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The Global Almond Cheese Market size is predicted to reach $1.65 Billion by 2030, growing at a CAGR of 14.7% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The Surging demand for plant-based and dairy-free alternatives to traditional cheese products to enhance the market growth, finds IndustryARC in its recent report, titled "Almond Cheese Market - By Flavor [Regular, Flavored], By Form[Sliced, Shredded, Spreadable, Block, Powdered], By End Use [B2B, B2C], By Sales Channel [ ypermarkets/Supermarkets, Convenience Stores, Independent Grocery Stores, Speciality Stores, Online Retailing], By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030"
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North America to Register Highest Growth:
Almond Cheese market in North America is expected to grow with a double digit CAGR during the forecast period. This growth can be attributed to the increasing vegan population and people adopting plant based diet.In addition, the North American market has a high level of product innovation and development, with many new flavors and varieties of almond cheese being introduced to meet the demands of consumers.
According to a survey conducted by the Plant Based Foods Association, the sales of plant-based cheese, including almond cheese, in the United States increased by 42% from 2019 to 2020. This growth is a clear indication of the increasing popularity of plant-based alternatives and the rising demand for dairy-free options among consumers.
Almond Cheese Market 2023-2030: Scope of the Report:
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Almond Cheese Market Report – Key Takeaways:
● Better sales through B2B
More than two thirds of the market share is owned by B2B players in the market. One of the main reasons is the increasing demand for dairy-free and plant-based options in the food service industry, such as restaurants, cafes, and hotels. As more people are opting for plant-based diets, food service providers are including more dairy-free options in their menus to cater to this growing demand.
● Europe Region owns the largest share
According to the Almond Cheese Market forecast, the Europe Region held the largest market share of 36% of the global sales in 2022.One of the major reasons is the growing demand for plant-based foods among consumers. Another reason is the increasing awareness of the health benefits of almonds. Additionally, strict regulations on the use of genetically modified organisms (GMOs) in food production have made consumers more receptive to plant-based alternatives.
● Growing popularity of veganism is a major advantage
Growing veganism is having a significant impact on the almond cheese market. Almond cheese is a popular alternative to traditional cheese for those following a vegan diet, as it is made entirely from plant-based ingredients.In addition to the growth of the vegan market, there is also a growing trend towards flexitarianism, which is a semi-vegetarian diet that incorporates more plant-based foods while still allowing for some meat and dairy consumption
● Awareness of the health benefits associated with almonds drive the market forward.
Consumers are increasingly becoming aware of the health benefits associated with almonds, and are seeking out products that contain them.Almonds are a highly nutritious food, rich in protein, fiber, healthy fats, and a range of vitamins and minerals.Moreover, almonds are known to have several health benefits such as maintaining healthy cholesterol levels, reducing the risk of heart disease, and aiding in weight loss. According to a survey conducted by the Good Food Institute found that 66% of consumers who purchased plant-based cheese did so for health reasons, indicating that the growing awareness of the health benefits.
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Key Opportunity Analysis:
● Evolving packaging techniques helps the products outreach
Innovative packaging techniques in the almond cheese market create opportunities for manufacturers to differentiate their products and meet the evolving needs of consumers.Innovative packaging techniques can also help to extend the shelf life of almond cheese and improve its quality. For instance, some manufacturers are now using vacuum-sealed packaging or modified atmosphere packaging to preserve the freshness and flavor of the product for longer periods of time.
● Blends of nuts and seeds open new opportunities
Combining different nuts and seeds in almond cheese can create a more complex flavor profile and improve the nutritional content of the product.The introduction of blends of nuts and seeds in almond cheese can also help to differentiate products in a crowded market. With more players entering the almond cheese market, there is an increasing need to stand out from competitors by offering unique flavors and innovative product formulations.
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The Report also Covers the Following Areas:
● Almond Cheese Market Size and Forecast
● Almond Cheese Market Trends
● Almond Cheese Market Analysis by Flavour
Almond Cheese Market 2023-2030: Key Highlights
● CAGR of the market during the forecast period 2023-2030
● Value Chain analysis of key stake holders
● Detailed analysis of market drivers and opportunities during the forecast period
● Almond Cheese Market size estimation and forecast
● Analysis and predictions on end users’ behavior and upcoming trends
● Competitive landscape and Vendor market analysis including offerings, developments, and financials
● Comprehensive analysis of challenges and constraints in the Almond Cheese Market
Covid and Ukrainian Crisis Impact:
● One of the major effects of the pandemic was the disruption of global supply chains, which affected the availability and cost of ingredients used in the production of almond cheese. The pandemic also accelerated the trend of online shopping, with more consumers turning to e-commerce platforms to purchase groceries, including almond cheese. This trend was particularly pronounced in regions such as Asia-Pacific, where e-commerce sales of food and beverage products increased by over 30% in 2021.
● The Russia-Ukraine war is analyzed to have an indirect impact on the almond cheese market. Supply chain disruptions, trade barriers and sanctions restricted the flow of ingredients and finished products which resulted to higher price and limited availability in certain market segments. Apart from this, lower consumer confidence and discretionary spending due to war is also analyzed to negatively impact the demand for premium food products including almond cheese in the domestic and regional market.
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List of Key Market Players in Almond Cheese Market:
The Global Almond Cheese Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
● Kite Hill Foods, LLC
● Daiya Foods Inc.
● Follow Your Heart Market and Cafe, Inc.
● Dr-Cow Tree Nut Cheese LLC
● Heidi Ho Organics
● Vtopian Artisan Cheeses
● Miyoko's Kitchen, Inc.
● Treeline Treenut Cheese
● Punk Rawk Labs Inc.
● The Frauxmagerie Inc.
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Almond Ingredients Applications Market - The Almond Ingredients Applications Market size is estimated to reach $12.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.4% over the forecast period of 2022-2027. Almonds are the nutrient-dense nut that is high in protein, carbohydrates, vitamins and other nutrients.
US Non-dairy Cream Cheese Market - US Non-dairy Cream Cheese Market size is estimated to be $45.6 million in 2019 and is projected to be growing at double digit CAGR during the forecast period 2020-2025. U.S. Non-dairy Cream Cheese are made from various plant source such as soy, almond, cashew and other.
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