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
Love the plant-based lifestyle as much as we do?
Get the BEST vegan recipes, travel, celebrity interviews, product picks, and so much more inside every issue of VegNews Magazine. Find out why VegNews is the world’s #1 plant-based magazine by subscribing today!