There has been a surge in vegan cheese sales around the world, according to new market research published by Digital Journal. The research shows that the global vegan cheese market is expected to grow at the CAGR (Compound Annual Growth Rate) of 7.7 per cent.
This growth would set the market worth at an estimated $1.58 billion by the end of 2023 in Europe, which is the dominating region for vegan cheese sales. A combination of factors has led to this projected increase, with consumers having more disposable income, “substantial innovation” in the non-dairy cheese market, and an increased amount of lactose intolerance around the world.
Lactose intolerance statistics are is expected to be at 75 per cent globally, with this increasing to 90 per cent of the population in some countries. Cases of lactose intolerance are higher in the Asia Pacific region, who are a region that is expected to grow with the increasing acceptance of plant based milk products.
The report says: “With changing lifestyle and evolving dietary pattern, convenience food plays an important role in defining the consumers’ food choices in the modern world. The trend of consumption of convenience food began in western world and spread to other regions rapidly, which in turn will positively influence the sales of non-dairy cheese market in the near future.”
“There has been an increasing incident of lactose intolerance for that consumers are inclined to adopt plant based milk product instead of the animal milk product which is directly proportionate to the sales of non-dairy cheese during the forecast period.”
The leading brands in the market are Violife Foods, Kite Hill Cheese, Toffuti Brands Inc., Bute Island Foods Ltd, Follow Your Heart, Daiya Foods Inc and Galaxy Nutritional Foods, Inc.