The global cheese market size was USD 120.63 billion in 2020. The market is projected to grow from USD 123.87 billion in 2021 to USD 161.23 billion by 2028, exhibiting a CAGR of 3.84% during the forecast period (2021-2028). This information is presented by Fortune Business Insights™, in its report, titled, “Cheese Market, 2021-2028.”
As per our expert analysts, the market is observing advanced growth, owing to the growing demand for varied types of cheese in several food products. The upsurge in the ingestion of fast foods, such as pizza, pasta, and burgers, has contributed to the surging demand for assortments such as mozzarella, parmesan, as well as cheddar.
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List of Key Players Covered in this Market Report
- Fonterra Co-operative Group Limited (Auckland, New Zealand)
- Royal FrieslandCampina N.V. (Amersfoort, Netherlands)
- Saputo, Inc. (Montreal, Canada)
- Winsleydale Creamery (Yokshire, U.K.)
- Dairy Farmers of America, Inc. (Kansas, U.S.)
- Lactalis International (Laval, France)
- Arla Foods Group (Viby, Denmark)
- The Kraft Heinz Company (Illinois, U.S.)
- The Ilchester Cheese Company (Ilchester, U.K.)
- Glanbia Plc (Kilkenny, Ireland )
- Chicago Mercantile Exchange (Illinois, U.S.)
The report offers valuable insights obtained thorough the study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.
On the basis of source, the market is bifurcated into plant-based and animal-based. On the basis of product type, the market is segmented into feta, parmesan, mozzarella, cheddar, and others. On the basis of type, the market is fragmented into hard & soft cheese, spreadable, block, natural, processed, and others. On the basis of distribution channel, the market is categorized into online retail, specialty stores, convenience stores, supermarkets/hypermarkets. Geographically, the market is classified into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Drivers and Restraints
Rising Admiration of Flavor Blends to Thrust Market Growth
In past few years, consumer inclination for trying novel striking flavors and cuisines has augmented significantly. The surging popularity of cheese flavor amalgamations in numerous cuisines, such as Italian as well as Mexican, has fast-tracked the usage of diverse assortments in these cuisines.
Moreover, the speedy extension of the foodservice industry has demanded foremost product processors to create inventive products, such as powder and creamers, which acts as a driver and fuels the market growth.
However, the rising awareness for health risks due to fat consumption may hinder market growth.
Europe to Dominate Global Market
Europe holds the maximum market shares and maintains its dominance in the market, owing to the existence of giant milk-producing nations. The region’s thriving food and foodservice industry has contributed to the rising demand for several product diversities across these sectors.
North America is anticipated to grow at a considerable CAGR, owing to the increasing demand for clean-label and sustainable dairy products.
Asia Pacific is projected to demonstrate a drastic change in the ingestion inclinations of dairy products. The growing disposable income levels of consumers in the region and comparatively steady milk prices have substantially contributed to the amplifying sales of cheese assortments.
Procurements Instigated by Crucial Companies Set to Endorse Market Growth
The foremost players in the market incessantly determine for proficient tactics to reinforce their brand value as well as promote the global cheese market growth with experiencing least latent hurdles. One such operative strategy is procuring competitive companies and further safeguarding a profit for all involved companies.
July 2020: Brownes Dairy, an Australian dairy giant, declared the unveiling of conservative cheddar cheese on the retail platform to take advantage of the rising demand for product among families.