PLANT-BASED CHEESE MARKET ANALYSIS

Plant-Based Cheese MarketSize and Trends

Market Dynamics

Increasing number of vegan consumers and increasing consumer preference towards dairy product alternatives due to lactose intolerance is expected to increase demand for plant-based cheese products over the forecast period. For instance, according to the Vegan Society, the number of vegans in U.K. quadrupled between 2014 and 2018. In 2014, there were 150,000 vegans (0.25% of the population), which increased to 600,000 (1.16% of the population) in 2018.

Dairy-based cheese goes through various stages of processing where proteins physically bond to each other that enables it to offer unique flavors and textures. However plant-based cheese cannot offer same flavors as dairy-based cheese, which comes from coagulation, acidification, pasteurization, and aging of milk, and this factor can hamper the market growth of plant-based cheese.

Market Outlook

Among region, North America is expected to witness significant growth in the market over the forecast period, owing to increasing number of people shifting towards plant-based food products, which in turn has led growth of the plant-based food industry. For instance, according to the Plant Based Food Association, in the U.S., plant-based food industry was valued at US$ 4.0 billion in April 2018 and increased by 11% to reach US$ 4.5 billion by April 2019. According to the same source, the U.S. plant-based cheese market was valued at US$ 160 million in April 2019, showing a growth of 19% from the previous year.

Among source, soy milk segment is expected to account for the highest market share over the forecast period. Cheese made from soy milk is available in hard and soft forms and with various flavors cheddar, mozzarella, and Monterey jack. Soy cheese is preferred over other sources as it is good source of essential fatty acids. It is also good source of proteins, dietary fiber, iron, potassium, and bio-active components. Consumption of soy proteins can minimize the risk of heart disease. According to the U.S. FDA, consumption of soy protein in daily diet helps to reduce total and low density lipoprotein cholesterol.