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.
“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.