Plant-based Cheese Market

Plant-based Cheese Market Outlook for 2024 to 2034

The market for plant-based cheese is estimated to be worth USD 3,068 million in 2024 and is projected to reach USD 9,658 million by 2034. The market is anticipated to expand at a CAGR of 12.2% on average between 2024 and 2034. The plant-based cheese market is driven by customers in search of sustainable and cruelty-free substitutes for traditional dairy products.

Customers increasingly desire plant-based cheese over conventional ones due to health-conscious purchasing, ethical and environmental benefits, delicious taste, and diverse product offerings, reflecting a shift toward a more sustainable and plant-centric diet.

Consumption Analysis of the Plant-based Cheese

• The market is predicted to expand due to the rise in flexitarian and vegan populations and the increase in care and love toward animals.
• The increased demand for cruelty-free cheese or plant-based cheese substitutes can also be attributed to growing awareness of the benefits of consuming plant-based products.
• Demand for plant-based cheese is rising due to a shift in consumer food choices brought about by the rising prevalence of food allergies and lactose intolerance in adults and children.
• The utilization of plant-based cheese in the artisanal dishes in the hotel, restaurant, and café (HoReCa) sector is expected to develop as a result of the millennial generation's penchant for veganism and vegetarianism.
• An upsurge in obesity, cardiovascular disease, and diabetes presents profitable prospects for new and incumbent market participants in the forthcoming decade.

Attributes	Details
Plant-based Cheese Market Value for 2024	USD 3,068 million
Plant-based Cheese Market Size for 2034	USD 9,658 million
Market Forecast CAGR for 2024 to 2034	12.2%

Historical Performance and Future Growth of the Plant-based Cheese Industry

highlighting the predicted growth patterns for the plant-based cheese market. An impressive historical compound annual growth rate of 11.6% indicates the market is steadily expanding. Moreover, the industry is anticipated to grow at an astounding 12.2% through 2034.

Historical CAGR	11.6%
Forecast CAGR	12.2%

Product innovation and growing consumer acceptance of veganism are just a few of the positive factors driving the industry's expansion. Many clients have been drawn to these nutritional substances because of their versatility, simplicity, and flexibility for customization.

Crucial factors that are anticipated to influence the demand for vegan cheese through 2034.

• Fostering customers' preferences for peculiar and exotic flavors of vegan cheese in their culinary choices.
• Growing consciousness of moral concerns surrounding traditional dairy production and the preservation of the environment.
• Evolving clientele that are health-conscious and conscious of the advantages of plant-based diets.
• Ongoing innovation in products and enhancement of vegan cheese's flavor, quality, and smoothness.
• Grown accessibility and availability of plant-based cheese alternatives in the food service and retail sectors.

Due to these proactive features, which position the industry for long-term success, market participants must continue to be strategic and adaptive during the estimated period.

Key Trends Influencing the Plant-based Cheese Market

Popularity of Veganism in the Mainstream Media

Given the substantial nutritional content and numerous health advantages, plant-based diets are growing popular among individuals concerned about their health. These meals are rich in fiber, which helps reduce cholesterol and blood glucose levels, promoting overall well-being.

As the trend toward vegetarianism continues to gain momentum, more and more people are turning to plant-based cheese products, such as plant-based parmesan, which has led to exponential growth in the non-dairy cheese market. This rise in consumer inclination toward plant-based cheese is expected to drive sales in the coming years.

Adaption of Vegan Culinary Innovations in the HoReCa Sector

The millennial generation's growing interest in veganism and vegetarianism enhances the hotel, restaurant, and café industries. This change has also influenced the worldwide market for plant-based cheese, encouraging the food industry to innovate and create new goods and raising spending on research and development.

Vegan cheese is becoming increasingly popular because of its great taste and practicality. It has a longer shelf life, better flavor, and a better texture. The food sector is undergoing considerable transformation because of the rising trend of veganism and vegetarianism, driving innovation and growth in plant-based diets.

Health and Safety Code Shifts the Plant-based Cheese Market

Growing consumer knowledge of the health dangers connected with dairy products, including lactose intolerance, allergies, and cholesterol problems, has led many to choose vegan cheese as a superior alternative suitable for dietary restrictions or health goals.

As per the World Health Organization, diabetes is a primary cause of blindness, heart disease, renal issues, lower limb amputation, and several other health complications. Many consumers have switched to plant-based meals because of this. There are several health advantages to plant-based cheese, including decreased blood sugar, enhanced insulin sensitivity, and a reduced risk of type 2 diabetes.

