Global
Cheese Powder Market: Snapshot
The
demand for cheese powder has been skyrocketing in the past few years
due to its rising demand in wide range of food products. Made with
cheese, it has a longer shelf life and a high nutritional value.
Today, cheese powder is used for the purpose of adding flavors to
instant food items, seasoning food, and adding it to baked food
items. All of these factors are expected to propel the market at a
CAGR of 7.3% between the forecast years of 2016 and 2024. The report
indicates that the global market will reach a valuation of US$481.0
mn by the end of 2024 from US$256.1 in 2015.
Changing
Lifestyles Propel Sales of Cheese Powder
The
soaring sales of various types of cheese powders can be attributed to
the changing lifestyles that are characterized by the lack of time to
cook complete and nutritional meals. Fast-paced and hectic lifestyles
have left little room for focusing on daily nutrition intake. This
factor alone has played a crucial role in defining the success of the
global
cheese powder market as several consumers are opting for
readymade meals, which contain cheese powder. A significant rise in
the number of working women has also been a vital component in
propelling the growth of the global cheese powder market. Changing
lifestyles, rising per capita incomes, and shifting dietary habits
are also expected to drive the global cheese powder market throughout
the forecast period.
Cheese
powder infused products, when consumed in large amounts, have adverse
effects on the human health. Excessive consumption of cheese powder
leads to obesity, heart disorders, and high cholesterol levels
amongst other things. The growing awareness among consumers about the
negative effects associated with the same is expected to restrain
market’s growth. Despite the challenges, the global cheese powder
market does have the opportunity to grow phenomenally in the coming
years with intensive product innovation and steadfast marketing
strategies.
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In
terms of products, the global cheese powder market is segmented into
parmesan cheese powder, cheddar cheese powder, mozzarella cheese
powder, blue cheese powder, and others. The others segment mainly
includes American cheese powder, and Gouda cheese powder. On the
basis of type, cheddar cheese powder accounted for the largest market
share, followed by mozzarella. The demand for cheddar is expected to
remain high due to the growing demand for convenience food items. By
application, the cheese powder market is segmented into sauces and
dips, sweet and savory snacks, bakery, confectionery, ready to eat
meals, and other applications. Sauces and dips have the largest share
in the cheese powder market in terms of revenue, followed by sweet
and savory snacks.
North
America to Lead Global Market as Consumers Indulge in Ready-to-Eat
Meals
On
the basis of geography, the global cheese powder market is
categorized into North America, Europe, Asia Pacific, the Middle East
and Africa, and Latin America. The report states that North America
and Europe will dominate the global as the dependency of consumers on
convenience food items continues to remain high. The majority of
ready-to-eat meals use cheddar cheese powder. The Asia Pacific cheese
powder market will be bolstered by a relatively high percentage of
the population consuming products having cheese powder as one of the
key ingredients.
The
key players operating in the global cheese powder market are Lactosan
A/S, Land O’ Lakes, Kerry Group, Aarakay food Products Ltd.,
Kanegrade Ltd., Archer Daniels Midland Company, All American Foods,
Inc., Bluegrass Dairy and Food, Inc., DairiConcepts, L.P., and Krafts
Food Group. Most of these companies are focusing on product
innovation to gain a competitive edge over other players in the
forecast period.
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