Demand for Plant-Based Cheese Market is Estimated to Grow at a CAGR of Over 9% by 2027

Poised to surpass a valuation of over US$ 1,550 Mn by the end of the forecast period (2019-2027), plant-based cheese sales have witnessed a significant surge in the last few years. A spurt in the global vegan population has been increasing worldwide demand for plant-based cheese. Presently, more than 6% of the American population describes themselves as being vegan and recent trends indicate a possible increase in the number of people expressing their interest in vegan diets. Food companies are stepping up to the plate to create mouth-watering, dairy-free cheese that would take plant-based foods to the next level. Other aspects facilitating growth of the plant-based cheese market include changing consumer perception on the importance of health. With clean label trends taking industries by storm, consumers around the globe are also moving away from animal protein to plant-based protein sources. On this premise, the sales of plant-based cheese is projected to grow at an impressive CAGR of more than 9%.

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Key Takeaways from the Market Study

• By source, soy cheese to gain maximum traction, capturing 40% of global revenue
• HoReCa to be the fastest growing segment by buyer type, registering a CAGR of 13%
• Cashew cheese to account for a notable revenue share, accounting for over 35% revenue
• Indirect channels to remain primary source of plant based cheese sales, clocking a CAGR of 10%
• U.S to register an impressive growth rate, registering a CAGR worth 10% until 2031
• A CAGR worth 12% is expected for the plant based cheese market in the U.K
• China to emerge as the fastest growing market, registering 14% CAGR through 2031

 “Millennials and Generation Z are the primary consumers of plant-based cheese products, owing to their proclivity for experimenting with and trying out new foods. The availability of choices is a significant driver of the plant-based cheese market’s expansion,” says a Fact.MR Analyst.

Key Segments Covered

• Source

  • Soy Cheese
  • Coconut Cheese
  • Cashew Cheese
  • Almond Cheese
  • Other Plant Based Cheese

• Form

  • Plant Based Cheese Blocks & Wedges
  • Plant Based Cheese Slices
  • Plant Based Cheese Spreads
  • Plant Based Cheese Shreds

• Buyer Type

  • Plant Based Cheese for Households
  • Plant Based Cheese for HoReCa
  • Plant Based Cheese for Food Processors

• Sales Channel

  • Plant Based Cheese Retail Sales
    • Hypermarkets / Supermarkets
    • Departmental Stores
    • Convenience Stores
    • Specialty Stores
    • Online Retailers
  • Plant Based Cheese Direct Sales

Competitive Landscape

The growing demand for plant based foods is providing opportunities for both start-ups and established companies to develop new products to address market gaps. Plant based cheese manufacturers keep their prices low. The following are some significant developments in the market for plant based cheese:

• In October 2021, Daiya Foods Inc. unveiled a new foodservice website, designed to help operators meet growing consumer demand for plant based foods. This new online interface aims to expand the company’s visibility across college campuses, restaurants and healthcare facilities
• In July 2021, Violife Cheese, manufactured by Upfield Holdings B.V, has made its foray into the Middle Eastern market, following the introduction of the company’s Flora brand in 2020. The product is sold across the UAE, Saudi Arabia, Qatar, Oman and Bahrain