According to a new report, the dairy-alternative cheese industry is set to be worth a massive $3.5 billion by 2023.
The report from Market Research Future (MRF) highlights various reasons for the continued growth in the dairy-alternative cheese market, such as globalisation and “changing consumption pattern,” in addition to an increased awareness about lactose intolerant conditions. Plus a growing number of vegan consumers.
MRF states that soya-based dairy-alternative cheese is leading the way, set to hold a 54.3 per cent market share at the end of 2017.
It named Europe as being the area which is dominating, with Germany accounting for over a quarter of the European dairy-alternative cheese market. The report states: “Robust economic growth, rising urbanisation, explosion of the middle class population are the significant factors of the growth of non-dairy cheese in Europe. Also, [the] vegan diet is gaining acceptance in the European countries which is anticipated to fuel the growth of non-dairy cheese during the forecast period.”
It also identifies the North America market to see “healthy growth” during the forecast period.
This report is the latest in a long line of research studies predicting big things for the plant-based sector and huge growth for dairy-free products. One study claimed that six per cent of the US population now identify as vegan, up from one per cent just three years ago.
Recently, the European Court of Justice made a ruling that dairy-free substitutes could no longer be marketed under their dairy equivalent names such as ‘milk’, ‘butter’ and ‘cream’ as it stated this was confusing for the consumer.