The non-dairy cheese market will be worth a massive $3.5 billion by 2023, according to a new report released by Market Research Future [MRF].
It names the sector's key players as Daiya Foods Inc, Violife Foods, Follow Your Heart, Bute Island Foods and Tofutti among others.
According to the report: "Non-dairy cheese are cheese made from plant based milk or lactose and casein free milk. Non-dairy cheese is derived from plant based (soy milk, almond milk, coconut milk, rice milk."
Rising number of vegans
The research highlights a number of key reasons the market is growing - claiming globalization and 'changing consumption pattern' as well as an increasing awareness about lactose intolerance are all playing a part - as well as the growing number of vegan consumers.
It also names Europe as the dominant market - with Germany accounting for more than 25 per cent of the European non-dairy cheese market.
It says: "Robust economic growth, rising urbanization, explosion of in the middle class population are the significant factors of the growth of nondairy cheese in Europe region. Also, vegan diet is gaining acceptance in the European countries which is anticipated to fuel the growth of non-dairy cheese during the forecast period.
"North America region is also projected to register a healthy growth during the forecast period of 2017-2023."
This news follows a number of studies which have predicted growth for alternative food products including milk and meat alternatives.