Alternative products have gained a recurring spot in shoppers’ baskets as consumers look for more plant-based options. This demand has made its way into cheeses, leading to an increase in vegan cheese popularity. New statistics released have revealed that the vegan cheese market is expected to witness a compound annual growth rate (CAGR) of 15.5 percent.
According to the report published by Allied Market Research, the global vegan cheese market is expected to generate $4.42 billion by 2027. Among many vegan foods adopted by the urbanized and millennial population, vegan cheese is one of the major foods, noted the release. Fast food joints, hotels, cafés, and restaurants began utilization of vegan cheese as an appetizer to cater to the increased demand from consumers.
Millennials are also finding new recipes to produce vegan cheese utilizing ingredients such as almonds, raw cashew, chipotle, potato, soy, carrot, garlic, different herbs, paprika, coconut, and others. These plant-based products provide nutrients such as vitamins, proteins, and carbohydrates in the same way dairy products offer.
The release continued by noting reasons for the demand, such as an increase in the vegan population, a rise in concerns about the welfare and health of animals, and the inclination of dairy-allergic people toward plant-based products.
Companies continue to meet this demand, arriving in the market to offer cheese produced from plant-based sources that replicate the flavors of dairy cheese. Market players continue to impress by utilizing innovative methods for producing vegan cheese products.
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We here at Deli Market News will keep an eye on this rising sector.