Global vegan cheese market to reach $4.42 Billion by 2027: Allied Market Research

Rise in purchasing power, increase in vegan population, changes in lifestyle and food habits, and surge in number of organized retailing outlets across the globe drive the growth of the global vegan cheese market. The market across Europe held the largest share in 2019, accounting for more than two-fifths of the market. Lack of workforce, increased prices of raw materials, and disrupted supply chain has decreased the supply of vegan cheese.

Portland, OR, Nov. 24, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global vegan cheese market was pegged at $1.23 billion in 2019, and anticipated to garner $4.42 billion by 2027, growing at a CAGR of 15.5% from 2021 to 2027.

Rise in purchasing power, increase in vegan population, changes in lifestyle and food habits, and surge in number of organized retailing outlets across the globe drive the growth of the global vegan cheese market. However, availability of healthier substitutes and lack of storage &transport facilities hamper the market growth. On the contrary, rapid growth of the retail sector is expected to create lucrative opportunities for the market players in the future.

In-depth analysis of the COVID-19 impact on theV Market@

Covid-19 scenario:

• Prolonged lockdown across various countries and ban on international trade have created a huge supply-demand gap.

• Lack of workforce, increased prices of raw materials, and disrupted supply chain has decreased the supply of vegan cheese.

• However, as governments have lifted lockdown regulations, the vegan cheese market is expected to get back on its track soon.

The global vegan cheese market is segmented on the basis of product, source, end use, and geography. Based on product, the market is divided into mozzarella, cheddar, pepper jack, parmesan, gouda, and others. The mozzarella segment dominated in 2019, contributing to nearly one-third of the total revenue. However, the parmesan segment is estimated to register the highest CAGR of 16.8% during the forecast period.

On the basis of source, the market is classified into soy milk, almond milk, rice milk, and others. The soy milk segment held the largest share in 2019, accounting for more than one-third of the market. However, the rice milk segment is estimated to manifest the highest CAGR of 16.4% during the forecast period.

Based on end use, the market is categorized into household, food industry, and foodservice industry. The household segment held the largest share in 2019, contributing to more than three-fifths of the market. However, the food industry segment is estimated to portray the highest CAGR of 17.0% during the forecast period.

The global vegan cheese market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2019, accounting for more than two-fifths of the market. However, the market across LAMEA is estimated to register the highest CAGR of 17.9% from 2021 to 2027.

The global vegan cheese market report includes an in-depth analysis of the major market players such as GreenSpace Brands, Bute Island Foods Ltd, Vtopian Artisan Cheeses, violifefoods.com,Gardener Cheese Company, Chicago Vegan Foods, Kite Hill, Tofutti Brands Inc., DAIYA FOODS INC., and Nush Foods