Market Research Report
Global Cheese Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Global Cheese Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 100 Pages
Delivery time: 2-3 business days
The global cheese market is growing at a CAGR of 6.8% during the forecast period (2020-2025).
Demand for the use of processed cheese such as Cheddar, Parmesan and Romano has increased in the recent years owing to the factors such as enhanced shelf-life of the product, attractive flavor profile of processed cheese and versatility it offers at a much economical price point than other types of cheese present in the market. Due to the unique flavor profile of processed cheese, it is also utilized in local cuisines apart from its regular application in fast food products. Also, the rise in private labels in developing countries, along with demand for western cuisine has boosted the processed cheese demand in the market. In addition, with the increasing internet penetration, the online market for the purchase of food items including cheese has seen rapid growth globally in the last 3-4 years.This category has attracted a few vertical specialists like Amazon, Walmart, Carrefour, etc. who are riding on increasing e-retailing growth and vying for a significant pie in online cheese space.
The North America region is the fastest-growing region in the market owing to the increasing disposable income and expansions of domestic companies. For instance, Canada's one largest hamburgers chain, A&W recently announced its decision to cut processed cheese from all its restaurant menus and replace it with real, high-quality Cheddar cheese made from 100 percent Canadian milk, due to the increasing demand to cut away from artificial colors, flavors, and preservatives and shifting preference for organically produced cheese.
The global cheese market is highly competitive and fragmented in nature owing to the presence of many regional and domestic players. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the market include The Kraft Heinz Company, Almarai, Associated Milk Producers Inc., Britannia Industries, Arla Foods, and GCMMF (Amul) among others.