The global vegan cheese sector will be worth almost $4 billion by 2024, according to market forecasters.
A report by Bharat Book Bureau claims a Compound Annual Growth Rate [CAGR] of 7.6 percent between 2016 and 2024 means the market value will skyrocket to $3,906 million in the next five years.
The report says: "Various factors such as growing consumer demand for environmentally-friendly, animal-free sources of protein, rising concerns over antibiotic, allergens, and hormone use, and animal welfare concerns are driving the growth of the global vegan market.
"Various applications of vegan cheese such as in fast food snack, bakery and confectionery also support the growth of the market."
The research also lists the 'growing number of vegan consumers' as a major factor driving growth.
The study says that the high price of some vegan cheese alternatives 'may hamper the market growth', but 'evolving markets and growing awareness through advertisements and promotional activities would unfold with numerous growth opportunities in the forecasted years'.
It lists the 'major market players' in the sector as Dr. Cow, Tree Nut Cheese, Uhrenholt A/S, Kite Hill, Miyoko’s Kitchen, Vtopian Artisan Cheeses, Heidi Ho., Hochland Group, Parmela Creamery, and Treeline Treenut Cheese among others.