Demand for cheese analogues in the U.S. is set to grow at a robust pace during the forecast period of 2022 and 2032. The cheese analogue market in India is poised to grow at the highest CAGR of 8.7% between 2022 and 2032.
NEWARK, Del: , Sept. 12, 2022 (GLOBE NEWSWIRE) — The global cheese analogue market is anticipated to grow from US$ 2.1 Bn in 2022 to US$ 3.9 Bn by 2032, with sales accelerating at 6.3% CAGR throughout the forecast period. Rising demand for cheese alternatives across various end use sectors is a key factor boosting sales of cheese analogue in the market.
In recent years, there has been a shift toward plant-based dairy alternatives. The plant-based dairy industry is predicted to grow rapidly. Because counterfeit cheeses are made by replacing milk fat and protein with vegetable-based ingredients like oils and starch, they are less expensive than traditional cheeses. Furthermore, because the product is manufactured utilising various additives, these cheeses do not require a ripening stage, which lowers the initial capital cost of building a production unit.
Vegans can enjoy non-dairy cheese analogues, often known as plant-based cheese analogues (PBCAs). These cheeses are thought to have textural quality traits that range from undesirable to passable. They don’t quite match the physical sensory characteristics of traditional cheese, but some researchers are attempting to achieve the right texture properties by using just plant-based ingredients.
Similarly, surge in the number of lactose intolerant people and growing awareness about the potential benefits of cheese alternatives, especially across emerging economies will boost growth in the global cheese analogue market during the forecast period.
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Key Takeaways from Market Study
By type, plant-based cheese analogue segment will continue to dominate the global market during the forecast period.
Based on distribution channel, the B2C segment will contribute most to the global cheese analogue market.
North American cheese analogue market is expected to register 5.8% CAGR between 2022 and 2032.
The cheese analogue market in Japan will grow at 7.6% CAGR between 2022 and 2032.
Demand for cheese analogues in India is anticipated to rise at a CAGR of 8.7% during the assessment period.
“Veganism has become more popular in recent years due to a number of factors including an increase in the number of people with lactose intolerance, people’s concern for animal welfare, and the trend of veganism represented by athletes and Hollywood stars. This aspect is anticipated to boost demand for cheese substitutes” said a lead analyst at FMI.
Business to Consumer Models are Trending Significantly in Food and Beverage Market
Importance of Business to consumer (B2C) models is increasingly in the food and beverage segment, which allows producers to get insights into consumers’ behavior. When implemented well, this model allows higher margins to producers. Additionally, the growth in B2C has been driven by the fact that buyers are demanding a better experience, and personable service.
B2C allows companies to build a direct relationship with the consumer that would not be available through other channels. The specialty stores and online retailing are helping manufacturers to identify the new upcoming trends and improvise the product according to the consumer’s demand.
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Who is winning?
Some of the leading companies offering Cheese Analogue are Groupe Lactalis, Daiya Foods Inc., Miyoko’s Kitchen, Inc., Lyrical Foods, Inc., Whitehall Specialties Inc., Bute Island Foods Inc., Blendhub Corporation Group, Ingredion Inc., Ornua Ingredients, MCT Dairies, Inc, A.I.F. Ingredients, and Others.
Get Valuable Insights into Cheese Analogue market
Future Market Insights, in its new offering, provides an unbiased analysis of the Cheese Analogue market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the Cheese Analogue market based on by Type (Dairy-based Cheese Analogue, Plant-based Cheese Analogue, and Partial Dairy-based Cheese Analogue), by Form (Liquid, Slices, Cubes/Blocks, Shredded, Powder, and Spreadable), by End Use (Retail / Household, HoReCa, and F&B Industry), by Distribution Channel (B2B and B2C) and across seven major regions.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
About the Food & Beverage Division at Future Market Insights
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