Cheese Market : Industry Trends and Developments 2017-2022
Cheese is derived by processing of curd, which is ripened further to render it with a peculiar texture, aroma and flavor. Cheese production comprises acid, and enzymatic activities, and ageing of cheese provides the desired final product. Derived from a variety of milk sources such as goat, sheep, buffalo, and cow, various cheese produced include blue cheese, feta, cheddar, and mozzarella. The varieties of cheese are segregated on the basis of their ageing period, and processing techniques.
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The primary factor sustaining growth of the cheese market is the unstoppable need for convenience food worldwide. Shortage of time for making elaborate meals through conventional methods has been driving the adoption of packaged food items, along with easy & quick meal options. Cheese market growth is also affected by the fact that people use such products for preparing fast & simple food items, making it easier for them to cope up with their daily fast-paced regime. In addition, soaring number of working women, shifting food habits, and the rise in purchasing power of people, particularly in developed economies, have altogether been fuelling expansion of the cheese market. Majority of leading cheese market players are focusing on expansion of their presence worldwide by adopting key strategies. Introduction of innovative products, attractive packaging methods, and interesting marketing campaigns are some key expansion strategies of the leading cheese market players.
However, cheese market will witness the confinements of key factors such as tremendous amount of fat content, which in turn has limited its consumption among the obese population. Moreover, excessive consumption of cheese results into various negative effects on human health including cardiac arrests, and increase in cholesterol levels. There has been a substantial surge in awareness about ill effects of higher cheese consumption among consumers over the recent past. The unstable economic conditions in developing as well as underdeveloped nations further restrict the consumer’s ability to spend more on dairy products such as cheese, thereby inhibiting growth of cheese market. The aforementioned factors are estimated to curb growth of the global cheese market in the upcoming years.
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The global cheese market is expected to exhibit a sluggish CAGR during 2017 to 2022. The global cheese market is anticipated to exceed revenues worth US$ 100,000 Mn by 2022-end.
North America to Remain Dominant in the Global Cheese Market
Currently, North America is the dominant region in the global cheese market. North America cheese market is poised to account for roughly US$ 27,000 Mn revenues by 2022-end. The cheese markets in North America and Middle East & Africa (MEA) are estimated to exhibit a parallel expansion through 2022. However, revenues from the MEA cheese market will remain substantially lower than that in North America cheese market. Revenues from Europe cheese market will account for nearly one-fourth share of the overall cheese market throughout the forecast period.
On the basis of product type, sales of processed cheese, and unprocessed cheese will continue to register similar CAGRs through 2022. However, unprocessed cheese will continue to be sought-after among consumers across the globe, with sales accounting for nearly two-third revenue share of the cheese market over the forecast period. The processed cheese is projected to create an absolute $ opportunity of more than US$ 5,000 Mn between 2017 and 2022.
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In terms of revenues, modern grocery retailers will continue to be dominant in the global cheese market, based on sales channels. With approximately one-third revenue share of the cheese market in 2017, modern grocery retail will gain 36 BPS in its market share by 2022-end. Traditional grocery retailers are expected to be the second most lucrative sales channel for cheese by 2022-end.
Leading players profiled in Fact.MR’s report on the global cheese market include Arla Foods amba, Savencia SA, Fonterra Co-operative Group Limited, Koninklijke FrieslandCampina N.V., Groupe Lactalis S.A., Almarai – Joint Stock Company, Associated Milk Producers, Inc., Mondelez International, Inc., Sargento Foods Inc., and Gujarat Cooperative Milk Marketing Federation Ltd.
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