US Plant Based Cheese Market 2022-2028

US Plant Based Cheese Market 2022-2028

The US plant based cheese Market is estimated to witness significant growth during the forecast period. The market is growing at a CAGR of 26.0% during the forecast period (2022-2028). The growing demand for veganism among the customers, especially the millennials, is propelling market growth across the country. As a result, the key manufacturers of the market are providing a wide range of plant based dairy alternatives that incudes vegan cheese. Thus, it is gaining traction from the shelf space of the retail stores present in the US. For instance, in June 2021, Nabati Foods Global Inc. launched Nabati Cheese shred in the US. Nabati is a plant based food technology organization. Through the launch of a new product, the company aims to cater to health-conscious consumers to extend its consumer base and stay competitive in the market. The product has been launched under the product pipeline of vegan cheesecakes which was introduced in 2021. All the products of the Nabati are available in the retail stress, supermarkets, and online platforms.

Increasing awareness about the negative impact on the environment and animal cruelty caused due the dairy industry has encouraged consumers to incline towards plant-based products. Additionally, the rising population of lactose-intolerant people is considered to be the key consumer for plant based products including cheese and other dairy products. According to the National Institutes of Health, the US, n 2021, approximately 65% of the total population has been experienced issues digesting lactose products, which represents a broad targetable consumer base for the plant based cheese market in the country.

The US Plant Based Cheese Market Trends-

Precision fermentation of plant based cheese is a new upcoming trend expected to propel the growth of the market during the forecast period. The primary factor attributable to the market growth is an integration of precision fermentation procedures by manufacturers within the developing process of the plant based cheese. Precision fermentation is a technique that allows microorganisms to be programmed to manufacture complex organic molecules like proteins at a fraction of the cost that humans currently pay. For instance, in February 2021, LegenDairy announced to collaborate precision fermentation with the European Cheesemaking procedure catering to manufacture meltable, stretchable, and delicious cheese alternatives. Post the pandemic, the demand for vegan cheese has been accelerated owing to opt animal-free alternatives to improve health. According to the Food Navigator report, in 2021, the buyer's base for purchasing plant-based proteins had been increased by 18% 2021.

SEGMENT ANALYSIS

The US plant based cheese market is segmented based on product type and source. Based on product type, the market is segmented as mozzarella, cheddar, parmesan, ricotta, cream, and others. The other product type includes parmigiano-reggiano, and grana Padano.

Based on the source, the market is augmented as soy, almond, coconut, cashew, and others.

COMPETITIVE LANDSCAPE

The US plant based chesse Market is dominated by large, international players such as Pepsico, Inc., Calbee Group UK Ltd., Mondelz International, Inc., and The Kraft Heinz Co. These players are playing a significant role in the growth of the UK savory snacks market by providing various products and adopting several strategies such as mergers and acquisitions, partnerships and collaborations, and technological advancement. For instance, in May 2021, Calbee, Inc. and the government of Hiroshima Prefecture entered a factory construction agreement to establish a new industrial facility in Saeki-Ku, Hiroshima City, Hiroshima Prefecture. With this agreement Calbee intended to relocate two factories in the same prefecture and integrate them into the new factory. The key products manufactured in this factory include snacks, potato chips, and products in new food areas.