Vegan Cheese Market Set To Be Worth $4 Billion By 2024

vegan cheese market

The latest research from the Bharat Book Bureau has revealed the vegan cheese market will be worth $4 billion by 2024.

The forecast showed a compound growth of 7.6 percent over the next 6 years driven by changing consumer demands, with the exact figure sitting at $3.9 billion.

Milk Consumption Drops By 22% in 16 Years

“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.”

The report comes as other plant-based market forecasts have predicted high valuations in the coming years.

Innova Market Insights predicted the global plant-based milk market will be valued at $16 billion in 2018, with further research conducted by Packaged Facts putting the market valuation at $28 billion by 2021.

The same research also highlighted the fact that plant-based milk is closer to taking control of the overall milk market with plant-based milk making up 40 percent of the market.

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