AnimaList No 156

AnimaList 156

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VEGAN CHEESE MARKET TO BE WORTH $4 BILLION BY 2024 12/13/2017

Market research firm Bharat Book Bureau (BBB) published a report this week that forecasts that the vegan cheese sector will be worth $3.906 billion by 2024. The report estimates that the vegan cheese market will experience a compounded annual growth rate (CAGR) of 7.6 percent in the next six years, driven by changing consumer habits. "Various factors such as growing consumer demand for environmentally friendly and animal-free sources of protein," the report stated, "rising concerns over antibiotic, allergens, hormone use, [and] animal welfare concerns are driving the growth of the global vegan market." BBB's report is aligned with those of other market research firms that have predicted exponential growth within the plant-based sector—including Grand View Research, which predicted that the plant-based milk industry will be worth $35 billion by 2024. (vegnews.com)

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