The vegan cheese market will register a compound annual growth rate of eight percent by 2023, as revealed new studies.
This is mainly driven by a growing awareness of lactose-intolerant conditions which is also boosting sales. Therefore, consumers are buying dairy alternative products such as almond milk, vegan cheese, and vegan margarine.
This will increase the sales of vegan cheese. It will fuel the growth of the global vegan cheese market during the forecast period.
One of the growth drivers of the global vegan cheese market is the increasing number of organized retailing outlets. Supermarkets make fresh and ready-to-consume packaged vegan food and beverages such as plant-based milk alternatives and vegan cheese easily accessible to consumers.
The high price of vegan cheese compared to traditional dairy products remains however a main challenge.