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Poised to surpass a valuation of over US$ 1,550 Mn by the end of the forecast period (2019-2027), plant-based cheese sales have witnessed a significant surge in the last few years. A spurt in the global vegan population has been increasing worldwide demand for plant-based cheese. Presently, more than 6% of the American population describes themselves as being vegan and recent trends indicate a possible increase in the number of people expressing their interest in vegan diets. Food companies are stepping up to the plate to create mouth-watering, dairy-free cheese that would take plant-based foods to the next level. Other aspects facilitating growth of the plant-based cheese market include changing consumer perception on the importance of health. With clean label trends taking industries by storm, consumers around the globe are also moving away from animal protein to plant-based protein sources. On this premise, the market for plant-based cheese is projected to grow at an impressive CAGR of more than 9%.
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Key Takeaways of Plant-based Cheese Market Study
Owing to a spurt in healthy lifestyles, North America, led by the U.S. and Canada captured a share of over 30% in 2018
Retail sales of plant-based milk have paved the way for the growing acceptance of plant-based cheese in North America
APAC due to its enormous food consumption patterns, is noticing an ever increasing plant based cheese market share. The region is expected to grow at an astounding CAGR of over 11% during the forecast period
In terms of sales channel, plant-based cheese is primarily distributed through indirect sales channels, third parties and affiliates, while direct sales channels have shown considerable decline in the last few years
The increase in the number of organized retail outlets worldwide is one of the key factors that will drive market growth for plant-based cheese
Consumers preferring to purchase plant-based cheese online are expected to boost the e-commerce segment with a CAGR of over 10%.
“The recognition of plant-based dairy products by prominent celebrities and athletes is creating growth opportunities for the plant-based cheese market. Support from respected health organizations such as the PBFC (Plant-Based Foods of Canada) is also driving demand for plant-based cheese” says the Fact.MR analyst.
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Opportunities Abound for New Entrants with Improving Consumption Trends
The plant-based cheese market continues to observe an elevated degree of fragmentation given the nature of the product, with unorganized players maintaining their strong presence. The degree of fragmentation is higher because many developing Asia Pacific countries are among the leading plant-based cheese producers and consumers. The key factors that can be attributed to the growth of the unorganized sector in the plant-based cheese market are lax regulations, dominance over domestic supply chains and familiarity with local tastes and preferences.