The
global cheese powder market demonstrates an extremely competitive
business landscape, thanks to the presence of a large pool of players
in this market, states a new research study by Transparency Market
Research (TMR). Hitherto, the leading players, such as Kraft Heinz,
Kerry, Thornico, Dairy Farmers of America, Land O'Lakes, Bluegrass
Dairy & Food, All American Foods, Aarkay Food Products,
Kanegrade, and Archer-Daniels-Midland, have been competing on the
basis of product innovation by adding flavors and nutritional value
to their products.
Going
forward, they are likely to focus on expanding their regional reach
by collaborating with domestic players and distributors in various
regions over the next few years, states the research study.
Global
Cheese Powder Market to Rise 13.70% between 2017 and 2022
“With
the increasing preference for ready-to-eat meals, on account of the
hectic lifestyles of consumers with no room to cook a proper meal,
the demand for cheese powder, as an alternative to nutritional
substances present in freshly cooked food, is witnessing a high-paced
increase, which, consequently, is influencing the growth of the
global market for cheese powder,” says a researcher at TMR. The
rising preference for convenience food and the augmenting urban
population are also propelling this market substantially across the
world.
As
per TMR’s observations, the global market for cheese powder is
anticipated to reach a value of US$355.9 mn by 2017. Further, the
market is projected to report a healthy rise at a CAGR of 13.70% over
the period from 2017 to 2022 to offer an opportunity of US$677 mn by
the end of the forecast period. On the whole, the future of this
market looks flourishing; however, the concerns regarding obesity
caused by cheese may hamper the market’s growth in the years to
come, notes the research study.
Increasing
Preference for Convenience Food Products to Raise Demand for Cheddar
Cheese
According
to the research report, the demand for cheddar cheese
powder is higher than other types of cheese powders. With the
increasing preference for convenience food items across the world,
researchers anticipate the cheddar cheese segment to remain on the
top over the forthcoming years. Sauces dips, dressings, and
condiments have surfaced as the leading application areas of cheese
powder and are expected to continue being so in the years to come.
The
research study also provides a regional evaluation of the global
market for cheese powder. As per the report, North America, the
Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ),
Latin America, Europe, and Japan are the main regional markets for
cheese powder solutions across the world.
Currently,
North America leads the worldwide market for cheese powder, thanks to
the rising preference for convenience food among consumers. With a
CAGR of 12.70% during the period of 2017–2022, this regional market
is anticipated to continue to lead in the near future. The cheese
powder markets in Europe and Asia Pacific excluding Japan are also
projected to display a high growth rate over the next few years,
reports the market study.
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