Vegan Cheese Market Trends

Growth Drivers

• Growing Number of Product Launches - Increasing adoption of new plant-based cheese products by various market players is expected to drive the growth of the global vegan cheese market. In this regard, in June 2023, Korean food technology company Armored Fresh developed a new vegan cheese called "American Slice" made from oat milk that is free from nut allergies. This advancement is part of the growth of food distribution in the United States. Similarly, in November 2023, Laughing Cow disparaged its leading vegan alternative in UK supermarkets. Laughing Cow's vegan variety is made from almonds and has exactly the same spreadable consistency as the original cheese. Additionally, it is clear that it will trade in a triangular shape, similar to the company's existing products.
• Growing Trend for Veganism - Millennials' trend toward veganism and vegetarian diets is expected to drive industry growth in the hotel/restaurant/café sector. Over 10% of US adults identify as vegan or vegetarian. According to data, there are approximately 79 million vegans worldwide. Again, trade in plant-based foods grew three times faster than global food sales in 2021, according to the Good Food Institute. Instances of plant-based foods associated with these results include milk, eggs, cheese, meat, yogurt, butter, and cream.

Challenges

• Expensive As Compared to Dairy Cheese - Ingredients such as nuts and seeds and energy-intensive production approaches make plant-based cheeses more expensive. Manufacturers are still unable to mass produce and there is no government financial support for plant-based products. Additionally, additional fortification with vitamins and minerals is a must. The high price of plant-based cheese is due to the complicated manufacturing process. Dairy alternative sources such as soy, cashews, and almonds can be expensive.
• Nutritional Concerns Associated with Cheese is Anticipated to Hamper the Market Growth in the Forecast Period
• Taste and Texture Complication Associated are Expected to Pose Limitations on the Market Growth in the Upcoming Period