The industry is growing because vegan cheese is recommended for lactose intolerant people and has a higher medical impact than typical dairy cheese.

Category-wise Insights

This section provides extensive assessments of certain segments of the plant-based cheese business. The current study focuses on two primary features: the Soy milk-based cheese segment and the B2C distribution channel.

38.2% of the Market Craves the Soy Milk-Sourced Cheese

Attributes	Details
Top Source	Soy Milk
Market Share in 2024	38.2%

In 2024, the soy milk-based cheese category is estimated to rule the plant-based cheese market, with a whopping 38.2% share. There are several reasons for this inclination for soy milk source:

• A reasonable alternative to dairy products, soy milk, has all the necessary amino and fatty acids in the right amounts. As such, the soy milk source offers large-scale vegan cheese manufacturers a practical alternative.
• Soy products free of gluten and cholesterol are becoming more popular because of their health advantages.
• Soy-based cheese's easy melting properties have increased popularity among customers worldwide, particularly those concerned about their health.

B2C Distribution Conquers 83.8% of the Global Plant-based Cheese Industry

Attributes	Details
Top Distribution Channel	B2C
Market Share in 2024	83.8%

The distribution channel that gained significant traction was business-to-consumer, with an expected 83.8% market share in 2024. The following is a description of this supremacy:

• The rise in customers' disposable income has increased their propensity to spend more on high-end products.
• Plant-based produce have become more well-liked because of their alleged health advantages and environmental friendliness.
• In addition, plant-based cheese in convenience and grocery shops has greatly increased company growth in the consumer market.
• Retailers have swiftly responded to the growing trend of consumers choosing plant-based dairy substitutes by carrying a greater range of these goods, making them widely available to the general public.
• This has raised consumer demand for plant-based cheese, boosted market competition, and spurred innovation in producing high-quality plant-based products.

Country-wise Insight

This section examines the markets for plant-based cheese in several countries, such as the United States, China, India, Germany, and the United Kingdom. The section explores the aspects influencing the demand, acceptance, and sales of plant-based cheese in particular countries.

Country	CAGR
United States	8.2%
Germany	10.2%
United Kingdom	8.7%
India	8.4%
China	3.3%

Growing Craze of Veganism Dominates the United States Food Industry

In the United States, the demand for plant-based cheese is anticipated to expand at a compound annual growth rate of 8.2% through 2034. This quick growth is fueled by the following factors:

• Plant-based diets are popularizing in the United States, as seen by the expanding availability of plant-based cheese in mainstream stores and restaurant chains.
• Plant-based cheese has become more widely available as those who choose to eat healthily and responsibly come to terms with plant-based diets.
• This has contributed to plant-based diets becoming more widespread, a trend that is likely to continue in the United States in the coming years.
• The demand for vegan cheese and other comparable products is anticipated to rise in the United States as more people become familiar with the benefits of plant-based diets, hence expanding their availability and accessibility.

German Industry Grows Found of Plant-Based Cheese

Germany is experiencing a surge in plant-based cheese demand, with a predicted CAGR of 10.2% through 2034. Some of the primary drivers include:

• Growing public awareness of traditional dairy production methods is expected to increase the demand for plant-based cheese in Germany at a never-before-seen rate.
• German producers consistently push the boundaries of innovation in vegan cheese products by employing state-of-the-art fermentation methods and other innovative approaches to satisfy a wide range of taste preferences.
• Considering the availability of tasty and eco-friendly dairy alternatives to consumers, plant-based cheese is growing in popularity in Germany.

Cruelty-Free Cheese Chops Down Chinese Culinary Culture

China is seeing an increase in demand for plant-based cheese, with a predicted CAGR of 3.3% through 2034. Among the main trends are:

• Chinese consumers are increasingly choosing plant-based cheese over conventional animal milk-based cheese due to its remarkable flavor, texture, and diversity, resulting from recent FMI research.
• Chinese culinary culture incorporates dairy-free cheese and its byproducts to innovate novel fusion food items to improve consumers' taste.
• People's eagerness to live more sustainably, with fewer carbon footprints, and becoming more conscious of the environment and ethics.

The United Kingdom Fancies the Non-dairy Cheese

The market for plant-based cheese is expanding in the United Kingdom with an estimated CAGR of 8.7% through 2034. Here are a few of the key trends:

• The United Kingdom is witnessing a surge in demand for plant-based bakery and confectionery products, which is expected to continue and boost plant-based cheese product sales.
• Vegetarianism and veganism are becoming a growing trend in the United Kingdom, as people seek sustainable and environmentally friendly substitutes for conventional animal-based goods as they become more conscious of the results of their dietary preferences on the environment.
• The desire for plant-based substitutes is being driven by rising awareness of animal suffering and the carbon footprint associated with eating animal products such as milk, honey, eggs, meat, bacon, and seafood.

