Processed Cheese Market is Anticipated to Reach a Value Pool of US$ 24 Billion by 2032 End
The global processed cheese market is anticipated to reach a value pool of over US$ 24.0 billion in 2029, with growth rate pegged at over 4.4% during the forecast period (2020-2029). An upsurge in the number of foodservice chains and outlets has been playing a key role in the accelerated demand for processed cheese. The distinct flavor profile of processed cheese has made it a popular ingredient in myriad cuisines. The growth of fast food chains in the Asia Pacific and Latin American countries has led to an increased sourcing of processed cheese in these regions.
Presently, due to the Covid-19 outbreak, the processed cheese market is witnessing temporary setbacks. The retail and foodservice sectors which are the main end-users of processed cheese, have suspended their services due to nationwide lockdowns.
This has dampened demand in the overall market. The closure of the restaurants and food service chains, which accounts for almost half of the processed cheese consumption, has hindered growth prospects of the global processed cheese market in the near term. In the future, high demand for environmental- friendly and non-dairy cheese substitutes will impact sales of processed cheese.
Key Takeaways of Processed Cheese Market Study:
- Blue cheese will exhibit highest growth in the global processed cheese market to reach a market value of over US$ 3.5 Bn during the forecast period.
- In terms of volume, cheddar cheese represents the highest demand share, with nearly 23% share in 2019. Mozzarella cheese is anticipated to lose its market share during the forecast period.
- Europe represents the largest revenue share in the global processed cheese market. In 2019, it accounted for more than 40% revenue share.
- The processed cheese market in South Asia is projected to witness strongest growth during the forecast period, growing at a CAGR of over 5%.
“Overall sales of cheese products within the food & beverage industry has been on an upward swing over the historical period, leading to immense potential for both incumbents as well as new entrants in the processed cheese market. Increasing demand for flavored cheese products has been primarily linked to the rapid advances made in processed cheese manufacturing and the sheer variety of processed cheese options available to various consumers”, says the Fact.MR analyst.
Diversifying Product Portfolio to Remain Decisive Strategy
The global processed cheese market is fragmented in nature, with companies in the Tier-1 group such as Fonterra, Le Groupe Bel and Lactalis developing an extensive dairy business network at a global level. To attract more customers, these companies are primarily focusing on diversifying their product portfolio by adding more products suitable for every age group and ethnicity.
Other key players are also focusing on developing new flavors to reach out to the vast customer base. In addition, stringent food controls with regard to content and labeling have resulted in substantial research and development activities. Mondelez International, Inc., for instance, is set to launch its products into newer markets, with a special emphasis on snacking.
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583