With 3.84% CAGR, Cheese Market to Hit USD 161.23 Billion by 2028 | Rising Admiration of Flavor Blends to Thrust Cheese Industry Growth
Pune, India, June 20, 2022 (GLOBE NEWSWIRE) — 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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Global Demand & Supply Disparity of Cheese Products during COVID-19 to Obstruct Growth
The industry for this product has confronted an abrupt commotion amidst the outbreak of the COVID-19 pandemic, owing to the prime modification in demand dynamics. Lockdowns across the world have resulted in the shutdown of the food service industry, which has substantially deteriorated the demand for all processed food products. The declining demand for greater-value products is anticipated to reduce costs.
List of Key Players Covered in the Cheese 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.)
Report Scope & Segmentation:
|Market size value in 2020||USD 120.63 Billion|
|Revenue forecast in 2028||USD 161.23 Billion|
|Growth Rate||CAGR of almost 3.84% during 2021-2028|
|Historic Years||2017 – 2019|
|Forecast Years||2021- 2028|
|Segments Covered||By Source, By Type, By Distribution Channel and By Geography|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||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.) and Other|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
The report offers valuable insights obtained through the study done by our researchers. 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 are 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.
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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, and 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 the 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 food service industry has demanded foremost product processors to create inventive products, such as powder and creamers, which acts as a driver and fuels the cheese 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 cheese 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 the least latent hurdles. One such operative strategy in procuring competitive companies and further safeguarding a profit for all involved companies.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
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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.
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