Global Vegan Cheese Market Poised for Significant Growth, Set to Reach $8.1 Billion by 2034
Source: The DairyNews
According to a recent market analysis by Fact.MR, a leading provider of market research and competitive intelligence, the global vegan cheese market is poised for substantial growth. The market, currently valued at $3.58 billion in 2024, is forecasted to surge to $8.1 billion by the year 2034. This expansion is fueled by a compound annual growth rate (CAGR) of 8.5%.
The increase in market size is attributed to a growing consumer preference for cruelty-free and sustainable products, with millennials leading the charge towards vegan alternatives such as cheese. The adaptation of vegan cheese in mainstream recipes and its increasing availability in supermarkets and health food stores further bolster its demand.
Innovation remains a cornerstone of growth in the vegan cheese sector, with startups fervently enhancing the texture and taste to mirror that of traditional dairy cheese. Such advancements are anticipated to draw in a broader consumer base seeking cruelty-free alternatives.
Detailed forecasts reveal diverse growth trajectories within the sector:
The revenue from vegan cheese sales in foodservice and HoReCa (hotels, restaurants, and cafes) is expected to witness a CAGR of 8.7%, reaching $3 billion by 2034.
Mozzarella vegan cheese is projected to account for an 18.9% share of the global market revenue by the end of 2034.
The Japanese market is set to experience a growth rate of 9% CAGR, while South Korea is expected to see a 9.3% CAGR through 2034.
North America is anticipated to hold a 24.3% share of the global market by 2034.
A Fact.MR analyst recommends that market players focus on replicating the sensory qualities of conventional dairy cheese to leverage the growing consumer emphasis on environmental sustainability, which presents significant opportunities in the vegan sector.
Innovation remains a cornerstone of growth in the vegan cheese sector, with startups fervently enhancing the texture and taste to mirror that of traditional dairy cheese. Such advancements are anticipated to draw in a broader consumer base seeking cruelty-free alternatives.
Detailed forecasts reveal diverse growth trajectories within the sector:
The revenue from vegan cheese sales in foodservice and HoReCa (hotels, restaurants, and cafes) is expected to witness a CAGR of 8.7%, reaching $3 billion by 2034.
Mozzarella vegan cheese is projected to account for an 18.9% share of the global market revenue by the end of 2034.
The Japanese market is set to experience a growth rate of 9% CAGR, while South Korea is expected to see a 9.3% CAGR through 2034.
North America is anticipated to hold a 24.3% share of the global market by 2034.
A Fact.MR analyst recommends that market players focus on replicating the sensory qualities of conventional dairy cheese to leverage the growing consumer emphasis on environmental sustainability, which presents significant opportunities in the vegan sector.
