Global Cheese Market is Expected to Foresee Significant Growth During the Forecast Period. Europe to Witness the Highest Growth
- Vikas Kumar
- January 25, 2022
- CONSUMER GOODS, NEWS
- Cheese Market, Cheese Market Growth, Cheese Market News, Cheese Market share, Cheese Market size, Cheese Market Trend
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The global Cheese market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 4% during the forecast period (2021-2027).
A surge in the end user’s disposable income is one of the leading factors that is contributing to the growing market of Cheese, globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China is projected to allow consumers to spend more on readymade food, junk food including food products loaded with cheese., As per OCED, the household spending in Canada, China, Denmark, European Union, France, and Germany reached to 1,021,459.5, 9,241,095.5, 139,229.8, 10,785,281.3, 1,561,879.9 and 2,288,541.1 US$ million, respectively.
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Emerging number of working professional coupled with the busy and hectic life schedule is leading to the growing number of QSR, therefore emerging demand for the cheese. As per Statista, the market size of the quick service restaurant industry worldwide consistently increasing each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year’s size of 862.58 billion U.S. dollars. However, as a result of the stay-at-home restrictions implemented across the globe to minimize the spread of the coronavirus, the sector was declined in 2020.
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A rise in the disposable income coupled with the rising number of hotels and restaurants and growing awareness about the available options in ready to eat food products among individuals across the globe is leading to the growing demand for cheese. As per FAOSTAT, the availability of calories per capita from the mid-1960s to the late 1990s increased globally by approximately 450 kcal per capita per day and by over 600 kcal per capita per day in developing countries. However, this change is not equal across regions. Also, the per capita supply of calories has remained almost stagnant in sub-Saharan Africa and has recently fallen in the countries in economic transition.
The COVID-19 pandemic had a significant impact on the supermarket/hypermarket segment due to the closure of major distribution channels across the globe to prevent the spread of coronavirus. Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their strategies as well as product innovation.
Based on product, Cheese Market is classified into Mozzarella, Cheddar, Feta, Parmesan, Roquefort and others. The Cheddar segment generated the highest revenue, in 2020, owing to its harder texture, creamier and sharp taste, and longer shelf life. In addition, the price of cheddar cheese is low as compared to that of other cheese like mozzarella, which make cheddar cheese affordable. Also, cheddar cheese is available in single slices wrapped in plastic, cheese spray, cheese spread, squeeze tube, and various other packaging options, which have opened a lot of opportunities for the market growth.
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Based on the distribution channel, the market is fragmented into Hypermarket/supermarket, Specialty Stores, Convenience Stores and Others, . The hypermarket/ supermarket segment grabbed XX% market share in 2020 and captured USD XX Mn the market. The availability of numerous brands under one roof coupled with the offering of discounts in the hypermarkets/ supermarkets is leading to the growth of this segment. However, the online segment would witness the highest CAGR during the forthcoming years.
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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. Europe region dominated the market and grabbed major market share in 2020. European Union is the world market leader in the production of cheese in 2020. In 2020, the 27 countries that make up the European Union produced 10.35 million metric tons of cheese.
Global Cheese Market Segmentation
Market Insight, by Product
Market Insight, by Distribution Channel
- Specialty Stores
- Convenience Stores
Market Insight, by Source
- Cow Milk
- Goat Milk
- Sheep Milk
- Buffalo Milk
Market Insight, by End-User
- Fast-food chains
- Regular customers
- Food Processing companies
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Freisland Campina
- Dairy Farmers of America
- Arla Foods
- Yili Group
- Saputo Inc
- Mengniu Dairy