The plant-based cheese market is likely to grow at a CAGR of over 15% during the period 2018-2024

NEW YORK, Dec. 3, 2019 /PRNewswire/ -- The plant-based cheese market is likely to grow at a CAGR of over 15% during the period 2018a??2024.Read the full report: increasing preference for vegan diets among consumers due to increasing concerns over animal rights and the environment is boosting the plant-based cheese market. The millennial population is the primary driver for the global shift from animal-based products to plant-based food products. Renowned celebrities and world-class athletes, along with world-renowned companies such as Google, are moving toward the consumption of plant-based products. Lactose intolerance is widespread across the world, although the variation differs largely across regions. The high prevalence of lactose intolerance among the population is contributing to the adoption of non-dairy products as well as plant-based cheese. The plant-based cheese segment accounts for approximately 6% of the global non-dairy milk market North America accounted for the largest market, followed by Europe. APAC is expected to witness the fastest growth during the forecast period.The following factors are likely to contribute to the growth of the plant-based cheese market during the forecast period:
a?? Growth in the Vegan Population
a?? High prevalence of lactose intolerant population
a?? Rise in the Health-conscious Population
a?? High Demand for Non-GMO Food Products
a?? Growth in Consumer Demand for Clean Label Products
The study considers the present scenario of the plant-based cheese market and its market dynamics for the period 2019?2024. The report covers a detailed overview of several market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. It profiles and examines leading and prominent companies operating in the plant-based cheese market.
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