segment consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.
â€œSoy milk accounted for the largest market share in the source type segment", says Accurize
By source type, soy milk accounted for the largest market share in 2017 and is expected to continue its dominance during the forecast period 2017 â€“ 2025, owing to its benefits helpful in maintaining healthy bones, relieving menopausal symptoms, and preventing prostate, and colorectal cancer.
â€œMozzarella accounted for the largest market share in the product type segment", says Accurize
By product type segment, mozzarella accounted for the largest market share in 2017 and is expected to continue its dominance during the forecast period 2017 â€“ 2025, owing to high adoption in many fast food items such as pasta, pizza, salads, and many other.
â€œAsia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific dominated the global vegan cheese market with the largest market share of 41.9% and is expected to continue its dominance during the forecasted period, owing to changing consumption pattern, increasing disposable income, and increasing number of vegan consumers.
Top players in the market
The key market players include Vtopian Artisan Cheeses, Punk Rawk Labs, Uhrenholt A/S, Kite Hill, Miyokoâ€™s Kitchen, Dr. Cow Tree Nut Cheese, Heidi Ho., Parmela Creamery, TreelineTreenut Cheese, and Hochland Group among others.