According to marketresearch.biz’s report, the value of the vegan cheese market is expected to increase from $4.2 billion in 2012 to $8 billion in 2032. This growth will be achieved with a 6.2% CAGR.
The predicted growth — described as “unprecedented” — is attributed to increasing consumer awareness of animal welfare, health, and sustainability. New technologies — such as the recent development of high-protein cheese alternatives made from fermented legumes in Denmark — will also boost the market by improving taste, texture, and nutritional value. The availability of vegan products in restaurants and supermarkets will also increase consumer awareness and sales.
Growth for vegan mozzarella
Two-fifths (25%) of the vegan cheese market is expected to be made up of soy-based products, while almond-based products are also growing rapidly. Market share will be dominated by mozzarella and parmesan substitutes. The latter is likely to be the most popular because it is easy to mimic and versatile. Retail sales will dominate, with supermarkets and Hypermarkets being the major channels.
According to reports, block formats are growing in popularity due to their versatility. They can also be sliced or shredded ,…