Cheese Market Significant Growth, Global Analysis And Updated Key Player-2023
As per Market Research Future (MRFR)’s assessment, the Global Cheese Market is expected to thrive at a CAGR of 3.90% during the forecast period 2017 to 2023. Its estimated valuation, in terms of production, is likely to touch 29,398.75 kilo tons by the end of 2023. Although the market has entered a phase of maturity, the western influence on the food culture of the developing nations is anticipated to open avenues of growth opportunities for the market participants.
Key players are emphasizing on the production of different cheese with two or more variety of cheese. It is presumed to aid the expansion of the Global Cheese Market. In addition, the capitalization of rising demand for a clean label is forecasted to emerge as a growth-inducing factor for the cheese market players.
The increasing awareness about the effectiveness of keto diet vouched by the celebrities is found to have an exceptional influence on the lifestyle of the millennials. Cheese being the core part of this diet has unveiled myriad opportunities for the growth of the cheese market in the upcoming years. In addition, cheese is the only dairy product which can be consumed by lactose intolerant people. Considering the rising population of lactose intolerant population, this is likely to favor the expansion of the market positively in the foreseeable future.
The leading market players in the Global Cheese Market primarily are
- Land O’Lakes, Inc. (U.S.)
- Kerry Group Plc (Ireland)
- Lactosan A/S (Denmark)
- Arla Foods (Denmark)
- Aarkay Food Products Ltd (India)
- Dairiconcepts, L.P. (U.S.)
- Kanegrade Limited (U.K.)
- The Kraft Heinz Co. (U.S.)
- FrieslandCampina (Netherlands)
- Dairy Farmers of America Inc. (U.S.)
- The Global Cheese market is projected to reach 29,398.75 kilo tons by 2023 of 3.90%
- Whole cow milk will continue to dominate the cheese source segment with more than 65% market share
- Fresh cheese will continue to dominate the cheese market with more than 20% market share and it is projected to grow at a CAGR of 5.01% by 2023
- Cheddar cheese will dominate the cheese product-types holding a lion’s share in the cheese market and growing at a rate of 5.40%
- Application of cheese in fast food snacks will hold a major share and will witness a growth rate of 4.73%
The Global Cheese Market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Cheese is deeply rooted in the food culture of Europe and its market size, with respect to production, is expected to reach 15,000-kilo tons by the end of the forecast period. It is poised to secure the dominant position with a 55% share of the global cheese market over the next couple of years.
North America is projected to witness a steady but constant expansion of the cheese market at 3.27%. The U.S. is one of the major producers and exporters of cheese globally. The region is presumed to witness a high rate of consumption, thus, augmenting the cheese market. In addition, the availability of a wide variety of cheese is another major factor prognosticated to fuel demand in the market. The key players are focusing on innovating product lines by using two or more type of cheese for production. It is expected to favor the expansion of the market presence in the region.
By Source, the Global Cheese Market has been segmented into goat milk, sheep milk, whole cow milk, skimmed cow milk, buffalo milk, and others.
By Type, the cheese market has been segmented into fresh, aged-fresh, soft white, semi-soft, hard, flavored, and others.
By Product Type, the global cheese market has been segmented into cheddar, mozzarella, parmesan, American, blue, and others.
By Application, the cheese market has been segmented into cheese processing, cheese spreads, cheese dips, fast food snacks, alcohol accompaniments, bakery foods, processed foods, savory snacks, and others.