Global Cheese Market is Projected to Grow at a CAGR of 4.9% from 2017 to 2022

January, 2017: Axiom MRC estimated the global cheese market at USD 93.1 billion in 2016 and it is expected to reach a value of USD 123.6 billion by 2022. Cheese is an old delicacy made from milk of cow, sheep, goat, or buffalo. It contains various nutrients like calcium, vitamins, and proteins, which makes it a healthy dairy product. Increasing consumption of dairy products, rising disposable income and urbanization are driving the cheese market in the world. Along with this, the ever-increasing fast food industry has paved way for usage of cheese products resulting into increasing demand of cheese from the fast food industry. The global cheese market is segmented into processed cheese and unprocessed cheese. It is studied for North America, Europe, Asia-Pacific, Latin America and Row, which includes the Middle East and Africa.

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Unprocessed cheese dominates the market:

Among the types of cheese, the market for unprocessed cheese is higher than the market for processed cheese due to their natural flavor developed from aging. The production of unprocessed cheese is highest in the U.S. Though it is priced high, consumer preference towards unprocessed cheese in ever increasing due to their functional properties.

Well-established market, increasing demand from fast food industry, and leading cheese producers drive the cheese market in Europe:

Europe leads the global cheese market followed by North America and Latin America. Cheese has a special cultural importance in European countries. It is considered one of the healthiest dairy products in the region. Increasing usage of cheese in snacks is a growing trend in the region but rising demand for skim milk powder is hindering the growth of the region. France and Germany lead the European cheese market. The per capita consumption of cheese is highest in France, being cheese highly used in meal solutions and snacks. Asia-Pacific region is the fastest growing region in the cheese market. Rising disposable income and affordability of luxurious food products like cheese is driving the market in this region. Countries like China, Japan, Australia, and India are the upcoming markets for cheese. The leading players are entering into the untapped markets in Asia-Pacific resulting into high growth prospects in the cheese market in Asia-Pacific region.

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The leading players have a tough competition among themselves and to some extent with the local brands of cheese. Being it an established market, the companies are engaged in developing new varieties of cheese with unique flavors and textures. Along with this, there are less entry barriers in the cheese market and thus new manufacturing companies with innovative and exclusive product range keep entering the market, making the competitive rivalry intense. The major players operating in the cheese market are Bongrain SA (France), Fonterra Co-operative Group Limited (New Zealand), The Bel Group (France), Mondelez International, Inc. (U.S.), Arla Foods A.M.B.A (Denmark), Gujrat Co-operative Milk Marketing FederationLtd. (India), Almarai Co. Ltd. (Saudi Arebia), FrieslandCampina (Netherlands) and Sargento foods Inc. (U.S.).

 

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