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Vegan Cheese Industry Projected To Increase By Nearly 300%
The global vegan cheese market is expected to reach approximately $7 billion by 2030, according to a new report compiled by data analytics firmTransparency Market Research (TMR). By the end of 2020, the vegan cheese market is expected to reach approximately $2.5 billion with TMR predicting that it will grow by a compounded annual growth rate of approximately 10 percent in the next decade. When it comes to product type, vegan mozzarella holds the largest market share at 34 percent and almond-based cheeses lead in terms of protein source at 37 percent market share. “Consumers are increasingly embracing new food trends and preferences that have stayed in the niche category for a considerable amount of time,” the report states. “However, climate change, mounting concerns related to animal cruelty, and health are some of the leading factors that are driving the vegan movement worldwide.”
According to TMR, Europe leads the global vegan cheese market followed by North America, with Europe predicted to hold approximately 40 percent market share by 2030. In the United States, thevegan food industry is currently worth $5 billionaccording to data jointly released in March by trade groupPlant Based Food Association (PBFA) and advocacy groupThe Good Food Institute (GFI)with sales of vegan cheese growing 18 percent—as compared to only one percent for dairy-based cheese—during the 52-week period ending in December 2019. During peak-pandemic shopping in mid-March 2020, vegan cheese sales increased by 95 percent when compared to sales during the same time last year and continued to grow by 54 percent in the four weeks thereafter,according to a separate PBFA report.