India vegan cheese market is anticipated to gain a strong growth rate of 15.3% during the forecast period 2022-2028. India is one of the most consuming vegan cheese countries across the globe. A shift in consumption patterns, increasing demand for plant-based dairy products, rise in disposable income, and increasing adoption of the western lifestyle are some of the key factors expected to fuel the demand for vegan cheese in India.
Moreover, the food service industry has been considerably contributing to the growth of the vegan cheese market as hotels, restaurants, and fast-food outlets are labeling their products with vegan cheese and also serving food with vegan cheese as appetizers. Lactose-indolent and dairy-allergic people are increasingly inclined towards plant-based cheese.
Vegan Cheese is Hitting Grocery Shelves; Offline Channel to Play a Pivotal Role
The rise of veganism and plant-based diets is causing a rapid change in the food sector. Numerous dairy substitutes have entered the market in recent years. Since vegan cheese is now widely accessible, “clean” labeling is quickly becoming more popular. Soy, almond, cashew, and other nut-based components are generally used to make vegan or plant-based cheese. It mostly consists of fermented cheese and cheese analogues (produced from plant-based starch and oil – made from nuts).
Although there is a limited selection of plant-based cheese in India compared to dairy cheese, it is nonetheless available. This scenario is, nevertheless, evolving. The hospitality and food service industry is playing a big role in the expansion of the vegan cheese business by offering vegan meals on its menus. Due to the rising demand, more businesses have been experimenting with and creating novel cheese alternatives.
Market Structure and Competitive Landscape
India’s vegan cheese market is fragmented in nature with the presence of various players in the market. Some of the key players operating in the Indian vegan cheese market include Live Yum Foods, Bombaycheesecompany, Urban Platter, Cowvathi, Goodmylk, Vegandukan, Vvegano, ICL Speciality Products Inc., Arivia, BlacjLiving Foods, and Anata India among others.
Manufacturers and key plant-based cheese brands are focusing on innovations, mergers and acquisitions, partnerships, and collaborations which directly result in propelling the growth of the Indian vegan cheese market.
- In March 2022, India’s Goodmylk announced its acquisition of the nutrition brand PRO2FIT. The acquisition of PRO2FIT signifies maturity in the emerging Indian alt protein sector. Both brands saw synergies in their missions to make plant-based food and nutrition accessible to all.
- In January 2020, Plant-based butter and spreads producer Upfield Group announced its acquisition of dairy-free cheese manufacturer Arivia. As a result of this strategic acquisition, Arivia and its VIOLIFE brand will become part of the Upfield Group of companies and join its household names, including Flora, Rama, Country Crock, Blue Band, and Proactiv.
Key Market Segmentation
RationalStat has segmented the India vegan cheese market on the basis of cheese type, source, form, end user, application, sales channel, and region.
- By Cheese Type
- Cream Cheese
- Others (Gouda, Pepper Jack, etc.)
- By Source
- Almond Milk
- Coconut Milk
- Soy Milk
- Cashew Milk
- Others (Pine Nuts, Hazelnuts, etc.)
- By Form
- Others (Spreads, Cubes, etc.)
- By End User
- Personal, Household, and Residential
- Food Processing
- By Application
- Fast Food Snacks
- Baked Goods
- Processed and Packed Food
- Dairy and Desert
- Dips and Sauces
- By Sales Channel
- Retail Stores
- By Region
- North India
- West and Central India
- South India
- East India
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for India vegan cheese manufacturers, government organizations, HoReCa industry players, dairy producers, dairy brands, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The India vegan cheese market is expected to grow at a CAGR of 15.3% during the forecast period 2022-2028.
The adoption of western culture and shifting consumer preference towards vegan cheese are the key drivers of the India vegan cheese market.
The India vegan cheese market is estimated at around US$ 20 million in 2021.
Major companies operating in the India vegan cheese market include Live Yum Foods, Bombay Cheese Company, Urban Platter, Cowvathi, Goodmylk, Vegandukan, Vvegano, etc.