Global
Cheese Market: Snapshot
The
global market for cheese is estimated to grow significantly due to
its nutritional value. It is one of the most widely consumed dairy
products. Cheese is commonly used in cooking and with a rise in fast
food chains across the world, it is gaining immense popularity. Owing
to rapidly changing eating patterns across regions, the global cheese
market is expected to witness subsequent changes as well.
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The
variations in the taste and texture of cheese, along with its aging
and processing techniques, have resulted in a significant variety of
high-quality cheese sold around the world. Rapid urbanization,
increase in disposable income, and a subsequent rise in the
percentage of population eating out are a few of the key factors
increasing the demand for cheese. However, rising health concerns
regarding an unhealthy diet are limiting the growth of the global
cheese market. Being a perishable product, the widespread adoption of
cheese is also restricted.
According
to Transparency Market Research, the cheese market is expected to
reach US$105.13 bn by 2019.
Increase
in Fast Food Chains to Boost Demand for Processed Cheese
The
global cheese market can be segmented on the basis of product into
processed and unprocessed. The unprocessed cheese market, in terms of
size, is projected to grow at a slower CAGR than that of the
processed cheese
market. However, due to its originality of taste, the demand for
unprocessed cheese is expected to witness a growth in developed
economies. The demand for processed cheese has been growing in
developing economies such as China and India among others, due to an
increase in the number of fast food restaurants. Over the next few
years, major developed economies such as Germany, Canada, the U.S.,
and the UK are estimated to witness a demand for natural or
unprocessed cheese.
On
the basis of distribution channels, the market is classified into
supermarkets/hypermarkets, food grocery, and convenience stores.
Supermarkets/hypermarkets are the most favored distribution channels
and are projected to dominate the market by 2019, followed by food
grocery and convenience stores. However, improving lifestyle of the
people in developing economies are expected to aid the growth of
supermarkets and hypermarket in the near future.
Inclusion
of Cheese in Daily Diet makes Europe Market Leader
Among
North America, Europe, Asia Pacific, and Rest of the World, Europe
accounts for the dominant market share. The factors responsible for
the growth of the market in this region are the busy lifestyle and
heavy dependence on quick-service and fast food restaurants. In
addition, its inclusion in daily diet is promoting the demand for
cheese. European countries also produce and export cheese to other
regions, making it the market leader. Several major markets in
Europe, such as Germany, have already reached maturity. On the other
hand, emerging markets in the region, such as Bulgaria, Ukraine, and
Greece, are expected to witness a growth in the demand for cheese.
Due
to increase in disposable income, urbanization, and exponentially
growing fast food chains, Asia Pacific has emerged as a key market
for cheese. The Asia Pacific market for cheese is anticipated to
exhibit a 7.90% CAGR between 2013 and 2019. During the forecast
period, countries such as China, India, and Japan are expected to
contribute considerably towards the growth of the market.
Mondelez
International Group, Alra Foods Inc., Bongrain S.A., Fonterra
Co-operative Group Ltd., GCMMF- Amul, Saputo Inc, Fromageries Bel
S.A., and Almarai Company Ltd are some of the key players in the
global cheese market.
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