Consumer preference of non-dairy products anticipated to drive the U.S. Non-dairy Cream Cheese Market during the forecast period 2019-2025. U.S. Non-dairy Cream Cheese Market size is estimated to be $45.6 million in 2019 and is projected to be growing at CAGR of 24.47% during the forecast period 2020-2025.
Non-dairy cream cheese, or vegan cheese is made from plant-based ingredients and comes in a wide range of styles and flavors. These cream cheese products are made from soy, cashew and other such types of sources. Recent research show that non-dairy cheese may actually be good for health and reduce the risk of diabetes and cardiac diseases. Vegan cheeses are typically lower in fat, protein and calcium than regular cheese and are likely gluten-free. Growing awareness about benefits of vegan food and new product launches by vegan product manufacturers over the years have greatly helped in increasing the demand for non-dairy cream cheese in the U.S.
The U.S. Non-dairy Cream cheese market is growing at a significant rate as the consumers are switching from dairy based products to non-dairy products. This is owing to the growing number of lactose intolerance and allergies cases caused by dairy consumption.
U.S. is having large consumption of non-dairy cheese products owing to an increase in consumer preference and rise in consumption of vegan products in this region. The increasing variety of vegan cheese, with the constant innovations in flavors, packaging and texture, is driving the demand for plant-based cheese.
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U.S. Non-dairy Cream Cheese Market Growth Drivers:
- Increasing Number of Vegans:
The growing number of vegan individuals are generating a demand for dairy-free products and increasing demand for plant-based alternatives such as coconut milk, almond milk, soy milk etc. are some factors that are driving the growth of U.S. Non-Dairy Cream Cheese Market
According to Vegan Foods Association, 2-6% of the population in U.S are vegan that increases the demand for Non-Dairy products in U.S. Vegan consumers are avoiding the animal products in their diet to promote the development and use of animal-free alternatives for the benefits of humans, animals and the environment that are contributing the growth of the market.
- Increasing Incidence of Lactose Intolerance:
Rising incidence of lactose intolerance among consumer and changing food habits are driving the growth of the market. Prevalence rate of lactose intolerance are increasing by 75-90% that are increasing the growth of Non-Dairy Cream Cheese Market. In U.S., lactose intolerance are common problems that are facing by the consumer that increases the demand for Non-Dairy products. Thus rising prevalence coupled with increase in health conditions caused by dairy products are set to drive the demand for plant based cream cheese products.
Major players in the U.S. Non-dairy Cream cheese market are investing in innovative technologies and enhancing their products using the technology acquired. An instance of this is Lyrical Plants Inc., where Plant-based food brand Kite Hill has raised another $10 million from a single investor as part of a $15 million equity offering. The funds will be spent on innovation, infrastructure and marketing of the product. Otsuka Pharmaceutical Co., Ltd. (Otsuka), a wholly owned subsidiary of Otsuka Holdings Co., Ltd. announced that it has entered into a definitive agreement to acquire 100 percent of Daiya Foods Inc. (Daiya), Canada-based company specializing in the manufacture of plant-based foods. Thus larger companies are buying out smaller players with product in this niche market and are also favoring investments in development of their products to bring out new varieties of cream cheese.
The Major Players in this Market
The major companies in the U.S. Non-dairy Cream Cheese market include Daiya Foods Inc., Galaxy Nutritional Foods Inc., Follow Your Heart, TreeLine TreeNut Cheese, Good Planet Foods, Follow Your Heart, Punk Raw Labs, Miyoko's Creamery, Vtopia, Chicago Vegan food and Parmela Creamary. The non-dairy cream cheese market is consolidated with key players offering a wide range of non-dairy products, and are catering to the various developing more vegan or non-dairy products, thereby augmenting their respective positions in the market.
Over the years, manufacturers in this market are involved into the production of different product variants for cream cheese products depending upon the flavors and additional ingredients. Consequently, product launches, mergers and acquisitions, partnerships by companies as well as geographic expansions are set to boost the market during 2020-2025.
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