ID: MRFR/F-B & N/8863-CR | November 2020 | Region: Global | 101 pages
US and Europe nuts and seeds cheese market is expected to register a CAGR of 6.84% to reach USD 1,25,405.19 Thousand by 2026. Nut and seed-based cheese is non-dairy cheese, which is prepared using nuts and seeds such as almonds, cashews, sunflower seeds, and chia seeds, among others.
The advent of the global pandemic, COVID-19, has resulted in a global crisis. Impacting over 213 countries, the pandemic has had a negative impact on the global economy. The US is one of the countries that has been significantly affected by the outbreak of the novel coronavirus. Almost all states in the US have now reported cases of COVID-19, with the number growing rapidly every day. With over 358,104 fatalities, the global pandemic is expected to result in the advent of a global recession. The outbreak of COVID-19 has affected production, supply chain, consumer buying behavior in the US and Europe nuts and seeds cheese market. As physical movements are restricted, several businesses have shifted to e-commerce. Consumers are relying on e-commerce to fulfill their essential needs. However, consumers judge the brand value and opt for the product after being satisfied with its hygiene and sanitation. Thus, consumers prefer brands that can offer consistent standards of service with full hygiene practices. The era of social distancing is acting as the inflection point of certain consumer habits. It is prompting nut and seed-based cheese manufacturers in the US and Europe to incorporate innovation in their operating models as per the preference of the consumers.
The US and Europe nuts and seeds cheese market has witnessed significant growth over the last few years and is projected to register a substantial growth rate during the forecast period. The prime drivers for the growth of the nuts and seeds cheese market include the rising consumer preference towards the vegan diet and increasing lactose intolerance among the population of the US and Europe. Additionally, the health benefits associated with nuts and seeds is likely to upsurge the growth of the market. Increasing incidences of nut allergies along with the high price of the products are anticipated to restrict the growth of the market. The increasing adoption of organic food & beverages is anticipated to promise a lucrative opportunity for the players in the US and Europe nuts and seeds cheese market during the forecast period.
US and Europe Nuts and Seeds Cheese Market Revenue, by Product Type, 2026 (USD Million)
Sources: MRFR Analysis
The cashews segment accounted for the major share in 2019 and is expected to expand at a substantial CAGR and reach USD 43,931.51 thousand by the end of 2026. Cashews are rich sources of fat, protein, calcium, iron, and phosphorus, as well as excellent sources of antioxidants. They can be consumed directly or in roasted, salted, or flavored forms. However, cashews are gaining popularity as ingredients in bakery and confectionery products and dairy products. Cashews are widely used in the production process of nut-based cheese over the last few years. However, the production of cashews is highly concentrated in the countries of Asia-Pacific and Africa. The cashews segment is projected to exhibit a decent CAGR during the forecast period.
US and Europe Nuts and Seeds Cheese Market Share, by Region/Country, 2019 (%)
Sources: MRFR Analysis
Europe accounted for a larger market share of 69.62% of the US and Europe nuts and seeds cheese market in 2019. The popularity of vegan food and beverages is exceptionally high in European countries, which has increased the demand for nut and seeds cream cheese exponentially over the last few years. Increasing consumer preference towards organic and non-genetically modified (GM) products combined with increasing adoption of flexitarians, vegetarian, and vegan diets are anticipated to boost the demand for vegan food and beverages. The US also accounted for a significant share of the nuts and seeds cheese market in 2019. The demand for plant-based food has been rising rapidly across the US in the last few years, which, in turn, increases the demand for nuts and seeds cheese in the country.
The Prominent Players operating in the US and Europe nuts and seeds cheese market include Treeline Treenut Cheese (US), Kite Hill (US), Dr-Cow Tree Nut Cheese (US), Miyoko's Creamery (US), Vtopian Artisan Cheeses (US), Heidi Ho! Foods (US), Parmela Creamery (US), Tyne Chease Limited (UK), and Nutcrafter Creamery (UK).
The players operating in the US and Europe nuts and seeds cheese market are focusing on investing in research and development and adopting strategic growth initiatives such as product launches and expansions to strengthen their market position and capture a large customer base.
US and Europe Nuts and Seeds Cheese Market, By Product Type
US and Europe Nuts and Seeds Cheese Market, By Form
US and Europe Nuts and Seeds Cheese Market, By Distribution Channel
US and Europe Nuts and Seeds Cheese Market, By Region/Country
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