Global Almond Cheese Market Size (2022 – 2030)

In 2022, the Global Almond Cheese Market was valued at USD 1.01 billion and is projected to reach a market size of USD 2.5 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 12%.

Industry Overview

The market is expanding as veganism becomes more and more popular, particularly among millennials. Consumers are being pushed to choose plant-based goods due to rising awareness of animal cruelty and the damaging effects the dairy sector has on the environment. Global demand for vegan cheese is being driven by changing consumer eating tastes and developing trends in the food and beverage industry. Consumer food preferences have altered recently as a result of the increase in occurrences of lactose intolerance and other food-related allergies among both children and adults. Around 70% of people worldwide were lactose intolerant in 2019, according to data given by the Food Intolerance Network.

The industry growth in the Hotel/Restaurant/Café (HoReCa) sector is anticipated to be boosted by millennials' propensity for veganism and vegetarian diets. For instance, vegan eateries have been developed all around Saudi Arabia to encourage a healthy lifestyle. Additionally, the global concern about the carbon footprint caused by an animal-based diet and the rising awareness of animal cruelty have prompted customers to choose plant-based products. In addition, excluding meat, the vegan population abstains from all items derived from animals, such as cheese, milk, cream, yogurt, and even honey, which will help the market expand.

Impact of Covid-19 on the industry

Due to the enormous global interest in cooking at home, the COVID-19 epidemic has provided some relief to the market. As a result, the demand for vegan food items has dramatically expanded during the past few years. For instance, the trade in plant-based foods in the U.S. increased from USD 5.0 billion in 2019 to USD 7.0 billion in 2020. The market prospects are likely to remain positive in this scenario.

Demand for vegan cheese is also likely to decrease as important food displays and events are cancelled or postponed and restaurants continue to be shuttered during the lockdown. Brands are also estimated to thoroughly examine the situation and address any financial issues brought up by the COVID-19 event. While it's possible that vegan cheese manufacturing will pick up again in the second half of 2020, it's estimated that large brands will diversify their revenue streams and use e-Commerce platforms to boost sales and market share. In these difficult circumstances, brands are also estimated to focus on logistics channels and work their way through them to find the best supply chain, models.

Market Drivers

Rising research and development in the vegan industry will drive the market growth

For the vegan cheese market to expand, research and development are essential. Although the market for vegan cheese is expanding at an incredible rate, especially in Europe and North America, it is still lagging behind other plant-based food categories like meat and milk. However, as the current vegan cheese market scenario becomes more competitive, more businesses are spending money on research and development to accurately imitate the complex functions and flavour characteristics of cheese.

Awareness about plant-based cheese will drive the market growth

A cruelty-free treat, vegan mozzarella cheese is made completely of plant-based components including cashew milk and coconut oil. It is free of lactose, dairy, gluten, and other items derived from animals, including milk. Shredded, cream, parmesan-style, and other bases, flavours, and forms of vegan cheese are being developed. Additionally, a significant rise in the consumption of packaged, ready-to-eat vegan foods and beverages that contain plant protein, as well as a rise in the popularity of gluten-free and plant-based diets, are major factors that are fuelling market expansion. By definition, vegan diets help people consume fewer calories. They, therefore, aid in weight loss without requiring you to consciously think about cutting calories.

Market Restraints

The pandemic resulted in a negative impact on the finances of the producers

The food and beverage industry are estimated to undergo considerable changes as a result of the coronavirus pandemic. The ongoing health issue is likely to hinder the global demand for vegan cheese. Due to the cancellation or postponement of huge food displays and events and the closure of restaurants during the lockdown, the demand for vegan cheese is also estimated to decline globally.

GLOBAL ALMOND CHEESE MARKET REPORT COVERAGE:

This research report on the global almond cheese market has been segmented and sub-segmented based on, and Geography & region.

Global Almond Cheese Market- By Products

• Mozzarella

• Cheddar

• Pepper Jack

• Parmesan

• Gouda

• Other

Over 30.0% of the total revenue in 2021 came from the mozzarella segment, which is anticipated to continue to lead during the projection period. In the shape of slices, cubes, shredded cheese, and spreads, mozzarella is frequently used in Italian recipes like spaghetti, pizza, croquettes, and Caprese salad. In nations where Italian cuisine is well-liked, there is a notably high demand for mozzarella. Ricotta is anticipated to experience the fastest CAGR of 14.0% over the course of the forecast period. This product's expanding range of uses in Italian cuisines like manicotti, lasagna, roll-ups, high tea, and ravioli has been driving demand and boosting category growth.

Global Almond Cheese Market- By End Use

• B2C

• B2B

In 2021, the B2C market category held the top spot with a revenue share of more than 50.0%. The demand for plant-based products in the B2C market has grown as a result of factors such rising consumer disposable income levels and their desire to spend on high-end goods. The simple availability of products in supermarkets and convenience stores has also aided in this segment's expansion.

The B2B market is anticipated to increase at the quickest rate, 13.0%, throughout the anticipated timeframe. Because flexitarian and plant-based diets are becoming more and more popular, many restaurants, fast food chains, and casual dining establishments have started adding plant-based dishes and drinks to their menus.

Global Almond Cheese Market- By Geography & Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

More than 35.0% of global revenue was generated in Europe in 2021, and this region will continue to hold the top spot throughout the coming years. Due to growing awareness of animal cruelty and the region's expanding carbon footprint brought on by the use of foods derived from animals, such as milk, honey, eggs, beef, pig, and seafood, consumers are increasingly choosing more environmentally friendly and vegan products.

With a CAGR of 14.1% from 2023 - 2030, Asia Pacific is predicted to have the quickest rate of growth among all regions. Sales of the product are anticipated to be boosted by the rising demand for plant-based baking and confectionary goods in the Asia Pacific area. The major drivers of the expansion of the Asia Pacific market are China, Japan, and Australia.

Global Almond Cheese Market- By Companies

1. Treeline Cheese

2. Follow Your Heart

3. Daiya Foods Inc.

4. Kite Hill

5. Violife

6. Dr-Cow Tree Nut Cheese

7. Tofutti Brands, Inc.

8. Tyne Chease Limited

9. Miyoko's Creamery

10. Parmela Creamery

NOTABLE HAPPENINGS IN THE GLOBAL ALMOND CHEESE MARKET IN THE RECENT PAST:

• Product Launch: - In 2021, The Prochez brand of Axia Foods will introduce almond cheese and butter in India. The launch, which the Indian plant-based start-up claims to be the first of its type globally, will aid in the expansion of its line of products, which already includes yoghurt, smoothies, and protein bars.
• Product Launch: - In 2021, The plant-based food technology company Nabati Foods Global Inc., which provides whole, natural, plant-based foods for health-conscious consumers, has announced the official launch of its plant-based meat and Nabati Cheeze shreds in the United States.
• Business Expansion: - In 2021, Upfield Holdings B.V.'s Violife Cheese has entered the Middle Eastern market after the company's Flora brand was launched there in 2020. The item is marketed in Bahrain, Qatar, Oman, Saudi Arabia, the UAE, and Saudi Arabia.