The market will be worth an estimated $2.5 billion by the end of this year (Photo edited by PBN)
The global vegan cheese market is predicted to reach a staggering $7 billion by the end of 2030.
According to a study published by Transparency Market Research, the market is expected to grow at a CAGR of ten percent – and will be worth an estimated $2.5 billion by the end of this year.
The study cites ‘climate change, mounting concerns related to animal cruelty, and health’ as main drivers for the ‘exponential’ increase – as well as lactose intolerance and the coronavirus pandemic.
‘Demand for vegan cheese’
“Reports linking the spread of coronavirus from animals are pushing consumers away from the consumption of meat and meat-based products. The increasing consumption of plant-based products is expected to fuel the demand for vegan cheese in the forecast period,” the study states.
“However, due to lockdown enforced to contain the spread of the virus, the production of vegan cheese is impacted and moderate growth is expected in the vegan cheese market in the upcoming two-three years.”
Companies including Violife Foods, Daiya Foods, Miyoko’s Kitchen, Follow Your Heart, Good Planet Foods, and Parmela Creamery amongst others were listed as ‘key players operating in vegan cheese market’.
You can read the full report here
