Press Release

Vegan Cheese Market Size to Grow by USD 1.27 Bn with 40% of the growth to originate from North America

By April 4, 2022No Comments
Vegan Cheese Market

NEW YORKApril 1, 2022 /PRNewswire/ — Technavio has been monitoring the Vegan Cheese Market and it is poised to grow by USD 1.27 billion from 2019 to 2024, at a CAGR of over 8% during the forecast period. The report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.

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Vendor Insights

Vegan Cheese Market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Bute Island Foods Ltd.
  • Chicago Vegan Foods
  • FirstGrade International Ltd.
  • Frescolat Srl
  • Fresh Start Fauxmage
  • Gardener Cheese Co.
  • Maple Leaf Foods Inc.
  • Otsuka Holdings Co. Ltd.
  • Tofutti Brands Inc.
  • Violife

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report.

Geographical Market Analysis

North America will provide maximum growth opportunities for Vegan Cheese during the forecast period. According to our research report, the region will contribute to 40% of the global market growth. Europe is another region that is experiencing significant market growth. Veganism is quickly increasing across Europe, particularly in Western Europe, where countries like Germany, the United Kingdom, and France have been forerunners in the development of the vegan food sector.

Furthermore, countries such as APAC, Europe, MEA, North America, and South America are expected to emerge as prominent markets for Vegan Cheese during the forecast period.

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Key Segment Analysis

During the projected period, the soy milk sector will gain a major proportion of the vegan cheese market. Vegan cheese is becoming increasingly popular around the world as customers become more aware of the health benefits connected with soy-based derivatives. Increasing product innovation by soy-based food derivatives sellers by integrating components such as macadamia nuts, cashews, and tapioca flour would boost the sale of soy milk-based vegan cheese around the world.

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Key Market Drivers & Challenges:

Convenience stores, supermarkets, hypermarkets, and specialized stores have all grown in popularity around the world. Vendors rely heavily on large, well-organized merchants for efficient product delivery and marketing. Supermarkets are a primary distribution avenue for vegan cheese, making it readily available to consumers. The need for these supermarkets is increasing as the world’s urban population grows. New entrants have found it easier to locate an appropriate distribution channel to sell and boost the market exposure of their products thanks to organized retailing outlets such as convenience stores, supermarkets, and hypermarkets offering packaged vegan cheese products all over the world.

However, the adverse effects of vegan cheese will be a big problem for the vegan cheese industry.

Download a free sample for highlights on market Drivers & Challenges affecting the Vegan Cheese Market.

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Vegan Cheese Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 8%

Market growth 2020-2024

$ 1.27 billion

Market structure

Fragmented

YoY growth (%)

7.62

Regional analysis

APAC, Europe, MEA, North America, and South America

Performing market contribution

North America at 40%

Key consumer countries

The US

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Bute Island Foods Ltd., Chicago Vegan Foods, FirstGrade International Ltd., Frescolat Srl, Fresh Start Fauxmage, Gardener Cheese Co., Maple Leaf Foods Inc., Otsuka Holdings Co. Ltd., Tofutti Brands Inc., and Violife

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Other 1

  • Market segments
  • Comparison by Other1 placement
  • Soy milk – Market size and forecast 2019-2024
  • Almond milk – Market size and forecast 2019-2024
  • Rice milk – Market size and forecast 2019-2024
  • Other milk alternatives – Market size and forecast 2019-2024
  • Market opportunity by Other1

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • Europe – Market size and forecast 2019-2024
  • North America – Market size and forecast 2019-2024
  • APAC – Market size and forecast 2019-2024
  • South America – Market size and forecast 2019-2024
  • MEA – Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver – Demand led growth
  • Volume driver – Supply led growth
  • Volume driver – External factors
  • Volume driver – Demand shift in adjacent markets
  • Price driver – Inflation
  • Price driver – Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Bute Island Foods Ltd.
  • Chicago Vegan Foods
  • FirstGrade International Ltd.
  • Frescolat Srl
  • Fresh Start Fauxmage
  • Gardener Cheese Co.
  • Maple Leaf Foods, Inc.
  • Otsuka Holdings Co. Ltd.
  • Tofutti Brands, Inc.
  • Violife

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us:

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio