news 6 days ago

Global Vegan Cheese Market 2019-2023 | 8% CAGR Projection Over the Next Four Years | Technavio

The 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190415005449/en/

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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190415005449/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 04/15/2019 11:28 AM/DISC: 04/15/2019 11:28 AM

http://www.businesswire.com/news/home/20190415005449/en