Cheese Market Global Outlook, Trends, and Forecast
According to MarketsandMarkets™, the "Cheese Market by Product Type (Cheddar, Mozzarella, Parmesan, American Cheese, and Blue Cheese), Type (Cheese Product and Cheese Powder), Source (Animal and Plant), Nature, Distribution Channel, Application, and by Region – Global Forecast to 2026?, 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.
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Market Dynamics
Drivers: Growing fast-food industry
The global fast-food industry, also known as the Quick Service Restaurants (QSRs) industry, is rising at a significant rate. These industry witnesses a high demand for cheese as a key ingredient in its various food products. Thus, the demand for cheese is growing on account of giant fast-food chains, such as Domino’s Pizza, Inc. (US), Pizza Hut of Yum! Brands (US), and Papa John’s International, Inc. (US). Changing lifestyles, such as increasing dependence on ready-made or ready-to-eat meals due to busier schedules and increased demand for packaged foods globally, have increased the demand for fast food products and ultimately fueled the demand for cheese.
Restraints: Rising concern over the adverse health effects of cheese consumption
The rising consumer awareness about the ill-health effects of cheese poses a great restrain to the growth of the global cheese market. Obesity, high cholesterol levels, and heart diseases are the major conditions associated with the consumption of processed cheese. In the US, certain kinds of cheese have resulted in outbreaks of food-borne gastroenteritis, food sensitivities, lactose intolerance, allergies, and high-calorie content. Consumers have now become aware of the association of these diseases with cheese. This factor is posing as a restrain for various cheese manufacturers to overcome and meet the customer demand for healthy food.
Opportunities: Emergence of plant-based cheese alternatives
The market for plant-based cheese is growing at a significant rate; consumers are drifting away from animal sources to plant-based sources. This is attributed to the rising aversion toward meat, the advent of veganism, and concerns over animal cruelty. The demand for clean-label products, concerns about sustainability, and a dire need to avoid allergens are some of the major factors responsible for shifting consumer preferences toward plant-based alternatives.
Challenges: Regulatory influence
The stringent regulatory legislations regarding cheese are projected to be challenging for the growth of the market. The demand for accurate labeling, listing the names of all the ingredients in the product, and specifying the details of the ingredients and their nutrient content is on the rise owing to the rising health concerns. Adhering to these labeling regulations may increase the cost of packaging and labeling, which, in turn, affects the price of the final products. This leads to low acceptance by consumers, which poses a challenge for the market.
The Asia Pacific region is projected to witness the highest growth during the forecast period.
The countries in the Asia Pacific region have a well-established dairy industry, which subsequently proves the potential for growth of the cheese market in these regions. Hectic work schedules, along with the rising prevalence of western food culture, represent some of the significant factors strengthening the cheese market growth in the Asia Pacific region. Since the past few years, the rapid food globalization has caused a boom in the retail and foodservice sectors, owing to this there is the demand for cheese-based products that is expected to generate significant growth in this region.
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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 Milch
kontor GmbH (Germany), and Meiji Holdings (Japan).