The plant-based cheese market is expected to make big gains in the next seven years, according to a new study conducted by a market research firm. California-based Meticulous Research published a research summary on Monday predicting that the plant-based cheese market will grow to be $8.62 billion by 2031, with a compound annual growth rate of 9.8%. The market has been estimated to be worth 4 to 5 billion dollars.
Furthermore, the adoption of vegan culinary innovations in the hotel and restaurant sector and rising awareness of health and wellness are prominent trends in the plant-based cheese market," the research summary notes. Despite the optimistic projection, the study noted that the market may be challenged by inflation and an increase in popularity of carnivore-based diets.