Rising Awareness about Health and Wellness to Boost Vegan Cheese Market at CAGR of 10% During Forecast Period, says TMR

ALBANY, N.Y., Oct. 14, 2021 /PRNewswire/ -- The vegan trend continues to flourish at a rapid rate, gathering momentum. Several food companies and brands are expanding their vegan portfolio of products such as bread, ice cream, cheese, etc. In addition, many fast food brands are collaborating with vegan cheese companies for adding the veganism label to their products. Hence, these factors are likely to invite considerable growth for the vegan cheese market during the forecast period of 2020-2030.

ALBANY, N.Y., 14/10/2021 (informazione.news - comunicati stampa - cibi e bevande)

ALBANY, N.Y. , Oct. 14, 2021 /PRNewswire/ -- The vegan trend continues to flourish at a rapid rate, gathering momentum. Several food companies and brands are expanding their vegan portfolio of products such as bread, ice cream, cheese, etc. In addition, many fast food brands are collaborating with vegan cheese companies for adding the veganism label to their products. Hence, these factors are likely to invite considerable growth for the vegan cheese market during the forecast period of 2020-2030.

Transparency Market Research (TMR) has conducted an extensive research on various aspects related to the growth of the vegan cheese market. The global market for vegan cheese is estimated to expand at a CAGR of 10% during the forecast period. The vegan cheese market is expected to cross US$ 6.6 Bn by 2030. The global vegan cheese market stood over US$ 2.5 Bn in 2020.

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The business-to-consumer (B2C) segment is prognosticated to observe a dominating stance during the forecast period. It is leading with an 84% share of the vegan cheese market, and is expected to expand at a CAGR of 10.9% during the forecast period. Animal welfare activism has accelerated exponentially over the years, eventually attracting many individuals toward the veganism trend. All these aspects will serve as growth magnets for the B2C segment.

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The growing awareness about veganism across North America and Europe will assure considerable growth for the vegan cheese market. Evolving consumer trends in the region and emerging startups related to vegan cheese in the region are likely to drive the market in the region. The players in the vegan cheese market are also leveraging e-commerce platforms for increasing their sales in the region. Many social media influencers and celebrities across the region are also promoting vegan cheese products, which is further drivingthe market in North America and Europe .

Asia Pacific is extrapolated to observe moderate growth due to lack of awareness about veganism among people. However, the players are striving to expand their footprints in the region with significant marketing initiatives, thus boosting the growth of the vegan cheese market in the Asia Pacific . In addition, presence of key companies in both Asia Pacific and North America , increasing number of social media influencers promoting vegan cheese, and expansion of product portfolio by the players in the vegan cheese market are anticipated to serve as profitable growth generators.

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Some well-entrenched players in the vegan cheese market are Daiya Foods, Vermont Farmstead Company, Field Roast Grain Meat Co., Vtopian Artisan Cheese Company, Good Planet Foods, Miyoko's Kitchen Company, Follow Your Heart, Tyne Chease Limited, and Parmela Creamery.

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