Plant-based Cheese Market Size & Growth Report to 2030

The global plant based cheese market size is estimated to register a significant CAGR of around 8% during the forecast period from 2023 to 2030. The growth of the market is driven by a convergence of factors that reflect the changing landscape of consumer preferences and dietary choices. Health consciousness stands out as a prominent driver, with an increasing number of individuals seeking to make healthier dietary choices. Traditional dairy cheese is often associated with elevated levels of saturated fat and cholesterol, prompting health-conscious consumers to turn to plant-based cheese as a more nutritionally favorable option.

The rise of veganism and vegetarianism is another influential factor. Ethical concerns, environmental consciousness, and personal beliefs have driven many to adopt these lifestyles, necessitating dairy-free alternatives like plant-based cheese. Additionally, the prevalence of lactose intolerance and dairy allergies further fuels the demand for these alternatives among individuals who would otherwise be unable to enjoy cheese. Furthermore, Sustainability concerns have also come to the forefront. Consumers are increasingly aware of the environmental impact of the dairy industry, leading them to choose plant-based cheese as a more ecologically responsible option.

Market Snapshot:

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Market Drivers:

Health Consciousness: A rising awareness of health and wellness has driven consumers to make more informed dietary choices. Traditional dairy cheese is often associated with higher levels of saturated fat and cholesterol, which can have adverse health effects. In response, consumers are turning to plant-based cheese as a healthier alternative that aligns with their desire for better nutrition.

Vegan and Vegetarian Trends: The global adoption of vegan and vegetarian lifestyles is a significant driver of the plant-based cheese market. Many individuals are choosing these diets for ethical reasons related to animal welfare, environmental concerns, and personal beliefs. As such, they seek dairy-free alternatives like plant-based cheese.

Lactose Intolerance and Allergies: A significant portion of the population is lactose intolerant or has dairy allergies. These conditions make traditional dairy cheese off-limits. Plant-based cheese offers a suitable solution, allowing those with dietary restrictions to enjoy cheese-like products without adverse reactions.

Sustainability Concerns: Environmental sustainability is a growing concern, with consumers increasingly aware of the environmental impact of the dairy industry. The dairy sector is associated with factors such as greenhouse gas emissions, land use, and water consumption. In response, consumers are choosing plant-based cheese as a more sustainable option.

Animal Welfare: Ethical concerns regarding the treatment of animals in the production of dairy products have prompted consumers to explore plant-based alternatives. Many individuals opt for plant-based cheese to support cruelty-free practices and reduce their contribution to animal exploitation.

Improved Taste and Texture: Advancements in food technology and research have led to significant improvements in the taste, texture, and meltability of plant-based cheese. These improvements have resulted in greater consumer acceptance, as plant-based options increasingly rival the sensory experience of traditional dairy cheese.

Wider Availability: Plant-based cheese products are now readily available in various retail outlets, including supermarkets, health food stores, and online retailers. This increased accessibility makes it easier for consumers to incorporate plant-based cheese into their diets.

Marketing Efforts: Effective marketing campaigns by plant-based cheese manufacturers have played a crucial role in raising awareness and creating a positive image for these products. Clever advertising and branding have captured the attention of consumers and encouraged them to try plant-based alternatives.

Market Insights:

The global plant based cheese market is bifurcated into source, form, end-user, distribution channel, and geography. on the basis of source, the soy-based cheese has traditionally held the position of the dominant segment in the market. This dominance is attributed to several key factors. Firstly, soy-based cheese has been available in the market for a substantial period, allowing it to establish a strong presence and gain consumer recognition. Its versatility is a standout feature, closely resembling the taste and texture of traditional dairy cheese. This adaptability has made it a popular choice for a wide range of culinary applications, from sandwiches to pizzas. Furthermore, soy-based cheese is known for its protein content, appealing to health-conscious consumers looking for plant-based protein sources. Its nutritional profile is often fortified with essential nutrients like calcium and vitamin D, mirroring that of dairy cheese. Widely accessible in mainstream supermarkets and health food stores, soy-based cheese products are readily available to a broad consumer base. Its excellent meltability and taste acceptance have further solidified its dominance.

Soy-Based Cheese: Soy-based cheese is crafted from soybeans and is one of the earliest and most prevalent sources for plant-based cheese. It’s known for its versatility and ability to mimic the texture and taste of dairy cheese. Soy-based cheese has gained popularity due to its protein content and suitability for various cheese types, from slices to shredded varieties. Its creamy texture makes it a preferred choice for melting applications in pizzas and sandwiches.

