The
demand in the global cheese power market will expand at a notable
CAGR of 7.3% during the forecast period of 2017 to 2024, according to
a fresh commerce and business study by Transparency Market Research
(TMR). Regarding the competitive landscape, the TMR report has
detected that the market for cheese powder is consolidated in nature
with four companies, viz. Archer Daniels Midland Company, Lactosan
A/S, All American Foods, and Land O’ Lakes, holding a position of
strength with widespread reach and diversified product portfolio.
As
per the evaluations of the TMR report, the global cheese power market
had an opportunity worth of US$256.1 mn in 2015, which will swell up
to US$481.0 mn by the end of the forecast period, which is 2024. In
the near future, the vendors of this market will concentrate on
expanding their geographical outreach as well as invest on attractive
packaging methods to gain ground over their competitors.
Based
on product type, the global cheese powder market gains maximum demand
for cheddar cheese powder, significantly more than other segments of
parmesan, mozzarella, blue, and others such as Gouda cheese powder
and American cheese powder. Escalating demand for convenience food
items is the primary driver of this segment. Application-wise, sauces
and dips account for the maximum demand in the global cheese powder
market, followed by sweet and savory snacks. Region-wise, the report
picks out North America and Europe as most lucrative regions, while
Asia Pacific cheese powder market is expected to turn lucrative
towards the end of the forecast period as the popularity of these
cheese products spreads. APAC region houses two of the most promising
emerging economies in India and China, which are home for the most
prominent chunk of population of the world. Vendors concentrating on
this regional market are expected to stay ahead of the curve.
Changing
Food Habits of Urban Population Driving Demand
Increasing
demand for convenience food, growth of the fast food industry,
increase in consumer spending, rapid rise of urban population wherein
disposable income has increased at the same time when restless
lifestyle has prevailed are some of the key factors augmenting the
demand in the global
cheese powder market. Apart from these, increased shelf-life
of cheese power has also helped its adoption by a number of packaged
food producers. Rising awareness regarding the health benefits of
cheese powder and rapidly growing market for processed and packaged
food in emerging economies are some of new opportunities in the
global cheese powder market. Urban population now lack the time to
prepare elaborate meals themselves using conventional methods,
increasing the dependency on packaged food items that offer quick and
easy meal options. The growing in the number of working women,
increasing per capita income of urban populations, and changing food
habits are spiking the demand for cheese powder as these same factors
have lured in a widening consumer base that is increasingly spending
on readymade meals. In addition to that, low cost of production of
cheese powder due to the availability of raw material on a large
scale has also boosted the growth of the overall market.
Obesity
Concerns Restricting Market's Prosperity
It
is a well-known fact that consistent consumption of cheese can lead
to obesity, which can cause high cholesterol and heart problems.
While the demand for cheese powder has been increasing consistently,
the market is facing restrictions from the volatile economic
conditions in developed and underdeveloped countries. In addition to
that, the relatively low per capita income of consumers in emerging
economies, poor business conditions, and unstable security conditions
some of the other restraints hampering the growth of the global
cheese powder market.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Cheese Powder Market (Type -
Parmesan, Cheddar, Mozzarella, and Blue; Application - Sauces and
Dips, Sweet and Savory Snacks, and Bakery and Confectionery) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 –
2024.”
Key
Segments of the Global Cheese Powder Market
Global
Cheese Powder Market, by Types
- Parmesan
- Cheddar
- Mozzarella
- Blue
- Others
Global
Cheese Powder Market, by Application
- Sauces and Dips
- Sweet and Savory Snacks
- Bakery and Confectionery
- Others
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