Market research firm Bharat Book Bureau (BBB) published a report this week that forecasts that the vegan cheese sector will be worth $3.906 billion by 2024. The report estimates that the vegan cheese market will experience a compounded annual growth rate (CAGR) of 7.6 percent in the next six years, driven by changing consumer habits. “Various factors such as growing consumer demand for environmentally friendly and animal-free sources of protein,” the report stated, “rising concerns over antibiotic, allergens, hormone use, [and] animal welfare concerns are driving the growth of the global vegan market.” BBB pointed to vegan companies such as Dr-Cow Tree Nut Cheese, Kite Hill, Miyoko’s Kitchen, and Treeline Treenut Cheese as “major players” in the vegan cheese sector. BBB’s report is aligned with those of other market research firms that have predicted exponential growth within the plant-based sector—including Grand View Research, which predicted that the plant-based milk industry will be worth $35 billion by 2024.
Photo courtesy of Miyoko’s Kitchen