The global cheese analogue market is set to gain momentum from the increasing adoption of vegan diet. Hence, manufacturers are focusing on developing cheese alternatives for the processed food industry.
The global cheese analogue market is set to gain momentum from the increasing adoption of vegan diet. Hence, manufacturers are focusing on developing cheese alternatives for the processed food industry. This information is given by Fortune Business Insights™ in a new report, titled, “Cheese Analogue Market Size, Share & COVID-19 Impact Analysis, By Type (Non-dairy Cheese Analogues, Dairy Cheese Analogues, and Partial Dairy Cheese Analogues), Application (Bakery and Confectionery, Breakfast Cereals, Animal Feed, and Others), and Regional Forecast, 2020 – 2027.” The report further states that the market size stood at USD 2,197.58 million in 2019 and is projected to reach USD 3,618.91 million by 2027, exhibiting a CAGR of 6.7% during the forecast period (2020-2027).
COVID-19 Pandemic: Permanent Closure of Restaurants and Cafes to Affect Growth
The COVID-19 pandemic has impacted the global food and beverage industry by disrupting the overall supply chain. Governments of various countries have also implemented stringent lockdown norms, thereby resulting in the permanent shutdown of many cafes, restaurants, and hotels worldwide. Additionally, lack of available workforce and shortages of raw materials would also affect growth. Our elaborate research reports will help you pave the way towards success by selecting the best strategy
How Did We Develop This Report?
We have conducted thorough primary and secondary research to gather information about various aspects of the market. We have also conducted interviews with key stakeholders, such as marketing managers, sales managers, product managers, and C-level executives to derive insights, namely, application pattern, average pricing, raw material supply & demand, and growth rate. Besides, we relied on authentic paid databases, relevant associations, investor presentations, industry journals, and annual reports to deliver our clients in-depth details about value and supply chain analysis, revenues, restraints, opportunities, and trends.
Drivers & Restraints-
Rising Demand for Novel Products with Altered Dietary Properties to Aid Growth
Imitation cheese is very cost-effective. Hence, many processed food manufacturers are aiming to use this product to lower the production cost of food items, such as lasagna, sandwiches, and pizzas. The International Journal of Chemical Studies, for instance, declared in a 2019 report that cheese analogues made out of the blend of acid casein and rennet casein were cheaper than milk cheese.
At the same time, these products are helping manufacturers to meet the consumers’ demand for state-of-the-art food infused with altered dietary properties. These factors are expected to bolster the cheese analogue market growth in the coming years. However, plant-based cheese has a plasticky texture and tastes bland. It may hamper its demand.
Segment-
Non-dairy Cheese Analogues Segment Generated 59.67% Share in 2019
Based on type, the non-dairy segment earned 59.67% in terms of the global cheese analogue market share in 2019. It is set to dominate throughout the forthcoming years backed by the high demand for plant-based cheese products from numerous end-use industries. These products are also very simple to manufacture as the required raw materials are easily available.
Regional Insights-
Rapid Urbanization to Surge Popularity of Imitation Cheese in Asia Pacific
Geographically, Europe held USD 971.21 million in 2019 and would retain its leading position in the near future. This growth is attributable to the high demand for better-for-you non-dairy cheese alternatives in countries, such as Spain, Germany, France, and the U.K.
North America, on the other hand, is expected to remain in the second position fueled by the increasing usage of pasteurized processed cheddar and mozzarella in a wide variety of cheese dips, cheese causes, spaghetti, and salads in the region. In Asia Pacific, the market is set to grow considerably because of the high demand for cheese analogues occurring due to rapid urbanization.
Competitive Landscape-
Key Players Focus on Developing Unique Products to Attract More Consumers
The market houses numerous manufacturers that are mainly focusing on introducing novel cheese substitute to cater to the high consumer demand. Some of the others are also conducting extensive research and development activities to create plant-based products
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/cheese-analogue-market-103216
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