Worldwide Non Dairy Cheese Industry is Estimated to Grow at a CAGR over 7.70% by 2023
Global Non Dairy Cheese Market Information- Source (Soy Milk, Almond Milk), Application (Fast Food Snack) Product Type (Mozzarella), Distribution Channel (Store based) and Region (North America) – Forecast to 2023
Pune, India – September 29, 2017 /MarketersMedia/ —
Market Forecast
The significant factor increasing the growth of non-dairy cheese market is the increasing incidence of lactose intolerance across the globe. People who are lactose intolerant lack enzyme (lactase) in their small intestine to break down all of the lactose consumed. Growing concern on animal welfare, human health and the environment has led to the rising trend of veganism which has become a mainstream now. The appeal and potential of vegan diet has grown popular in the recent years as consumers strictly follow set of rules where animal products are not consumed due to ethical reasons and seek healthier & cleaner products.
Non-dairy cheese manufacturers focus on sustainable packaging and clean labelling as consumers prefer products free from any additives and chemical preservatives. Soy milk, almond milk, rice milk and coconut milk are commonly used to manufacture non-dairy cheese and manufacturers focus on packaging to attract the consumer’s eye and make the product stand out next to the competitor’s product on the retail shelf.
These factors will play a key role in the growth of non-dairy cheese market at the CAGR of 7.70% during 2017-2023.
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Competitive Analysis-
This report includes a study of strategies used in the market, mergers and acquisitions in non-dairy cheese, multiple product launch by non-dairy cheese market players. It further includes product portfolios and developments of leading major players which includes
Daiya Foods Inc. (Canada)
Galaxy Nutritional Foods, Inc. (U.S.)
Violife Foods (Greece)
Kite Hill Cheese (U.S.),
Tofutti Brands Inc. (U.S.)
Bute Island Foods Ltd (U.K.)
Follow Your Heart (U.S.)
The market players have increased their level of investment in research to identify right formulation and to improve product functionality in order to capture lion’s share and create brand recognition in Non-Dairy Cheese market. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
By Downstream Analysis-
Among the source type, soy milk segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register the healthy CAGR of 7.89% during the forecast period. Among the product type, cheddar segment is estimated to account maximum market proportion during the forecast period of 2017-2023. Cream cheese segment is estimated to observe a substantial growth of 8.10% during the review period.
Market Overview
Cheese is derived from the processing of curd which is further ripened to give peculiar texture, flavor and aroma to the end product. The production of cheese involves enzymatic and acid activities. The ageing of cheese gives the desired final product. Cheese are derived from plant based (soy milk, almond milk, coconut milk, rice milk). The plant based or non-dairy cheese is becoming a new trend in the market. Non-dairy cheese are cheese made from plant based milk or lactose & casein free milk. The non-dairy cheese market for non-dairy cheese has been increasing due to globalization and changing consumption pattern, increasing awareness about lactose intolerance and rising number of vegan consumers.
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Region Analysis
The global non-dairy cheese market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will be the fastest growing region in the non-dairy cheese market and high growth in emerging economies such as China, India, Japan and ASEAN countries.
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