Coconut-Based Cheese: Coconut-based cheese is derived from coconut milk or cream and is recognized for its rich, tropical flavor. It’s often used in vegan and dairy-free cheese alternatives, offering a unique taste profile. Coconut-based cheese is celebrated for its creamy consistency and can be found in both soft and firm cheese varieties. Its coconut flavor can be a distinctive element in dishes, making it an excellent choice for those seeking a tropical twist.

Cashew-Based Cheese: Cashew-based cheese utilizes cashew nuts as a primary ingredient, providing a creamy and slightly nutty flavor profile. Cashews are soaked, blended, and fermented to create a cheese-like consistency. Cashew-based cheese is prized for its smooth texture and is often used in gourmet and artisanal plant-based cheeses. It’s appreciated for its versatility and the ability to create both savory and sweet cheese varieties.

Almond-Based Cheese: Almond-based cheese is produced from almond milk or almonds, resulting in a mild, nutty flavor. It’s a versatile source for crafting various types of plant-based cheese. Almond-based cheese is characterized by its nutty undertones and is commonly used in slices, spreads, and cheese dips. Its mild flavor makes it suitable for a wide range of culinary applications.

Others: The “Others” category encompasses a diverse range of plant sources, such as oats, rice, hemp, and even vegetables like carrots and potatoes. These sources offer unique flavors and textures for crafting specialty plant-based cheeses. This category represents innovation and experimentation in the plant-based cheese market. Manufacturers use various sources to create unconventional cheese flavors and textures, catering to diverse consumer preferences.

The plant-based cheese market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Source:

• Soy
• Coconut
• Cashew
• Almond
• Others

By Form:

• Blocks & Wedges
• Slices
• Spreads
• Shreds

By End-User:

• Household
• HORECA
• Food Processing

By Distribution Channel:

• Hypermarkets / Supermarkets
• Departmental Stores
• Convenience Stores
• Specialty Stores
• Online Retailers
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, North America, notably the United States, dominated the global plant-based cheese market in the benchmark year 2022 and expected to grow at the same trend over the forecast period.This dominance could be attributed to a combination of factors. Firstly, North America has witnessed a surge in consumer awareness regarding health, sustainability, and ethical concerns associated with dairy products. This heightened awareness has spurred a robust demand for plant-based alternatives, including plant-based cheese, as consumers seek healthier, more sustainable, and cruelty-free options.

Additionally, the region boasts a diverse consumer base with varying dietary preferences, ranging from vegans and vegetarians to those with lactose intolerance or a desire for healthier alternatives. The availability of a wide range of innovative plant-based cheese products in North America, often driven by investments and effective marketing campaigns, has further propelled the market’s growth. Furthermore, the adoption of plant-based cheese by restaurants and foodservice establishments has helped mainstream these products, making them appealing to a broader audience.

Competitive Analysis:

Some of the major market players operating in the global plant-based cheese market are Daiya Foods, Tofurky, Kite Hill, Field Roast, Violife, and Follow Your Heart. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Recent Developments:

• In 2023, Violife launched a new range of vegan cheese spreads in the UK, available in three flavors: Original, Garlic & Herb, and Smoked Cheddar.
• In 223, Daiya Foods expanded its range of plant-based cheese slices to include a new flavor: Mozzarella & Cheddar Blend.
• In 2023, Kite Hill acquired by Kraft Heinz, giving the company a major boost in terms of distribution and marketing reach.
• In 2023, Miyoko’s Creamery launched a new line of vegan cream cheeses, available in four flavors: Original, Garlic & Herb, Chive & Onion, and Smoked.
• In 2023, Parmela Creamery secured $10 million in funding to expand its production capacity and launch new products.
• In 2023, Follow Your Heart launched a new line of vegan cheese shreds made with organic ingredients and no added gums or oils.

Key Companies:

• Daiya Foods
• Tofurky
• Kite Hill
• Field Roast
• Violife
• Follow Your Heart
• Miyoko’s Creamery
• Go Veggie
• Parmela Creamery
• So Delicious Dairy Free
• Nush Foods

Key Questions Answered by Plant-based Cheese Market Report

• Global plant-based cheese market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Plant-based cheese submarket forecasts from 2023-2030 covering the market by source, from, end-user, distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level plant-based cheese markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market