Indian Food Industry Indulges the Plant-based Dairy Sector

Through 2034, the market for plant-based cheese in India is anticipated to increase at a CAGR of 8.4%. Several of the key trends are as follows:

• The Indian industry thrives due to rising consumer demand for vegetarian dairy supplements as the rising population grows fond of vegan diets.
• Vegetarian ingredients form the base of numerous Indian meals, with plant-based dairy products strengthening these dietary traditions.
• Plant-based cheeses are generally used in the Indian food and beverages industry to produce cruelty-free nutrition items and other dairy products.
• Due to the growing popularity of street cuisine and snacking culture in India, where vegan cheese is frequently utilized to provide a savory and delightful experience, the market for plant-based dairy products is booming.

Companies Shaping the Future Outlook of the Plant-based Cheese Industry

The highly competitive and rapidly expanding plant-based cheese business is crowded with companies striving for market domination and a solid basis. Several factors, including price strategies, marketing campaigns, research and development, and the development of new products, largely drive the rivalry. The vegan cheese sector is notably fragmented, with competitors vying for market dominance. Therefore, strategic decision-making and competitive pressures are given greater weight. To keep ahead of the competition, players in the industry invest a lot of money in research and development to create innovative, highly effective, cruelty-free dairy products.

In today's intensely competitive environment, businesses always seek ways to increase their market share and operational effectiveness. Market players actively look for strategic alliances, collaborations, and partnerships to do this. Companies collaborating to achieve common goals can benefit from each other's resources and expertise.

Plant-based dairy product manufacturers employ many marketing tactics, including partnerships and new product launches, to expand their presence. Thanks to these measures, they can get a competitive edge in the market and raise product awareness. Through constant innovation and the development of fresh approaches to engage their target market, companies may remain ahead of the curve and retain their leading positions in the sector.

Recent Developments in the Plant-based Cheese Industry:

• In January 2024, South Korean food tech company Armored Fresh created almond-based products that mimic the taste and texture of dairy cheese with nutrient-infused protein content.
• In January 2024, The Laughing Cow, a Chicago-based company, introduced a plant-based spreadable cheese product line in the United States, catering to consumers seeking dairy-free, creamy alternatives made from almond milk.
• In December 2023, The Kraft Heinz Company launched KRAFT NotMac&Cheese, the first plant-based Mac & Cheese in the United States. KRAFT NotMac&Cheese is now available in two flavors: the classic original and the white cheddar style.
• In November 2023, Parma-based start-up Dreamfarm obtained USD 5.3 million to develop its portfolio of plant-based dairy products.

Key Companies in the Plant-based Cheese Market:

• Daiya Foods Inc.
• The Gardener Cheese Company Inc.
• Kite Hill
• Miyoko’s Creamery
• Field Roast
• Puris Foods
• Bute Island Foods Ltd.
• Follow Your Heart
• WayFare Foods
• GreenSpace Brands
• Danone S.A.

Key Segments

By Source:

• Oat Milk
• Rice Milk
• Corn Milk
• Soy-Milk
• Pea Milk
• Almond Milk
• Coconut Milk
• Cashew Milk
• Flax Milk
• Hemp Milk
• Other

By Distribution Channel:

• B2B
  • Hotels
  • Restaurants
  • Cafes
• B2C
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Specialty Stores
  • Mom and Pop Stores
  • Discount Stores
  • Food & Drink Specialty Stores
  • Independent Small Groceries
  • Online Retail
  • Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East and Africa

Frequently Asked Questions

How Much is the Plant-based Cheese Industry Worth?

The plant-based cheese market is estimated to reach USD 3,068 million in 2024.

What is the Trend in Plant-based Cheese?

The trend of artisanal cheese dishes emerges in the plant-based cheese industry.

Which Cheeses are Plant-Based?

The cheeses obtained from soy milk, coconut milk, peanut milk, almond milk, and oat milk are plant-based cheeses.

What is the Plant-based Cheese Market Growth Outlook for 2034?

The plant-based cheese market is anticipated to surpass USD 9,658 million by 2034.

What is the Sales Outlook for the Plant-based Cheese from 2024 to 2034?

The industry is anticipated to grow at a rate of 12.2% from 2024 to 2034.