The report, titled "India Vegan Cheese Market Forecast and Analysis 2019-2028", examines India's market and the overall industry according to cheese type, source, form, end user, application, sales channel, and region.
A thorough report offers a detailed analysis of the market's historical and projected size along with a detailed market analysis. Market share analysis, as the production capabilities of most prominent companies, top food categories, the adoption of vegan cheeses, consumer's opinions, principal distribution channels, an overview of competition essential strategic factors, significant customers base, startups, financial information, possible growth areas, and competition analysis for the target players analyzed in this research report.

Market overview and dynamics

The Indian market for vegan cheese is predicted to experience a significant growth rate of 15.3% from 2022-2028.

Changes in consumer habits, growing demand for plant-based dairy products, a rising disposable income and a growing acceptance of western lifestyles are some of the significant factors expected to drive increasing demand for vegan dairy products in India.

 Furthermore, food service has significantly contributed to the development of the market for vegan cheese since restaurants, hotels, and fast-food restaurants are offering products that are vegan-based and serving dishes made with vegan cheese for appetizers. People who are lactose intolerant and allergic to dairy tend to gravitate towards vegan cheeses, propelling the market growth.

The rising popularity of veganism and vegan diets based on plants led to an abrupt change in global food. As a result, many dairy substitutes have come onto the market over the last few years. Since vegan cheeses are readily available, "clean," labeling is rapidly becoming more and more popular. Cashew, almonds, soy and other nut-based ingredients are typically used to make vegan cheese or other plant-based products. It is typically made of cheese in a fermented state and analogues (produced by plant-based starch and oil made from nuts).

Although there is a smaller variety of plant-based cheese in India compared to the dairy variety, it's still readily available. However, the situation is changing and the market is readily evolving. The food and hospitality sector is playing a significant part in the growth of the vegan cheese business by offering vegan-friendly meals on their menus. In addition, due to the growing demand, more companies are trying and creating new cheese alternatives.

Segmental Analysis

Based on the cheese type, the cashew segment held the largest revenue share of more than 35.0% in 2021 and is expected to maintain its dominant position throughout the forecast period.

oCashew-based vegan cheese contains vitamins B2 & B12 and is low in fat. This makes it favorable among health-conscious consumers all over the world. Furthermore, gluten-free and cholesterol-free cashew products are gaining traction owing to their health benefits.

Based on end user type, the B2C segment led the global market in 2021 and accounted for a revenue share of more than 50.0%. Factors such as increased consumer disposable income levels and willingness to spend on premium products have led to a rise in the demand for plant-based products in the B2C segment.

oEasy product availability in supermarkets and convenience stores has boosted the growth of this segment.

Competition Analysis: Regional Players Dominate the Domestic Markets

Over the last decade, the India vegan cheese market has grown rapidly. India’s vegan cheese market is fragmented in nature with the presence of various players in the market. These players adopt various strategies including mergers and acquisitions, partnerships and collaborations which directly results in propelling the growth of the India 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 India 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.
oAs 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.

According to RationalStat, leading players involved in the production and marketing of the vegan cheese market in India include Live Yum Foods, Bombaycheesecompany, Urban Platter, Cowvathi, Goodmylk, Vegandukan, Vvegano, ICL Speciality Products Inc., Arivia, BlacjLiving Foods, and Anata India among others.

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
oMozzarella
oParmesan
oCheddar
oCream Cheese
oRicotta
oOthers (Gouda, Pepper Jack, etc.)

By Source
oAlmond Milk
oCoconut Milk
oSoy Milk
oCashew Milk
oOthers (Pine Nuts, Hazelnuts, etc.)

By Form
oBlocks
oSlices
oShredded
oOthers (Spreads, Cubes, etc.)

By End User
oPersonal, Household, and Residential
oCommercial

Retail
HoReCa
Food Processing

By Application
oFast Food Snacks
oBaked Goods
oProcessed and Packed Food
oDairy and Desert
oDips and Sauces
oDressing

By Sales Channel
oOffline
Hypermarkets/supermarkets
Retail Stores
oOnline/E-commerce

By Region
oNorth India
oWest and Central India
oSouth India
oEast India

For more information about this report https://store.rationalstat.com/store/india-vegan-cheese-market/

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