Fact.MR reports that the global plant-based cheese market is poised to reach a valuation of $1.3 billion by 2023, with an anticipated compound annual growth rate (CAGR) of 15.1% over the next decade (2023-2033). By the year 2033, the overall sales of plant-based cheese are projected to reach a remarkable market value of $5.3 billion.

The surge in veganism and the growing preference for plant-based foods worldwide are among the primary drivers propelling the global plant-based cheese market forward, according to the research firm.

Consumer trends play a pivotal role in shaping the trajectory of the food and beverage industry. As customers increasingly embrace new food trends and preferences, niche categories like vegan products, including cheese, are witnessing substantial growth within the market. Fact.MR says that factors such as increased awareness of animal cruelty and the growing acceptance of veganism are driving consumers to choose vegan options like plant-based cheese. Veganism is experiencing high demand, with a growing number of individuals worldwide changing their eating habits. In response, numerous food brands and businesses are expanding their product offerings to include vegan alternatives such as cheese, bread and biscuits, aligning with this burgeoning trend.

Social media influencers and celebrities are also playing a significant role in promoting the consumption of plant-based products, further fueling the demand for plant-based cheese. This trend is anticipated to persist throughout the forecast period.

Furthermore, the increasing prevalence of lactose intolerance is serving as a catalyst for the growth of the global plant-based cheese market. In recent years, there has been a substantial rise in the number of individuals suffering from lactose intolerance.