Global Vegan Cheese Market 2019-2023 | 8% CAGR Projection Over the Next Four Years | TechnavioThe Associated Press
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global vegan cheese market is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio.
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The global vegan cheese market will post a CAGR of close to 8% during the period 2019-2023 (Graphic: Business Wire)
With the growing establishment of supermarkets, hypermarkets, convenience stores, and specialty stores organized retailing has grown significantly across the world. Organized retailers primarily sell Ready-to-consume packaged vegan food and beverages such as vegan cheese and plant-based milk alternatives. As a result, most vendors are dependent on organized retailers for efficient distribution and marketing of their products. The supermarket is a primary distribution channel that makes vegan cheese easily accessible to consumers. With the rise in urban population worldwide, the demand for these supermarkets will grow at a significant rate, thereby, fueling the growth of the vegan cheese market.
As per Technavio, the increasing focus on strengthening of supply chain and expansion of production capabilities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vegan cheese market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global vegan cheese market: Rising focus on strengthening of supply chain and expansion of production capabilities
To increase their market visibility and strengthen their supply chain, several vendors in the market are focusing on adopting efficient distribution strategies. For instance, in January 2018, Field Roast, a leading brand of vegan cheese in the US market, entered into an exclusive distribution deal with Australia-based food products' distributor Essen Foods. Some companies have also made strategic acquisitions to enhance the presence and distribution of their products. Also, several small-to-medium-sized companies are expanding and renovating their production facilities to cater to the increasing demand for vegan cheese worldwide.
“The demand for vegan foods and plant-based proteins is increasing significantly owing to the health benefits associated with a vegan diet and a growing number of consumers adopting a vegan lifestyle due to social reasons. The growth of veganism in China, the world’s most populous country, is encouraging several players to operate in the vegan cheese market,” says a senior analyst at Technavio.
Global vegan cheese market: Segmentation analysis
This market research report segments the global vegan cheese market by source (soy milk, almond milk, rice milk, and other milk alternatives) and geographic regions (APAC, Europe, MEA, North America, and South America).
The soy milk segment held the largest vegan cheese market share in 2018. Soy milk-based vegan cheese is free from whey, rennet, casein, and other animal products. The growing awareness among consumers about the health benefits associated with soy-based derivatives is the primary reason behind the rising popularity of vegan cheese in the world.
Europe region led the market in 2018 with a market share of close to 43%, followed by North America, APAC, South America and MEA respectively. The growth of the vegan cheese market in Europe is propelled by the rising number of new products launches and increasing interest among established and new vendors to enter the vegan cheese sector.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
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PUB: 04/15/2019 11:28 AM/DISC: 04/15/2019 11:28 AM