As the global veganism trend continues to grow around the world, sales of vegan cheese are set to boom.
Research from Future Market Insights (FMI) predicts sales will rise from an estimated US$1530 to $3416 by 2030, or by a compound annual growth rate (CAGR) of 8.4 per cent.
Vegan cheese is a dairy substitute made from plant-based alt-milks based on soy, peanut, coconut, cashew, almond, and oats. Some recipes use mushrooms.
The study said consumers opting for vegan lifestyles, flexitarians, and those against animal cruelty are driving the growth in the vegan cheese market, along with consumers who are lactose intolerant or allergic to dairy.
North America dominates the worldwide plant-based cheese sector while EMEA (Europe, Middle East, Africa) comes in second with strong potential for growth in the coming years.
According to European Union National Statistics, in the five years from 2015 to 2020, the popularity of “veganism” in the EU surged sevenfold.
The report also said the Asia-Pacific has emerged as a profitable market for alt-dairy cheese due to the wide availability of plant-based ingredients including oat, corn, seed oils, tapioca, and soy.
In addition, the rapid expansion of dairy alternatives across developing countries like China and India is expected to offer a suitable environment for plant-based cheese production.
The report cited oat milk as the ideal ingredient for making plant-based cheeses due to its high protein content, its vitamin B, and that it is free of lactose and gluten.
The surge in demand for oat milk sources is anticipated to drive the growth of the vegan cheese market in the coming years.
“The increase in demand for environment-friendly food products has been working in favour of the global plant-based cheese market,” shared a senior research analyst from FMI. “As more people gain awareness on the health benefits of a plant-based diet, the demand for various plant-based foods including plant-based cheese is likely to surge.”
Some vegan cheese brands are featured on Viable.Earth, including Australia’s Naturli and Singapore’s Kroodi.