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Cheese Market Update, Industry Analysis, Major Key Players Review, Global Business Opportunity by Forecast to 2023
The global market for Cheese has witnessed continued demand during the last few years and is projected to reach 29,398.75 kilo tons by 2023, at a CAGR of 3.90% by 2023. Diverse demand of Cheese across food industries and popularity of consumption of various cheese types are likely to drive the global cheese market. Fresh cheese is estimated to witness the higher growth rate (~5.01%). High focus on R and D has led to innovations in the cheese flavors which is likely to attract the consumers resulting in higher sale of cheese and cheese based products.
Application of cheese fast food snacks will continue to dominate the cheese market followed by bakery foods based application. Fast food snacks will hold more than 25% market share and it is projected to grow with a CAGR of 4.73% by 2023. Application in cheese processing will witness the higher growth rate (~4.40%) during forecast period 2017 to 2023. By 2023, cheese based processed foods will grow with a CAGR of 3.902%. The application of Cheese in fast-foods will witness significant growth in upcoming years due to rapid urbanization of various countries and adoption of on-the-go food consumption pattern.
By 2023, whole cow milk sourced cheese will grow with a CAGR of 4.37% during the forecast period 2017-2023. Increase in disposable income has a positive impact on the consumption of cheese in the developed countries of various region. Cheese has been a rich source of calcium and is often fortified with vitamins. These two major factors are supporting its sale amongst the consumers of various regions.
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Europe will continue to dominate the Cheese Market with more than 50% market share and it is projected to reach more than 17,000 kilo tons with CAGR of 3.45% by 2023. North America will witness a growth rate (~3.27%) during forecast period 2017 to 2023. Asia-Pacific region will witness the growth of 2.51% in Cheese market for the same period. Growing popularity of cheese dips and cheese spreads consumption in Europe and North America is driving the market of cheese in the region.
Major Key Players:
This report includes a study of strategies such as mergers and acquisitions, product launches by the major cheese market players. It further includes product portfolios, developments of leading major players which includes.
The leading market players in the global Cheese market primarily are Lactosan A/S (Denmark), Arla Foods (Denmark), Land O'Lakes, Inc. (U.S.), Kerry Group Plc (Ireland), 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 segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these European region has the major market share Cheese is largely consumed in France, Iceland, Denmark, Germany, U.S. and Italy. U.S. is the largest producer of cheese followed by Germany and France. Germany, France, Netherland and Italy are the major exporters of cheese in the world. .Emerging markets like India and China have been considered as potential markets for cheese due to growing demand for cheese based savory snacks and table spreads.
- 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
- The Global Cheese market is projected to reach 29,398.75 kilo tons by 2023 of 3.90%
- 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%
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Table of Contents:
1 Executive Summary
3 Research Methodology
4 Secondary Research
5 Market Dynamics
6 Market Trends