Increased preference for vegan foods to strengthen global market

Vegan Cheese Market

According to estimates put forward by Inkwood Research, the global vegan cheese market is expected to grow with a CAGR of 15.08% in terms of revenue during the forecast period 2021-2028.

“Browse through 67 market data tables and 53 figures spread across 203 pages, plus an in-depth TOC of Global Vegan Cheese Market Forecast 2021-2028.”

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Vegan cheese is a plant-based cheese substitute made from dairy products. Vegan cheese includes ingredients such as cashews, coconut milk, and almonds and is used similarly to dairy cheese. Mozzarella, parmesan, ricotta, cheddar and other products made with vegan ingredients are used in the preparation of dishes like vegan burger and vegan pizza.

Growing preference for vegan foods to fuel market growth
As vegan and vegetarian diets grow in popularity, consumers are increasingly demanding plant-based food options in restaurants and grocery stores. The growing inclination towards vegan and vegetarian foods has brought about a significant change in the food industry. According to the Plant Based Foods Association (PBFA), the value of the retail vegan food sector grew by 11.4% in 2020, reaching an incredible $5 billion. Switching to a vegan diet is credited with many factors. In this regard, the 2019 Global Vegan Survey revealed that more than 68% of participants switched to a vegan diet in order to take a stand against animal abuse and abuse.

Furthermore, they claimed that ethics and animal welfare concerns were their main reason for changing their diet.

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Cheese spreads are the fastest growing form
Cheese spread is mostly made from one or more cheeses and processed cheese, in addition to other ingredients such as spices and seasonings, fruits and vegetables. It is usually spread on food items like vegetables, crackers, bread and toast. Cream cheese is also called unaged fresh cheese. Developed primarily in the United States, cream cheese is also called soft cheese. Cream cheese and cream cheese spreads are similar in that they are used in virtually the same way and are of the same genre.

Asia-Pacific to dominate the global market by 2028
The growth of the Asia-Pacific market is driven by factors such as the notable shift towards healthy plant-based diets, increasing disposable income, and growing availability of vegan products. However, the growth of the regional market risks being hampered by the pre-eminence of the dairy industry.

Industry rivalry within the global vegan cheese market is intense, with local and international players dominating the space.

Currently, the market is dominated by a significant number of major and minor players. Additionally, several industry players hold high brand equity, with robust research and development as well as operational profiles.

Some of the major companies operating in the global vegan cheese market include Daiya Foods Inc, Miyoko’s Creamery, Galaxy Nutritional Foods Inc, WayFare, etc.

Related reports:
GLOBAL PLANT-BASED FOOD AND BEVERAGE MARKET – https://inkwoodresearch.com/reports/plant-based-food-and-beverage-market/

Inkwood Research
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Website: www.inkwoodresearch.com

Inkwood Research specializes in syndicated and custom research reports and consulting services. Market intelligence studies with relevant factual research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective understanding that recognizes commercial environments. Our geographic analysis includes North and South America, EEC, CIS, Middle East, Europe, Asia and Africa.

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