News

Non-Dairy Cheese Industry Worth $3.5 Billion by 2023

New report projects that interest in vegan alternatives will continue to create a profitable non-dairy cheese industry worldwide.

A new report compiled by Market Research Future (MRF) predicted that the global non-dairy cheese industry would reach $3.5 billion by 2023. MRF names soy milk-based non-dairy cheese as leading the charge, holding a 54.3 percent market share by the end of 2017. MRF names Europe as the leader in the non-dairy cheese sector, where the firm estimates the market to grow at a compound annual growth rate of 7.9 percent, led by Germany (which will be responsible for 25.78 percent market proportion of the industry). “The non-dairy cheese market has been increasing due to globalization and changing consumption pattern,” the report states, “increasing awareness about lactose intolerance, and rising number of vegan consumers.” MRF joins other market research firms that have predicted a bright financial future for plant-based foods, which have estimated the worth of the egg replacement industry at $1.5 billion by 2026, the meat-alternatives market at $5.2 billion by 2020, and the dairy alternatives sector at $35 billion by 2024.

Photo courtesy of Kite Hill 

More News

Ben & Jerry's Debuts Two New Vegan Ice Cream Flavors

Non-dairy pints now comprise 20 percent of the iconic ice cream brand's products thanks to the addition of two vegan versions of fan-favorite flavors.
Read More »

Norway Bans Fur Farms

New legislation will shut down the country's 300 fur farms—that produce nearly 1 million animals annually—by 2025.
Read More »

Kat Von D Beauty Debuts 40 New Vegan Lipsticks

Fan favorite Studded Kiss lipstick returns in a wide range of colors made with a new animal-free, highly pigmented formula.
Read More »

Thousands Take BuzzFeed's Vegan Quiz

Popular new quiz uncovers vegans' favorite meat substitutes, worst annoyances with meat-eaters, and frequency of nutritional yeast usage.
Read More »

Fake Sanctuary Scams Vegans for More than $35,000

Suspect Trey West allegedly took advantage of animal lovers using a falsified GoFundMe campaign under the name Friends Not Food Sanctuary.
Read More »

This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

More Videos »