Cheese Market Overview
The Global Market for Cheese has witnessed continued demand during the last few years and is projected to reach 29,398.75 kilo tons by 2023, at a CAGR of 3.90% by 2023. Cheese is derived from the processing of curd which is further ripened to give peculiar texture, flavor and aroma to the product. The production of cheese involves enzymatic and acid activities. The ageing of cheese gives the desired final product. Cheese is derived from various milk sources including cow, buffalo, sheep and goat. There are numerous varieties of cheese produced globally.
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The global Cheese market has witnessed continued demand during the last few years and is projected to reach 29,398.75 kilo tons by 2023, at a CAGR of 3.90% by 2023. Increase in demand of cheese-based snacks across various countries is likely to drive the global cheese market backed up by shifting consumption pattern and increased demand for fast food snacks and bakery products.
Fresh cheese will witness the higher growth rate (~5.01%). By 2023, fresh cheese among the various cheese types is projected to grow the most due to its high consumer’s preference and increased demand from cheese processing manufacturers. Hard cheese share will also witness a steady growth and will contribute to the second largest market volume after fresh cheese.
By Downstream analysis
By 2023, whole cow milk sourced cheese will reach more than 19,000 kilo tons with CAGR of 4.37%. The high vitamin and calcium content of cow milk is creating the huge demand of whole cow milk for cheese preparation in the market. Consumer’s satisfaction relies on consumption of whole form of Cheese to ensure the better nutrient content of cheese than cheese obtained from other sources.
Application of Cheese in fast food snacks holds a lion’s share of 25% of the total market share and it is projected to grow at a CAGR of 4.73% by 2023. However, cheese processing-based application will witness the higher growth rate (~4.40%) during forecast period 2017 to 2023. By 2023, bakery foods-based application will grow with a CAGR of 4.14%. The application of cheese in fast food snacks will witness significant growth in upcoming years due to increasing growth of fast food chains and high consumption of cheese-based products.
The leading market players in the global Cheese market primarily are Land O’Lakes, Inc. (U.S.), Kerry Group Plc (Ireland), Lactosan A/S (Denmark), Arla Foods (Denmark), Aarkay Food Products Ltd (India),Dairiconcepts, L.P. (U.S.), Kanegrade Limited (U.K.), The Kraft Heinz Co. (U.S.), FrieslandCampina (Netherlands), Dairy Farmers of America Inc. (U.S.)
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Europe will continue to dominate the Cheese market with more than 50% market share and it is projected to reach more than 17,000 kilo tons with CAGR of 3.45% by 2023. North America will witness the second highest growth rate (~3.27%) during forecast period 2017 to 2023. Asia-Pacific region will witness the growth of 2.51% in Cheese market for the same period. Growing popularity of consumption of various flavored cheese is driving the market growth of cheese globally.
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