Vegan Sour Cream Market Size, Share and Analysis By Type (Soy, Cashew, Coconut, Others), By Distribution Channel (Store-based, Non-Store Based) and Regional Forecast, 2024-2032

Vegan Sour Cream consumption has seen a sudden spike across the globe due to the changes in consumer preferences. The demand for vegan sour cream has drastically increased mainly because of consumers' inclination toward a more vegan and vegetarian diet. Vegan sour cream is generally composed of plant-based ingredients, making it more suitable for the lactose intolerant population. Numerous factors draw the consumers' attention to the vegan category, primarily due to health and environmental concerns and low fat and dairy alternatives. With the growing demand for plant-based diets, the awareness about the health benefits of vegan diets is also increasing.

With the food sector being one of the fastest-growing sectors globally, approximately around 800 companies are majorly engaging in the production of plant-based foods, eliminating animal protein-based products. The sudden outbreak of the COVID-19 pandemic has increased the food business market in terms of production and distribution.

• In the year 2020, the U.S. plant-based food market grew approximately twice the overall rate of the U.S. food market.

The regions considered in the vegan sour cream market includes are North America, Europe, and Asia Pacific, South America, and the Rest of the World.

Impact of Covid - 19 on Vegan Sour Cream Market

The onset of the COVID-19 pandemic has strongly impacted the consumption of plant-based foods as it has created a new wave of interest in the plant-based foods market by replacing the demand for animal-based foods. The pandemic has strongly influenced the urge to shift towards veganism or a vegetarian diet to maintain healthy living and ensure sustainability. The contribution to veganism's growth or adoption of the vegetarian diet is mainly due to the growing concern for animal health and certain religious and cultural beliefs.

• According to a European Consumer Survey, approximately around 4,756 respondents were consuming plant-based food products partially or wholly.


• Another major reason to shift towards "plant-based foods" during pandemic is to boost immunity, reflecting the consumers' overall health status.


• Vegan dairy products have seen a spike in sales during the time of pandemic as compared to the pre-pandemic levels.

Key Insights

The report will cover the following key insights:

• Overview of parent / related market


• Key growth strategies by vegan sour cream manufacturers


• Regulatory Analysis


• Impact of Covid-19 on vegan sour cream market

Analysis

The vegan sour cream market has been segregated into store-based and non-store-based based on the distribution channel. The store-based channel is expected to experience a significant rise in the distribution pattern of vegan sour cream due to the accessibility to a wide range of products. Furthermore, higher consumption leads to higher demands, which influences the market players to open new stores for easy accessibility and availability of the products. The majority of the population prefers store-based channels; however, online stores have played a pivotal role in distributing the products during the pandemic. Hence, the online channel is projected to grow in the coming years due to convenience.

Regional Analysis

The rising trend of veganism has been prominently observed in Europe, indirectly increasing the acceptability of vegan products. On the other hand, the highest percentage of lactose intolerant population is widely distributed in parts of Asia and Africa. Such instances thus promote the consumption pattern of vegan or vegetarian diets. Hence, consumers are leaning more toward plant-based diets to maintain the health system.

Key Players

The report will include the profiles of key players such as The Kroger Co. (U.S.), Kite Hill (U.S.), Wayfare Health Brands (U.S.), Tofutti Brands, Inc (U.S.), Good Karma Foods, Inc. (U.S.), Forager Project, LLC (U.S.), The Dairy-Free Co. (U.S.), Earth Island (Canada), Follow Your Heart (U.S.), and DAIYA FOODS INC. (Canada).

Segmentation

Key Industry Developments

• Rising health hazards, prominently at the time of the pandemic, have diverted consumers' attention


• Nowadays, consumers are more prone to serious health issues, increasing the demand for vegan food products. 


• The recurrence of the lactose intolerance population has majorly reflected the market growth rate at a higher pace.


• November 2021: Earth's Own launched the Dairy-Free Cream Cheese, the first dairy-free cheese alternative. The company also promotes other products such as dairy-free sour cream and spreads across the market. Earth's Own brand is gaining huge popularity due to its innovative products driving the market growth.


• December 2021: Only Plant Based! has launched new plant-based creams, dressings, and sauces, which largely contributed to the growth of the vegan market. These products act as substitutes for animal-based products. These products were launched after several successful trials in the U.K.