PUBLISHER: Grand View Research | PRODUCT CODE: 1587509
PUBLISHER: Grand View Research | PRODUCT CODE: 1587509
The global cheese snacks market size is expected to reach USD 111.80 billion at a CAGR of 5.4% by 2030, according to a new report by Grand View Research, Inc. Varying lifestyles of urban consumers are one of the vital development factors of the global market. Varying lifestyles of urban consumers is one of the vital development factors of the global market. However, the rising number of health problems linked with processed foods and customers who are calorie cautious is likely to limit the growth of the cheese snacks market. Cheese snacks that include a variety of cheeses hold key to a substantial profitable opportunity. In the coming years, variations in the requirement of urban consumers could be one of the key growth factors for the global market.
In addition, traditional snacks are being remodelled by almost every region, and cheese snacks are more famous in regions such as Europe and North America, but currently, the use of cheese snacks has extended all over the globe. Hence, there is a surge in the demand for cheese snacks in various countries the globe. Also, the presence of high calories along with helping nutrients like protein, calcium, and carbohydrates in cheese snacks is driving the market for cheese snacks.
The cheddar segment is projected to grow with the highest CAGR of 5.8% over the forecast period. Cheddar cheese is an outstanding example of close-textured hard cheese. Cheddar cheese snacks are probably the most widely purchased and eaten cheese type in the world. Moreover, cheddar cheese is one of the most popular cheeses in the U.S. and is highly consumed alone or as a part of other foods. Thus, the segment is expected to grow with the fastest CAGR over the forecast period.
North America is anticipated to grow at a considerable CAGR of 5.4% over the forecast period. Cheese is considered to be one of the most prominent products in North America. The U.S. dominated the market due to its easy availability and an increase in the snacks industry of cheese snacks. Mexico is also a major contributor to the market due to the high demand for cheese snacks such as tacos, nachos, tortillas, and so on.
Cheese snacks are the new developing product in the modern-day market. With city life ever-changing, the growth of convenience food for time-controlled on-the-go consumers is firming attractiveness and boosting market growth. The increase in demand for cheese snacks foods is driving the snacks companies to surge in the manufacture of cheese snacks with more nutritional value. Snacking is a major growth opportunity for cheese manufacturers and various companies are already getting large sales witan h increase in profitability from focusing on snacking.
Major players in the market include Sargento Foods Incorporated, Mars, Incorporated, UTZ Quality Foods, LLC, General Mills, Inc., EnWave Corporation, Amy's Kitchen, Inc., Rich Products Corporation, The Kraft Heinz Company, ITC Limited, and Godrej Industries Limited. These market players face strong competition from each other, as some of them function at various locations and have large customer bases. The existence of several small-scale players is also leading to augmented competition.