The vegan cheese market is expected to be worth about $9 in the next few years
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The plant-based cheese market is expected to become more profitable over the next seven years, according to a new study by a market research firm.
California-based Meticulous Research published a research summary on Monday predicting that the plant-based cheese market will grow to $8.62 billion by 2031, at a compound annual growth rate (CAGR) of 9.8%. The market is estimated to be worth 4 to 5 billion dollars.
Plant-based cheeses are often made from ingredients such as soy and almonds, and cheese alternatives made from coconuts, oats and cashews have grown in popularity.
Among the different types of cheese in the plant-based market – including cream cheese, mozzarella, cheddar and Parmesan – ricotta is expected to grow the fastest.
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Plant Ahead cheese at the Plant-based World Expo in New York, US, Wednesday, September 11, 2024. (Getty Images / Getty Images)
“Based on type, the ricotta segment is expected to register the highest CAGR during the forecast period,” the study notes. “Increasing demand for nutritious plant-based foods and increasing consumer preference for plant-based ricotta without soy or nuts is expected to support the segment’s high growth.”
The study points to an increase in the popularity of veganism and “increased investment in the dairy alternatives market,” in addition to high rates of lactose intolerance.
The study also points to increased interest in animal welfare and sustainability as a reason for the growth in market size.
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Never Better Foods cream cheese at the Plant-Based World Expo in New York, US, Wednesday, September 11, 2024. (Getty Images / Getty Images)
“Furthermore, the adoption of vegan culinary innovations in the hotel and restaurant sector and the growing awareness of health and wellness are prominent trends in the plant-based cheese market,” notes the research summary.
Despite optimistic projections, the study noted that the market may be challenged by inflation and the rise in popularity of carnivore-based diets.
A sample of plant-based cheese at the Plant-based World Expo in New York, US, Wednesday, September 11, 2024. (Getty Images / Getty Images)
“However, the growth of this market is hindered by the popularity of animal-based products and the fluctuation of raw material prices,” the study admits. “Furthermore, an emerging economy and an increasing focus on product innovation.”
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