Plant-based Cheese Market - Global Outlook and Forecast 2019-2024: Millennial Population Driving the Global Shift
DUBLIN, Dec. 3, 2019 /PRNewswire/ -- The "Plant-based Cheese Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The plant-based cheese market is likely to grow at a CAGR of over 15% during the period 2018-2024
The increasing preference for vegan diets among consumers due to increasing concerns over animal rights and the environment is boosting the plant-based cheese market. The millennial population is the primary driver for the global shift from animal-based products to plant-based food products.
Renowned celebrities and world-class athletes, along with world-renowned companies such as Google, are moving toward the consumption of plant-based products. Lactose intolerance is widespread across the world, although the variation differs largely across regions. The high prevalence of lactose intolerance among the population is contributing to the adoption of non-dairy products as well as plant-based cheese. The plant-based cheese segment accounts for approximately 6% of the global non-dairy milk market North America accounted for the largest market, followed by Europe. APAC is expected to witness the fastest growth during the forecast period.
Plant-based Cheese Market Segmentation
This market research report includes detailed market segmentation by product types, form, source, distribution channels, and geography. The mozzarella cheese market comprised approximately 35% of the global plant-based cheese market in 2018. Given its high moisture content, mozzarella cheese is majorly used in pizzas, pasta dishes, and salads.
The consumption of non-dairy products, especially mozzarella in Europe, is expected to grow due to the increasing awareness related to health disorders such as cholesterol, chronic heart diseases, lactose intolerance, and concerns over animal rights and environmental issues. Innovations in texture and flavors are expected to drive the market during the forecast period.
North America accounts for the largest market for vegan parmesan cheese. The growing sale of non-dairy milk products in the UK region can be attributed to changing consumption patterns and the increasing number of flexitarians. The increasing emphasis on cleaner labeling such as organic, gluten-free, soy-free, non-GMO, and others is driving the cheddar cheese segment.
Vegan cheese shreds are highly popular plant-based alternatives. These products are widely available in supermarkets and online channels. The ease of availability and increasing product innovations in terms of varieties and flavors are expected to drive the market for this segment during the forecast period.
Blocks & wedges accounted for the largest segment for plant-based cheese market. They are widely available across supermarkets and hypermarkets and through online channels. Slices are the second most popular form in the market. They are primarily used in sandwiches. The trend of consuming plant-based foods and beverages is influenced by the informative millennials that are increasingly seeking organic and healthy products.
The soy cheese segment accounted for the largest share in 2018. Patients suffering from health issues such as diabetes, heart diseases, overweight, and cholesterol also prefer the consumption of soy cheese. Almond milk is a popular substitute for dairy-based milk. As the almond cheese does not contain cholesterol or lactose, it is highly popular among the lactose intolerant population, consumers suffering from lactose allergy and other health issues. With the rising health awareness among the millennials, the demand for nutritious premium products such as almond cheese is rising globally.
In terms of distribution, the global plant-based cheese market was dominated by supermarkets & hypermarkets in 2018. Consumers will always prefer retail sales through specialty stores because of the presence of all types of grocery products under one roof. Also, these stores serve as a one-stop destination for many other related foods and dairy goods. Further, buying goods from supermarkets & hypermarkets provides consumers with extra discounts and product-bundling offers. Retail supermarkets are increasingly incorporating vegan food and beverage products due to growing consumer demand.
However, increasing internet penetration is likely to change the purchasing behavior of consumers, especially for non-dairy products. The online channel is expected to be a game-changer for the distribution of plant-based cheese since the high penetration of smartphones and the internet across the world makes it easy for customers to shop from anywhere.
Key Vendor Analysis
The global plant-based cheese market is fragmented in which vendors are competing based on product quality, innovations, and competitive pricing. Thus, consumer choices and preferences differ across regions and keep changing in response to geographical, demographic, and social trends, and economic circumstances. Due to the highly competitive and volatile environment, the future market growth mainly depends on the ability to anticipate, gauge, and adapt to the constantly changing trends and successfully introduce new or improved products on time.
The introduction of innovative and proprietary products that cater to customer demands requires companies to devote significant efforts and resources. Research and development teams need to continuously analyze market trends and designs, develop, and manufacture new product categories and new products with distinctive features, flavor, taste, and texture. The ability of vendors to launch new and improved products depends on several factors, including technological advancements, packaging designs, and production innovations.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Increasing Vegan Population
8.1.2 High Prevalence of Lactose Intolerant Population
8.1.3 Availability of Different Cheese Varieties
8.1.4 Growing Health Conscious Population
8.2 Market Growth Restraints
8.2.1 Fluctuating Raw Materials Prices
8.2.2 Stringent Regulations
8.2.3 Threat from Traditional Cheese
8.3 Market Opportunities and Trends
8.3.1 Increasing Demand for Non-GMO Food Products
8.3.2 Growing Consumer Demand for Clean Label Products
8.3.3 Increasing Preference for Online Retailing
8.3.4 Increasing Investments in Plant-based Food Products
8.3.5 New Product Launches
9 Global Dairy Market
9.1 Market Overview
9.1.1 Market Size & Forecast
10 Global Non-Dairy Market
10.1 Market Overview
10.1.1 Market Size & Forecast
11 Global Plant-Based Cheese Market
11.1 Market Overview
11.2 Five Forces Analysis
12 By Product Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Mozzarella Cheese
12.4 Parmesan Cheese
12.5 Cheddar Cheese
12.6 Cream Cheese
12.7 Ricotta Cheese
12.8 Other Plant-Based Cheese
13 By Source
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Soy-based Cheese
13.4 Almond-based Cheese
13.5 Coconut-based Cheese
13.6 cashew-based Cheese
13.7 Other Plant-based Cheese Sources
14 By Form
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.4 Blocks And Wedges
15 By Distribution
15.1 Market Overview
16 By Geography
16.1 Market Snapshot & Growth Engine
- Competition Overview
- Market Strategy, Promotion, and Development
- Brand Image
- Online Presence
- Innovative Marketing Strategies
Key Company Profiles
- Kite Hill
- Bute Island Foods Ltd.
- Field Roast
- Daiya Foods
Other Prominent Vendors
- Lisanatti foods
- Dairy Free Down Under
- Angel Food
- Green vie Foods
- Koko Dairy Free
- Follow Your Heart
- Go Veggie
- Punk Rawk Labs
- Vermont Farmstead Cheese Company (VFCC)
- Kinda Co.
- Good Planet Foods
- Vtopian Artisan Cheeses
- Parmela Creamery
- Treeline Cheese
- New Roots
- Sister River
- Heidi Ho
- The Whitewave Foods Company
For more information about this report visit https://www.researchandmarkets.com/r/yewy82
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