Vegan Cheese Market Size Worth $2.66 Billion By 2027 | CAGR: 12.8%: Grand View Research, Inc.

Vegan Cheese Market Size Worth $2.66 Billion By 2027 | CAGR: 12.8%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Sept. 15, 2020

SAN FRANCISCO, Sept. 15, 2020 /PRNewswire/ -- The global vegan cheese market size is expected to reach USD 2.66 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.8% from 2020 to 2027. Expanding acceptance of veganism and "Flexitarianism" among the millennial consumers has been fueling the demand for the product. Rising awareness regarding the harmful impacts of the dairy industry on the environment and animals has persuaded consumers to opt for dairy-free products. Moreover, growing health awareness among the lactose intolerant people is another key driver in the industry.

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Mozzarella dominated the market with more than 30.0% share of the global revenue in 2019. Extensive application of the product in various Italian foods, including pizzas, pasta, croquettes, risotto, lasagna, and Caprese, has surged the demand for the product. The ricotta product category is projected to expand at the fastest CAGR over the forecast period due to the increasing use of the product in various recipes.

Key suggestions from the report:

Read 80 page research report with ToC on "Vegan Cheese Market Size, Share & Trends Analysis Report By Product (Mozzarella, Cheddar, Parmesan, Ricotta, Cream), By Source (Cashew, Soy), By End-use (Household, Foodservice), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/vegan-cheese-market

In terms of end-use, the household segment led the market and held over 50.0% share of the global revenue in 2019. Rising purchasing power and willingness to spend on quality food products have expanded the demand for the product in the household sector. The foodservice segment is anticipated to witness the fastest growth during the forecast period. An increasing number of restaurants, fast-food chains, and cafes, are including plant-based items in their menus, which is fueling the demand for the product in the foodservice sector. Increasing use of the product in several pizza chains, such as Pizza Express and Koti Pizza, has boosted the segment growth across the globe.

New players have been entering the market to tap the growing demand for the product. For instance, in 2019, Pleese Foods, a U.S.-based plant-based cheese producer, entered the industry with a range of products available in various forms and flavors.

Grand View Research has segmented the global vegan cheese market on the basis of product, source, end-use, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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