Increasing size of the Convenience & Fast-Food Industry Owing to The Growth of The Cheese Market, Recording a CAGR of 3.6% by 2026
Chicago, Dec. 15, 2022 (GLOBE NEWSWIRE) — According to MarketsandMarkets “Cheese Market size is estimated to be valued at USD 88.7 billion in 2021 and is projected to reach USD 105.9 billion by 2026, recording a CAGR of 3.6% during the forecast period.
The cheese market is highly affected by the increasing size of the convenience & fast-food industry and innovative offerings by cheese manufacturers. The growth rate of the fast-food industry is significant owing to the changing lifestyles of people around the globe.
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The growth of the cheese market is brought forth through three major distribution channels: retail, food service, and food manufacturers. The food service industry has been severely changed by the COVID-19 pandemic, where most of the fine dining and casual dining restaurants had to shut down amid the lockdowns. However, there has been steady recovery and improvement, and the sales are now driven by an increase in the consumption of fast-food items, such as pasta, pizza, and burger, in Quick Service Restaurants (QSRs).
The cheese products segment is projected to dominate the market by type. Cheese products include solid and semi-liquid forms, such as slices, blocks, cubes, shredded, and grated, as well as cream cheese and curd cheese. End-user industries prefer cheese products over other forms of cheese due to its convenience in handling, storage, and comparatively longer shelf life. Due to its easy handling and rich flavours, cheese products are used in a wide range of food products, such as ready meals, snacks, bakery products, and the foodservice industry.
The animal source segment in the cheese market is projected to have a larger market size during the forecast period. Animal sourced cheese is a saturated market and accounts for a larger market share and is projected to grow at a slower rate over the forecast period as compared to plant-based cheese. Plant-sourced cheese is an upcoming trend and is expected to see considerable growth. Due to various health-related issues, such as lactose intolerance and allergies associated with dairy-based products, consumers are more inclined toward plant-based food products. Furthermore, an increase in consumer shift toward vegan products also drives the growth of plant-based food products, such as cheese.
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In terms of geographical coverage, the cheese market has been segmented into four regions, namely, North America, Asia Pacific, Europe, and Rest of the World which includes South America, Africa, and the Middle East. The cheese market has a high potential in emerging markets, such as the Asia Pacific. Although cheese consumption in Asia is still lower than in Europe and the US, the westernization of food habits of the Asian population has led to an increase in demand, especially from the young and millennial population. The widespread impact of western cuisines on developing regions such as the Asia Pacific and South America has led to a tremendous increase in demand for cheese-based fast-food products.
Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, Glanbia (Ireland), Saputo (Canada), Arla Foods (UK), BEL Group (France), Fonterra (New Zealand), FrieslandCampina (Netherlands), Dalter Alimentari Spa (Italy), The Kraft Heinz Company (US), Amul (India), DMK Deutsches Milchkontor GmbH (Germany), and Meiji Holdings (Japan).
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