Vegan Cheese Market Size, Share & Trends Analysis Report By Product (Mozzarella, Ricotta), By Source (Soy Milk, Cashew Milk), By End Use (Household, Foodservice), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global vegan cheese market size was valued at USD 2.22 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028. Increasing acceptance of veganism, especially among millennials, has been fueling the market growth. Growing awareness about animal cruelty and the negative impacts on the environment caused by the dairy industry has encouraged consumers to opt for plant-based products. The COVID-19 pandemic has offered some respite to the market as people around the world have taken an unprecedented interest in cooking at home. Hence, the demand for vegan food products has significantly increased during this period. For instance, the plant-based food trade in the U.S. reached USD 7.0 billion in 2020, increasing from USD 5.0 billion in 2019. This scenario is likely to keep the market prospects upbeat.

Shifting consumer food preferences and evolving trends in the food & beverage industry are driving the demand for vegan cheese across the globe. The rising cases of lactose intolerance and other food-related allergies among children and adults have changed the food preferences of consumers in recent years. According to the data provided by the Food Intolerance Network, in 2019, around 70% of the population of the world suffered from lactose intolerance.

The inclination toward veganism and vegetarian diet among millennials is expected to boost the industry in the Hotel/Restaurant/Café (HoReCa) sector. For instance, in 2017, in Saudi Arabia vegan restaurants were established across the region for promoting a healthy lifestyle.

In addition, growing awareness regarding animal cruelty and global concerns about carbon footprint due to the animal-based diet has encouraged consumers to opt for plant-based products. Furthermore, apart from meat, the vegan population avoids all types of animal-derived products, including cheese, milk, cream, yogurt, and even honey, which will support the market growth.

Product Insights

The mozzarella product segment held the largest revenue share of over 34% in 2020 and is expected to maintain dominance over the forecast period. Mozzarella is widely used in Italian dishes, such as pasta, pizzas, croquettes, and Caprese salad, and is available in the form of slices, cubes, shredded, and spreads. The demand for mozzarella is significantly high in countries where Italian cuisine is popular.

On the other hand, the ricotta cheese segment is projected to register the fastest CAGR of more than 13.5% during the forecast period. The growing application scope of this product in Italian dishes, such as manicotti, lasagna, roll-up, high tea, and ravioli, has been fueling its demand, thereby augmenting the segment growth.

Source Insights

The cashew milk source segment held the largest market share of more than 37.5% in 2020 and is expected to maintain its dominant position throughout the forecast period. Cashew-based vegan cheese contains vitamins B2 & B12 and low fat. This makes it favorable among health-conscious consumers all over the world. Furthermore, gluten-free, and cholesterol-free cashew products are also gaining traction owing to their health benefits.

On the other hand, the soy milk source segment is projected to register the fastest CAGR of more than 12.5% from 2021 to 2028. Soy milk is a low-cost substitute for dairy and has a complete balance of desirable fatty acids and amino acids. Therefore, it is a cost-effective solution for large-scale vegan cheese producers. In addition, soy-based vegan cheese is gaining traction among consumers as it is easy to melt.

End-use Insights

The household end-use segment led the global market in 2020 and accounted for the largest revenue share of more than 50.0%. Factors, such as increased consumer disposable income levels and willingness to spend on premium products, have led to a rise in demand for plant-based cheese in the household segment. In addition, easy product availability in supermarkets and convenience stores has boosted the growth of this segment.

The foodservice end-use segment is expected to register the fastest growth rate of more than 12.5% during forecast years. Several restaurants, fast food chains, and casual dining venues have been incorporating plant-based foods and drinks in their menus on account of the rising popularity of flexitarian and vegan diets.

Regional Insights

Europe accounted for the largest revenue share of more than 39% in 2020 and will retain the leading position throughout the forecast years. Consumers in the region are increasingly opting for more eco-friendly and vegan products owing to the rising awareness about animal cruelty and growing carbon footprint due to the consumption of food products obtained from animals like milk, honey, eggs, meat, pork, and seafood.

On the other hand, Asia Pacific is estimated to be the fastest-growing regional market at a CAGR of more than 13% from 2021 to 2028. The growing demand for plant-based bakery and confectionery products in the Asia Pacific region is expected to fuel the sales of vegan cheese. China, Japan, and Australia are the key contributors to the growth of the Asia Pacific market.

Key Companies & Market Share Insights

The global market has a large number of regional and international players. Key manufacturing companies have been launching new products owing to the rising demand for vegan products. For instance, in July 2020, Treeline Cheese launched a line of plant-based cream cheeses that are made using cultured cashew nuts and various other plant-based ingredients. The cheese is available in three flavors including plain, chive & onion, and strawberry. Some of the key players operating in the global vegan cheese market include:

• Treeline Cheese

• Follow Your Heart

• Daiya Foods Inc.

• Kite Hill

• Violife

• Dr-Cow Tree Nut Cheese

• Tofutti Brands, Inc.

• Tyne Chease Limited

• Miyoko's Creamery

• Parmela Creamery

Vegan Cheese Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global vegan cheese market report on the basis of product, source, end-use, and region.

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Mozzarella

  • Cheddar

  • Parmesan

  • Ricotta

  • Cream Cheese

  • Others

• Source Outlook (Revenue, USD Million, 2016 - 2028)

  • Soy

  • Almond

  • Cashew

  • Coconut

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Household

  • Food Processing

  • Foodservice

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa