Beyond Dairy: Exploring the Evolution of Plant-Based Cheese
The sales of Plant Based Cheese Market is estimated to be valued at US$ 1,530.2 Million in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 3,416.6 Mn by 2032, rising at a CAGR of 8.4% for 2022-32.
Improved insulin sensitivity, lowering blood glucose levels, and a lower risk of type 2 diabetes are just a few of the health advantages of plant-based cheese. Additionally, plant-based cheese is highly suggested for people who have a sensitivity to dairy products.
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A greater emphasis on eco-friendly products has fueled the market expansion for plant-based cheese. More than 92% of the greenhouse gas emissions related to the manufacture of cheese are attributed to the dairy farm. Since plant-based cheese is much more environmentally friendly, it is gaining popularity.
North America currently holds the largest share of the global market for plant-based cheese. An growth in North Americans’ veganism and a rise in environmental consciousness are contributing to the continent’s prosperity. The potential for growth in EMEA, the second-largest market for plant-based cheese globally, is considerable. The demand for plant-based cheese is rising across Europe as the number of vegans rises.
Key Takeaways from Market Study
The plant based cheese market is expected to expand at CAGRs of 31.4% and 26.8% in Europe and America, through 2032.
Market share of oat milk increased by 19% to reach USD 277 Mn in 2021.
The North American plant based cheese market is currently pegged at USD 580 Mn.
Competitive Landscape
Key players in the plant-based cheese market are emphasizing their efforts on research and development in order to improve the quality of their products.
Daiya Foods Inc. introduced a new service platform in October 2021, with the goal of assisting operators in meeting rising consumer requirements for plant-based foods. This new portal intends to increase the company’s presence on university campuses, eateries, and healthcare facilities.
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Segments Covered in Plant Based Cheese Market Analysis
Source:
Oat Milk source
Rice Milk Source
Corn Milk Source
Soy-Milk Source
Pea Milk Source
Almond Milk Source
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 Retail Formats
Region:
North America
Latin America
Europe
Asia
Oceania
MEA
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