In
order to boost revenue growth, savvy players in the global cheese
powder market are seen trying to expand their geographical
footprints. To do so, they are forming partnerships and
collaborations with local companies and distributors. Overall, the
market is characterized by stiff competition because of the presence
of several manufacturers. This in turn is because of the low entry
barriers in the market.
Thornico,
Land O’Lakes, Bluegrass Dairy & Food, Dairy Farmers of America,
Kraft Heinz, Archer-Daniels-Midland, Aarkay Food Products, Kerry, All
American Foods, and Kanegrade are some of the players that have
managed to gain a prominent position in the overcrowded market for
cheese powder.
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A
report by Transparency Market Research on the global market for
cheese powder projects it to grow at an impressive 13.7% CAGR between
2017 and 2022. Expanding at this pace, the market is expected to
clock a value of US$677 mn by 2022 from US$355.9 mn in 2017.
Among
the different types of products available in the global market for
cheese powder, the cheddar cheese powder is witnessing comparatively
greater demand. Going forward too, the product segment is predicted
to see higher sales on the back of widespread demand for convenience
food. Geographically, North America is a leading region that is
generating substantial revenues in the global market for cheese
powder. This is because of the busy lifestyles and increasing
spending capacity of people in the region which is egging them to
adopt convenience foods such a ready-to-eat food, junk food, and
ready-to-cook food. The North America market is expected to rise at a
12.70% CAGR between 2017 and 2022.
Being
a Staple Food Item, Cheese Powder Market Would Remain on Continued
Growth Path
The
global market for cheese
powder is predicted to see good growth owing to cheese being
a staple food item in most western countries. Explains the lead
analyst of the TMR report, “A range of seasonings prepared from it
are used in the form of powder to add flavors to recipes. And with
the increasing preference for a variety of dishes worldwide, the
demand for cheese powder is expected to soar.”
Another
factor positively influencing the global market for cheese powder is
the greater shelf life of the product. This is a result of the method
of preparation, which entails dehydrating real cheese. This also
makes them highly flavorful and imparts to them a smooth texture. All
such characteristics makes cheese powder ideal for dips and sauces or
for seasoning veggies and popcorns.
Range
of Applications of Cheese Powder Boosts Revenues
A
range of applications of cheese powder is also helping in revenue
growth. For example, cheese powder finds usage in bakery and
confectionary products, sweet and savory snacks, sauces, ready meals,
dips, ready meals, and condiments. Among them, sauces, dips,
dressings, and condiments are seeing solid demand at present. The
major driver of the global market for cheese powder is the burgeoning
food and beverage industry.
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