The cheese market is characterized by a wide range of cheese types, including hard, soft, semi-hard, and fresh cheese. Geographically, it is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Europe is the largest market for cheese, followed by North America. The global market is expected to generate a revenue of US$ 105.9 billion in 2026 and was estimated to be valued at USD 88.7 billion in 2021, at a CAGR of 3.6% from 2021 to 2026. The global cheese market is a rapidly growing industry, driven by the increasing demand for cheese as a versatile ingredient in various food items. Cheese is a popular food item worldwide, and it is considered a staple food in many cultures.The Asia-Pacific region is expected to be the fastest-growing market during the forecast period, due to the increasing demand for cheese in countries such as China, Japan, and India.
Overall, the increasing popularity of different types of cheese, along with the growth in the number of health-conscious consumers, is driving the growth in the cheese market. Additionally, the increasing number of foodservice and quick service restaurants that are incorporating cheese in their menu items is also driving the growth in the market.
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Opportunities: Growth of the cheese market in emerging economies
Emerging economies such as the Asia Pacific and South America are expected to witness a stalwart rise in the demand for cheese. Cheese consumption per capita has risen rapidly in East Asia, driven by rising incomes, changes in food habits, and the spread of restaurant chains that use cheese as a key ingredient. The process of rapid urbanization in Asia, combined with the rise in household incomes and the increasing popularity of the Western lifestyle amongst the middle and high-income population, promote the cheese market. The increasing consumption of pizza and other European-style fast-foods appears as a fundamental consumer trend, particularly amongst young people. Thus, the cheese market in Asia is concentrated in large cities, where the average-high income segment of the population mainly lives. A sharp increase has been observed in consumer demand for packaged meals containing cheese. Moreover, tariff reductions and increased tariff-rate quotas have lowered cheese prices, boosting imports.
Demand for Cheese-Based on-the-Go Food Products to Drive the Ready Meals Market
Cheese powder is used in ready meals to add a specific cheese flavor to the meal or enhance the existing flavor in it. Application flexibility, flavor management, ambient storage, easy handling, and extended shelf-life are some of the key benefits associated with the use of cheese powders in ready meals.
Due to the hectic schedules and busy lifestyles of consumers, especially the millennial population, there has been an increased demand for on-the-go ready meals, which can be consumed immediately. Adding a specific cheese note or flavor to such ready meals gives it a Western taste and nature, enhancing the products’ value and appearance. Food manufacturers across the globe are capitalizing on this trend and investing in R&D to come up with innovative cheese-based ready meals that can cater to the growing demand.
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Europe is projected to reach USD 44.82 billion during the forecast period.
In 2020, Europe accounted for a market share of 43.7% in the global cheese market. The European cheese market is led by the Germany market. Germany is engaged in the production of most of the types of cheeses, including hard cheese, semi-hard cheese, semi-soft cheese, soft cheese, and fresh cheese. The high volume of cheese production and consumption can be attributed to the varied applications of cheese in ready meals, dips, dressings, and bakery products, which constitute a major chunk of German food.
The key players in the European market include Glanbia (Ireland), Dalter Alimentari Spa (Italy), Savencia SA (France), and FrieslandCampina (Netherlands).
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