Global
Cheese Market: Snapshot
The
global
cheese market is envisaged to witness a sizable rise, due to
its popularity on account of its nutritive value, taste, and various
gourmet applications. Cheese, due to its texture and aging
properties, is witnessing rising demand across the world. On account
of factors such as the increased consumption of processed food, the
trend of eating out, urbanization, and the rising disposable incomes,
the worldwide cheese industry is set to witness considerable growth.
Being used in cooking on a wide basis, cheese is expected to be used
even more frequently due to the increased number of fast food
consumption and changes in eating patterns all over the world.
The
various distribution channels are expected to provide an impetus to
the cheese industry, due to the growing popularity of online grocery
shopping and purchasing through supermarkets instead of local
vendors. The increasing middle and high classes in the society, along
with greater purchasing power, and desire to spend lavishly by eating
out, are some factors that are expected to shape the market
opportunities. Market participants are expected to utilize these
trends to their benefits and make their presence felt in the market.
The
worldwide cheese market is predicted to reach an estimated value of
US$105.13 bn by the year 2019, the end of the forecast period, and is
expected to exhibit a vigorous CAGR.
Unprocessed
Cheese Witnesses Higher Demand on Account of Taste and Texture
The
international cheese market can be segmented into processed and
unprocessed, on the basis of product type. The demand for processed
cheese is rising in developing economies, such as India and China, on
account of changing lifestyle and the tendency to eat more
frequently. Being recently introduced to cheese and its variations,
unprocessed cheese and its flavor is not expected to find favor in
these geographies. In terms of market share, unprocessed cheese
segment is predicted to rise at a slower pace. However, cheese has
been in use in developed regions for a longer duration, and the taste
and texture of unprocessed cheese is gaining popularity over its
processed counterpart. Developed countries such as the U.S., UK,
Germany and Canada are projected to foresee a higher demand in
unprocessed cheese.
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On
the basis of distribution channels, the cheese market is segmented as
convenience stores, hyper/supermarkets, and grocery stores. Among
these, the hyper/supermarket segment is foretold to hold the dominant
market share, on account of developing countries aiding to their
growth. The rising disposable incomes makes it possible for the
hypermarket/supermarket segment to hold a substantial market share.
On
account of the changing food trends all over the world, and the
rising number of people eating out of necessity or fashion, the
global cheese market is prognosticated to rise steadily. With cheese
being consumed on a regular basis in countries like the U.S., UK,
Canada, Germany, where its demand will rarely reduce, it is also
expected witness requirements in developing parts of the world as
well. Advances in food and beverages industry, consumption of
processed food, and busy lifestyles are expected to be the key
factors contributing to market growth. The industry is anticipated to
be hindered due to health concerns and cheese being perishable.
However, the market is predicted to overcome these shortcomings on
account of the high demand and other driving factors mentioned here.
Europe
to Lead Cheese Market on Account of Regular Consumption
On
the basis of geography, the international cheese market may be
divided into Asia Pacific, Europe, North America, and Rest of the
World. Among these, Europe, on account to inclusion of cheese in
regular diet, holds maximum share of the market. Heavy reliance on
the fast food restaurants and quick-service, hustling lifestyle, and
popularity of its taste are projected to be the forces behind
achieving top market position. European countries are also known to
export cheese to different regions, along with producing it.
Developing
regions of Asia Pacific are expected to showcase exponential rise in
the cheese market. It is predicted to be the on the fastest growing
regions in terms of market revenue. The region is foretold to witness
high demand for process cheese on account of developing countries
such as Japan, India and China.
Alra
Fods Inc., Fonterra Co-Operative Group Ltd., Almarai Company Ltd.,
Mondelez International Group, and GCMMF-Amul are expected to be among
some of the leading names in the global cheese market.
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