According to a new study, the global vegan cheese market could reach $2.5 billion by the end of 2020.
Market intelligence company Transparency Market Research published the study, which predicts the overall growth. Vegan cheese products are increasingly popular as consumers and producers move away from traditional dairy.
According to the report, competition within the market is high. In response, a growing number of producers are expanding their capacity to meet increased demand. The study predicts a further increase to $7 Billion by the end of 2030.
“Climate change, mounting concerns related to animal cruelty, and health are some of the leading factors that are driving the vegan movement worldwide. At present, veganism is at its peak and the trend is likely to continue in the near future,” notes the study.
Northern America, Europe, and the UK currently have the majority of the vegan cheese market, while Latin America and Asia have the smallest part of the market. But according to Transparency Market Research, the popularity of cheese in the Asia Pacific region is on the rise.
Consumers Demand Vegan Cheese
Dairy consumption comes with health risks. Research suggests that high saturated fat content may increase the likelihood of diabetes, heart disease, and Alzheimer’s. Several studies also indicate that cheese is particularly difficult to give up due to its addictive qualities.
Increasingly, customers are turning to vegan cheese brands—such as New Roots, Bute Island, Miyoko’s, Violife, and Daiya—as a sustainable, health-conscious choice.
Overall, the growth of the vegan cheese market and the vegan food market as a whole has impacted dairy consumption and production. Many major dairy companies are exploring vegan options and even launching their own lines of plant milk and cheese.
“While the vegan trend continues to spread like wildfire across different regions of the world, the vegan cheese market is set to grow at an impressive pace,” confirmed Transparency Market Research.
“Several factors are expected to drive the growth of the vegan cheese market, including growing consumer awareness pertaining to lactose intolerance and soaring adoption of non-dairy cheese products in baked food and snack items,” added the company.