Plant based Cheese Market: Overview
Plant based cheese contain ingredients which are not derived from animals derivatives. Plant based cheese is derived from legumes, vegetables, grains, fruits, nuts, and seeds. Moreover, plant based cheese is produced from plant based casein and lactose or milk free milk. Plant based cheese is derived from plant based soy milk, almond milk, coconut milk and rice milk. Plant based cheese offers, even more, options for those consumers who are seeking alternative options to dairy products consumption. Plant based cheese is trending substitutes to dairy cheese by imitating animal protein’s texture and taste.
Plant based Cheese Market: Drivers & Restraints
Major factors driving the growth of plant based cheese market include changing opinion of consumers regarding importance of pet health, increasing disposable income, and rising rate of urbanization across the globe. Consumers across the globe are also moving away from animal protein to plant based protein sources due to clean label trend. Moreover, changing consumption pattern, globalization, increasing awareness about lactose intolerance, and growing number of vegan consumers are driving the growth of the overall plant based cheese market. Strong economic growth, the explosion in the middle-class population, and rising urbanization are the significant factors responsible for the market growth of plant based cheese market across the developing region. Also, vegan diet is gaining traction in the European economies which are expected to boost the overall market growth of plant based cheese during the projected period. Plant based cheese is primarily the re-birth of fat-free protein, anti-oxidant rich green juices and vegetables beneficial for health. Currently, manufacturers of plant based cheese are targeting the market for desserts in order to make their products tastier and healthier by using dairy free nut based milk for lactose intolerant, vegan and health conscious consumers.
The major opportunities for plant based cheese market lie with snacks based products that are overtly plant-based, dairy-free, and gluten-free, such as beans, seaweed, chickpeas and others. Nearly 10-15% consumers in Europe consider themselves as vegetarians. Increasing incidence of lactose intolerance across the globe is responsible for the high demand of soy milk plant based cheese. Lactose intolerant population suffers from dairy product allergy, lactase deficiency, disaccharide deficiency, or milk intolerance and the partly undigested or digested lactose leads to pain, abdominal bloating, diarrhea, skin problems, sleep disturbances, tiredness, and other health problems. The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The market concentration and consolidation of foodservice industry create multitude of opportunities for the market growth of plant based cheese market across the globe.
Plant based Cheese Market: Market Segmentation
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The global plant based cheese market has been segmented on the basis of sources such as almond milk, soy milk, rice milk, coconut milk, and others. Soy milk is estimated to account significant share in overall plant based cheese market. It is expected to hold its dominance during the projected period. The plant based cheese market is segmented on the basis of source, product type, application, form, sales channel, and geography.
Based on the source the plant based cheese market is segmented into: Soy Milk Almond Milk Coconut Milk Rice Milk Others
Based on the product type the plant based cheese market is segmented into: Mozzarella Parmesan Cheddar Cream Cheese Others
Based on the application the plant based Cheese market is segmented into: Fast Food Snack Dips & Sauces Bakery & Confectionery Others
On the basis of form, plant based cheese market is segmented into:- Singles Blends
Based on the sales channel plant based cheese market is segmented into: Direct Sales Indirect Sales Hyper/Supermarket Franchise outlets E-commerce Other retail formats
Plant Based Cheese Market: Regional Outlook
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With respect to geography, the global plant based cheese market has been categorized into five key regions including North America, Europe, Asia-Pacific Latin America, and the Middle East & Africa. North America currently holds major share in terms of market value in global plant based cheese market, with U.S. being the largest producer of plant based cheese across the region. The growing vegan population in Europe is expected to boost plant based cheese market in the region. APAC plant based cheese market is expected to register highest CAGR over the forecast period. This is attributed to the rise in demand for natural and organic derived plant based food and beverage products among health conscious consumers. Growing investments in the development of diary free alternatives space is anticipated to propel the growth of global plant based cheese market. Middle East and Africa along with Latin America plant based cheese market is expected to project high growth rate during the forecast period, due to the rapid growth of nutraceutical, food and beverage industry in the region.
Plant Based Cheese Market: Key Players
The leading manufacturers of plant based cheese market are expanding their presence in developing economies by offering wide range of products across various industry verticals. Plant based cheese brings the wealth of opportunities in the coming years and companies such as DanoneWave and Coca-cola were the first to acquire this booming arena of health domain. Some of the key players identified in the plant based cheese market are:- The Plant based Cheeses Co. Glanbia, Plc Paleo Baking Company Epic Provisions Paleo Braaap, LLC PRIMAL PACS Black Bear GmbH Blue Mountain Organics Back Roads Food Company Plant based Cheese Prodotti Per La Dieta Paleo Paleo snacks Caveman Foods PaleoPure Pacific Foods of Oregon Paleo Baking Company Steve's PaleoGoods (SPG) Paleo Leap, Others
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