North America to Prevail as the Leading Region for Global Cheese Market Through 2022
A new study by XploreMR projects that the global cheese market will surpass a valuation of US$ 100 Bn by the end of 2022.
Closely studying the market dynamics such as drivers, restraints, opportunities, and trends during 2017 - 2022, the report suggests that cheese will remain a highly sought-out ingredient by consumers across the world for the years to come.
Backed by a strong nutritional composition of protein, vitamin B12, and calcium, consumption of cheese aids in lowering the incidence of disorders such as osteoporosis and common cancers. Furthermore, high cheese consumption in the food industry as a result of rising disposable incomes and hectic lifestyles is also expected to bestow lucrative revenue opportunities to the global cheese market. The aforementioned factors will ensure that the global cheese market will navigate through a remunerative path through the forecast period.
Global Cheese Market - Drivers
Rising consumer preference for fast and easy-to-cook food items to cope up with hectic lifestyles is crucial in driving the demand for cheese globally.
Changing food habits coupled with the increased purchasing power of consumers in emerging economies will continue to fuel the consumption of cheese.
Expansion of fast-food chains and high preference among consumers to dine out is an attribute to rising cheese consumption in numerous cuisines
Key Finds about Global Cheese Market
Sales Channel: Modern grocery retailers are forecasted to drive the majority of sales, accounting for nearly 1/3rd of share in the sales channel segment. Owing to high consumer preference, modern grocery retailers will prevail as the most lucrative segment, while traditional grocery retailers will continue to be the second-largest sales channel through the assessment period.
Product Type: Unprocessed cheese segment is anticipated to account for 2/3rds of market share in terms of value, owing to a high preference for healthier alternatives, while processed cheese will create an absolute opportunity of over US$ 5 Bn.
Region: North America is foreseen to maintain its hegemony over the regional landscape through the forecast period and will hold a value of US$ 27 Bn by 2022. Along similar lines, Europe will prevail as a prominent region for cheese market, accounting for nearly 1/4th of overall market share.
Global Cheese Market - Challenges
Fluctuating economic conditions in underdeveloped economies are impeding people's spending power and this is likely to limit spending on fast-food and other non-essential choices, thereby limiting consumption of cheese to an extent.
Growing trend of veganism across the world coupled with a paradigm shift in preference towards dairy-free products is posing a major challenge to the swift growth of the cheese market.
Excessive content on fats in cheese is restricting consumption among health-conscious consumers.
Competitive Landscape of Global Cheese Market
Key players studied in the research include Sargento Foods Inc., Arla Foods amba, Mondelez International, Inc., Savencia SA, Fonterra Co-operative Group Limited, Almarai - Joint Stock Company, Koninklijke FrieslandCampina N.V., Associated Milk Producers, Inc., Groupe Lactalis S.A., and Gujarat Cooperative Milk Marketing Federation Ltd. Mergers and acquisitions are expected to shape the competitive landscape of the cheese market. On these lines, Almaria acquired Premium Foods to expand its geographical presence and product portfolio.