According to the estimations put forth by Inkwood Research, the Global Vegan Cheese Market is anticipated to grow with a CAGR of 15.08% in terms of revenue during the forecasting period of 2021-2028.
“Browse 67 Market Data Tables and 53 Figures
spread over 203 Pages, along with an in-depth TOC on the Global Vegan Cheese Market Forecast
2021-2028.”
Vegan cheese is a plant-based substitute for dairy-based
cheese. Vegan cheese comprises ingredients such as cashew, coconut milk, and almonds
and is used in similar ways as dairy cheese. Mozzarella, parmesan, ricotta, cheddar,
and other products made of vegan ingredients are utilized in preparing dishes
like a vegan burger and vegan pizza.
Rising
Preference for Vegan Food to Fuel Market Growth
As vegan and vegetarian diets are growing in popularity,
consumers increasingly demand more plant-based food options in restaurants and
grocery shops. The surging inclination towards vegan as well as vegetarian food
has resulted in a significant shift across the food industry. As per the Plant
Based Foods Association (PBFA), the vegan retail food sector’s worth increased
by 11.4% in 2020, reaching an astounding $5 billion. The switch to a vegan diet
is accredited to numerous factors. In this regard, the 2019 Global Vegan Survey
discovered that over 68% of participants transitioned to a vegan diet in order
to take a stand against animal mistreatment and abuse. Besides, they claimed
ethics and concerns associated with animal welfare as their chief motive for the
diet change.
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Cheese
Spreads is the Fastest-Growing Form
Cheese spread is predominantly prepared using one or more
cheeses and processed cheese, in addition to other ingredients such as spices
and seasonings, fruits, and vegetables. It is usually spread onto food products
like vegetables, crackers, bread, and toast. Cream cheese is also termed fresh
cheese that is not aged. Developed primarily in the United States, cream cheese
is called soft cheese, as well. Cream cheese and cream cheeses spread are alike
since they are utilized virtually in a similar manner and are of the same genre.
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Asia-Pacific
to Lead the Global Market by 2028
The market growth in the Asia-Pacific is driven by factors
such as the notable shift towards a healthy plant-based diet, the rising
disposable income, and the surging availability of vegan products. However, the
regional market’s growth is likely to be inhibited by the dairy industry’s
prominence.
The industrial 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. Furthermore, several industry players hold high brand equity, with
robust research and development as well as operational profiles.
Some of the top firms operating in the global vegan cheese
market include Daiya Foods Inc, Miyoko’s Creamery, Galaxy Nutritional Foods Inc,
WayFare, etc.
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About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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