As is obvious from the name, plant-based cheese are those which are derived from plants and not from animal derivatives. The growing trend of veganism is expected to be the key driver for the global plant-based cheese market, according to the report by Transparency Market Research (TMR). The report is titled “Plant Based Cheese Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
Plant-based cheese is derived from vegetables, fruits, legumes, nuts, grains and seeds. As this cheese is derived from plant-based casein, it is lactose or milk free cheese and therefore suitable for consumers who are lactose intolerant. This is expected to be another factor behind the rise in demand for plant-based cheese. Plant-based cheese is also derived from rice milk, soy milk, coconut milk, and almond milk. This cheese caters to consumers who are changing their demands and seeking alternative dairy products.
Changing opinion of consumers regarding animal health and rising disposable income are two factors which will drive the growth of the global plant-based cheese market in the coming years. The rapid rate of urbanization as well as the trend of consumers shifting from animal protein to plant-based protein sources on account of its clean label are trends which will also act as primary growth drivers for the global plant-based cheese market. Rising awareness about lactose intolerance, changing consumer pattern globalization, and staggering increase in the number of vegan consumers are other factors which are expected to bolster the growth of the plant-based cheese market.
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The growth of economy, explosion of the middle class population are factors which are expected to boost the demand for plant-based cheese in developing nations. In addition to this, veganism is becoming a trend in Europe which will fuel the demand for plant-based cheese. As plant-based cheese is antioxidant, contains green juices and vegetables which are beneficial for health, an increasing number of health-conscious people are expected to opt for this cheese in the years to come. This will fuel the growth prospects of the global plant-based cheese market.
Companies within the plant-based cheese market are targeting the dessert sector. Manufacturers are striving to make their products healthier and tastier by making use of almond based milk for vegan, lactose intolerant, and health-conscious consumers. Key growth opportunity is expected to lie with snack based products and gluten-free products such as seaweed, beans, chickpeas, and others. With around 10 to 15% of the total number of consumers in Europe considering themselves vegans, the demand for plant-based cheese is estimated to increase.
On the basis of source, this market is segmented into soy milk, rice milk, almond milk, coconut milk, and others. Of these, soy milk is leading and will continue to lead. On the basis of product type, this market is segmented into cheddar, cream cheese, mozzarella, and parmesan cheese. By application, the global plant-based cheese market is segmented into bakery and confectionery, dips and sauces, and fast food snack. By form, the market is segmented into blends and singles. In terms of sales channel, the plant-based cheese market is segmented into indirect sales and direct sales. Hypermarket, supermarket, franchise outlets, eCommerce, and other retail formats come under indirect sales.
In terms of geography, North America is currently leading within the plant-based cheese market. Europe is also be a key market for plant-based cheese on account of the rising vegan population. However, the fastest growth will be experienced by Asia Pacific on account of the growing number of health-conscious consumers seeking organic and natural plant-based food. Promising growth opportunities also lie in the Middle East and Africa and Latin America on account of the strong growth of food and beverage as well as nutraceutical sectors.
Market players are striving to expand their base in developing nations. Leading companies within the global plant-based cheese market are: Paleo Baking Company, Paleo Braaap, LLC, The Plant based Cheeses Co., Epic Provisions, Glanbia, Plc, PRIMAL PACS, Black Bear GmbH, Back Roads Food Company, Blue Mountain Organics, Plant based Cheese Prodotti Per La Dieta Paleo, and Paleo snacks