Cheese is a milk-derived food product that is consumed worldwide. It has important nutrients such as proteins, vitamins, minerals, and calcium. Consumption of cheese offers various health benefits such as it improve the teeth &bone, promote a healthy heart rate, and prevent the occurrence of osteoporosis. Cheddar, parmesan, and Roquefort are some of the types of cheese available in the market.
The global cheese market is expected to surpass US$ 223.38 Bn in terms of revenue by the end of 2028.
Global Cheese Market: Drivers
Robust growth in the fast-food industry is propelling the market growth of the cheese. Growth in the quick-service and fast food industry due to changing eating habits of consumers across emerging countries such as the Middle East, India, Brazil, and China is contributing to market growth. Also, increasing disposable income coupled with the changing lifestyle and growing status quo are other major factors propelling the market growth of the cheese over the forecast timeframe.
Global Cheese Market: Opportunities
Increasing popularity of cheese among kids and young adults is projected to offer potential market opportunities in the near future. The increasing use of cheese in almost all types of food products in quick service restaurants is again projected to propel the market growth of cheese. The growing popularity of pizzas, grilled sandwiches, burgers & wraps around the globe is again projected to raise the product demand. Also, growth in the quick service restaurants in emerging countries such as China, India, and Brazil is further propelling market growth.
Global Cheese Market: Recent Developments
Global Cheese Market: Restraints
Unstable economic conditions around the globe are expected to hinder the market growth of cheese. Unstable economic conditions have affected the functioning of almost all industries and developed countries such as Portugal, Greece, Ireland, and Spain are still suffering from the recession. This has also resulted in a fluctuating price of milk which has a direct impact on the price of cheese.
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Global Cheese Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 6:36pm CEST, 4 October 2021, there have been 234,809,103 confirmed cases of COVID-19, including 4,800,375 deaths, reported to WHO. As of 3 October 2021, a total of 6,188,903,420 vaccine doses have been administered. Consumption of cheese has increased post Covid-19 pandemic, since people have been spending more time at home during the pandemic. For instance, in April 2021, a research from Tetra Pak reported that a third (36%) of consumers globally significantly increased their intake of cheese throughout the pandemic
Figure 1. Global Cheese Market Share, By Product Type, 2020
Increasing consumption of natural food ingredients is driving demand for natural cheese. For this various manufacturers are introducing natural cheese products. For instance, in October 2020, Applegate Farms a subsidiary of Hormel Foods announced the launch of a natural cheese line. It is non-GMO cheese and has no added colors or artificial ingredients. The cheese is available in six sliced varieties, including medium cheddar, American-style Colby, and mozzarella.
Westernization culture around the globe is a growing trend and this is attributed to the increasing globalization. Growing parties and events coupled with the increasing eating out culture is again contributing to the market growth of cheese. An increase in the population along with the growing awareness regarding the health benefits of consuming cheese among consumers due to influence of social media is further projected to uplift the market growth of the cheese in the near future.
Global Cheese Market: Competitive Landscape
Major players operating in the global cheese market include, Arla Foods, Inc., Bongrain SA, Fonterra Co-Operative Group Ltd., Fromageries Bel S.A., Mondelez International Group (Kraft), Sargento Foods Inc., GCMMF – AMUL, Almarai Company Ltd., Saputo Inc., Royal FrieslandCampina N.V., Groupe Lactalis S.A, and Emmi.
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