As per a recent market analysis by Future Market Insights (FMI), the global cheese market is forecast to total US$ 92 Bn in 2022. With sales growing at a 3.4% CAGR, the market valuation will reach US$ 128.5 Bn in 2032.
Increasing preference for healthier snack options is encouraging product developments in the market. Consumers are more concerned about portion control than giving in to another fistful of chips. In fact, nearly four out of ten consumers polled by the International Food Information Council claimed they sometimes eat snacks instead of meals (typically lunch).
Cheese is a vital nutritional component in many snack foods, serving as a full supply of protein, vitamins, and minerals. There’s also been a big drive to come up with new ideas for healthier, ready-to-eat cheese products, like cheese-flavored popcorn, puffs, and crisps, which is anticipated to boost the market in the forthcoming years.
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The desire to create new cheese snack products has resulted in a demand for more intriguing flavors. Consumers want bolder flavors and more descriptive, branded items. Over the last few years, cheeses with flavors like chive and onion, truffle, dill & garlic, garlic & herb, and chilli have gained immense popularity.
Simultaneously, manufacturers are launching personalized and customized cheeses as per end-use requirements. These cheeses are beyond the conventional cheddar or mozzarella flavor and are widely being adopted in restaurants, cafes and cloud kitchens.
“Surging demand for plant-based alternatives is anticipated to drive sales of vegan cheese. In addition to this, ongoing expansion of the dairy sector in emerging economies is fueling the consumption of premium cheeses, which will augment the growth in the market,” says an FMI analyst.
- Based on nature, the organic cheese segment will account for a dominant share in the global cheese market.
- In terms of source, sales of plant-based cheese will continue graining traction through 2032.
- By product type, demand for cheddar and parmesan will remain high.
- Based on end use, sales of cheese for household usage will gain momentum over the forecast period.
- The U.S. will continue dominating the North America cheese market owing to the present of a robust food and beverage sector.
- Sales of cheese in the France market will increase at a 3.8% CAGR over the forecast period.
- Canada will emerge as a lucrative market, with demand growing at a steady 4.2% CAGR through 2032.
- Demand for cheese in India will grow at a considerable pace owing to the expansion of the foodservice sector in the country.
Who is winning?
Some of the leading companies offering cheese are Glanbia plc, Saputo, Arla Foods, BEL Group, Fonterra, FrieslandCampina, Dalter Alimentari Spa, The Kraft Heinz Company, Amul, DMK Deutsches Milchkontor GmbH, Meiji Holdings, Associated Milk Producers Inc., Britannia Industries, Almarai, Treeline Cheese, Follow Your Heart, Daiya Foods Inc., Kite Hill, and othes.
Cheese Market by Category
- Organic Cheese
- Conventional Cheese
- Dairy-based Cheese
- Plant-based Cheese
By Product Type:
- Pepper Jack
By End Use:
- Food and Beverage Industry
- Household Retail
By Sales Channel:
- Modern Trade
- Convenience Stores
- Traditional Grocery Stores
- Specialty Stores
- Online Retail
- Other Retail Formats
- North America
- Latin America
- East Asia
- South Asia
- Middle east and Africa
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Key Questions Answered in the Report
- How big is the cheese market?
- What is the North America cheese market outlook?
- At what rate will the demand for cheese grow in Europe?
- What are the key trends shaping the cheese market?
- At what rate will sales of cheese grow in Japan?
Information Source: https://www.futuremarketinsights.com/reports/indian-cheese-market