The global vegan cheese market is set to reach $3,906 million by 2024, according to a new report. Additionally, the market is expected to compound annually at a rate of 7.6% in coming years.
Major factors behind this growth include an “increasing awareness of lactose intolerant conditions” and a “changing consumption pattern” around the world. An estimated 75% of the world is lactose intolerant, with many not even realising they are. And with the rising exposure of the dangers of dairy, more people than ever are leaning away from animal products.
In fact, the “growing number of vegan consumers” was also noted as a contributing factor. The surge of people choosing veganism for health, moral and environmental reasons is even leading to a drop in dairy sales, as plant-based alternatives continue to grow in popularity.
The plant-based milk market is seeing exponential growth, estimated to reach $28 billion within four years. Additionally, the vegan protein market continues to soar. Even vegan take-away is booming, reaching an all-time high this year.
Additionally, the “growing dairy-alternative cheese market” itself is helping to improve vegan cheese sales. This year alone in the UK, Sainbury’s, Tesco and Pizza Hut, among others, all added vegan cheeses to their catalog and Miyokos Kitchen continue to expand their range.
And as more products become available, companies are rushing to invest in cruelty-free alternatives, noting the opportunity as a promising one.
The market report states that “evolving markets” as well as “growing awareness” is likely to continue “growth opportunities in the forecasted years”.