The global cheese market is estimated to be valued at USD 88.7 billion in 2021 and is projected to reach USD 105.9 billion by 2026, recording a CAGR of 3.6% during the forecast period. The global cheese market is witnessing a growth trend due to factors such as developing economies, easy availability of cheese products, and growth in consumption of dairy products. Cheese and cheese powder have various applications in the food industry, such as bakery & confectionery; snacks & cereals; ready meals; and soups, sauces, & dips.
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Cheese Market Growth Drivers:
The cheese market has experienced significant growth in recent years, driven by various factors that contribute to its popularity among consumers. Some of the key growth drivers in the cheese market include:
1. Changing Consumer Preferences: As consumer tastes and preferences evolve, there is a growing demand for diverse and exotic flavors. Specialty and artisanal cheeses have gained popularity, contributing to the expansion of the market.
2. Health and Nutrition Trends: With an increasing focus on health and wellness, consumers are seeking nutritious and protein-rich food options. Cheese, being a good source of protein, calcium, and other essential nutrients, has benefited from this health-conscious trend.
3. Rising Disposable Income: The growth in disposable income levels globally has led to an increase in purchasing power, allowing consumers to explore and incorporate premium and high-quality cheeses into their diets.
4. Globalization of Cuisines: The popularity of diverse cuisines from around the world has resulted in an increased demand for various types of cheeses. Cheese is a versatile ingredient used in a wide range of international dishes, driving its consumption globally.
5. Convenience and Innovation: The cheese market has seen innovation in terms of packaging, formats, and convenience. Ready-to-eat cheese snacks, pre-sliced options, and portion-controlled packaging appeal to busy, on-the-go consumers.
6. Expansion of Retail Channels: The availability of cheese in various retail channels, including supermarkets, hypermarkets, specialty stores, and online platforms, has made it more accessible to a broader consumer base.
7. Rising Awareness of Dairy Alternatives: The increasing awareness of lactose intolerance and the rise of veganism have led to a growing market for plant-based and dairy-free cheese alternatives, expanding the overall cheese market.
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Growing Fast-Food Industry Promotes the Application of Cheese Powder in Sweet & Savory Snacks
Cheese powder is widely used in sweet & savory snacks to induce the cheesy flavor in them and provide a richer mouthfeel. In the savory snacks and sweets segment, cheese powder is majorly used in Mozzarella sticks, Nachos, popcorn, puffed snacks, and chips. The most popular brands that have cheese powder snacks are Cheetos, Burritos, McCain, and Venkys. Cheese powder offers better functionality and taste over other flavors and better convenience for use in a range of snack products. Consumers are now more inclined toward fast food and on-the-go products hence, led to an increase in the demand for snacks and fast foods, which has led the companies to think innovatively and proactively while making snacks products.
Europe is projected to account for the largest market during the forecast period
The European cheese market is the largest in the world, and despite very high per capita consumption levels, market growth has remained attractive and stable. Cheese has provided better export opportunities than any other dairy product, as the willingness to pay for quality European cheese has always been high, and the impact of higher raw-material costs is less problematic. Due to the maturity of the cheese market, the strategic focus of key players is to consolidate current market positions by acquiring add-ons and facilitating new and innovative product development to stay ahead in the industry.
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Key players are investing in various R&D initiatives globally, which has led to the development of different and innovative cheese products. The key players in this market include Glanbia (Ireland), Saputo (Canada), Arla Foods (UK), BEL Group (France), Fonterra (New Zealand), FrieslandCampina (Netherlands), Dalter Alimentari Spa (Italy), The Kraft Heinz Company (US), Amul (India), DMK Deutsches Milchkontor GmbH (Germany), and Meiji Holdings (Japan).
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