Plant-based Cheese Sales to Surge at 15.1% CAGR through
Rockville, MD, Jan. 10, 2023 (GLOBE NEWSWIRE) — Fact.MR – A Market Research and Competitive Intelligence Provider: The global plant-based cheese market size is set to be valued at US$ 1.3 Billion in 2023, and it is expected to grow at a staggering 15.1% CAGR over the next decade (2023-2033). By 2033, overall plant-based cheese sales are set to total a market valuation of US$ 5.3 Billion.
Growing trend for veganism and increasing preference for plant-based foods across the world are some of the key factors driving the global plant-based cheese market forward. Plant-based cheese is a dairy alternative made entirely from plant-based sources like soy, coconuts, almonds, and cashews. It is sustainable and eco-friendlier than dairy-based products. It also has gained high popularity in recent years due to the rapidly growing vegan population.
Customer trends continue to set the direction of the food and beverage industry. Customers are progressively taking on new food trends and inclinations that have remained niche categories for some time. One such trend in the food and beverage industry is growth of vegan products like cheese.
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Factors such as growing awareness regarding animal cruelty and high acceptance of veganism are prompting consumers to opt for vegan foods such as plant-based cheese. Veganism is now in high demand, and more and more people around the world are getting aware of the benefits of veganism. Various food brands and businesses have expanded their product portfolios to offer vegan products such as cheese, bread, and biscuits to swim with the tide.
Plant-based cheese products are gaining immense popularity across the globe as customers switch to it from traditional cheese. Due to the rising interest in vegan cheese, new vegan cheese brands have entered the market.
Various social media influencers and celebrities are also…
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