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The global cheese market is projected to exhibit a sluggish growth during the forecast period 2017 to 2022. Derived from a number of milk sources including buffalo, cow, sheep, and goat, the variety of cheese produced include mozzarella, feta, blue cheese, and cheddar. The market is estimated to surpass US$ 100,000 Mn in revenues by 2022-end.
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Cheese encompasses excessive content of fats, which has been limiting its consumption, especially among obese people across the globe. In addition, high consumption of cheese leads to a number of negative health effects, which include increasing in cholesterol levels, and cardiac arrests. A tremendous rise has been witnessed in the awareness about health impacts of cheese consumption among people since recent past. Volatile economic conditions in underdeveloped and developed economies are further impeding people’s ability of paying more for dairy products, whose prices are increasing significantly. These factors might act as restraints for growth of the global cheese market over the forecast period.
A major factor sustaining growth of the market is the inevitable requirement for convenience food around the world. Shortage of time to prepare elaborate meals by conventional methods is expected to influence demand for packaged food items, coupled with easy & quick options for meals. This includes products such as cheese, which are utilized by people for preparing fast and simple food items, which makes its convenient and easy for consumers to cope up with their busy daily regime. Moreover, increasing number of working women, along with soaring disposable income of people, especially in developed countries, are expected to sustain demand for cheese as well as its by-products. Most of the market players are concentrating on expanding their presence in the global market, adopting key strategies including interesting marketing campaigns, attractive packaging methods, and introduction of innovative products.
8 Key Projections for the Global Cheese Market
Based on sales channel, modern grocery retailers are estimated to remain dominant in the market, in terms of revenues. With roughly one-third market revenue share in 2017, the modern grocery retailers are expected to witness a rise of 36 BPS in market share by 2022-end.
Traditional grocery retailers will continue to be the second largest sales channel in the global cheese market by 2022-end.
Based on product type, processed cheese, and unprocessed cheese sales will continue to exhibit similar CAGRs through 2022.
Unprocessed cheese is expected to remain sought-after in the global market, with sales estimated to account for around two-third market revenue share over the forecast period.
The processed cheese will create an absolute $ opportunity of over US$ 5,000 Mn during the forecast period.
Currently, North America is the most lucrative market for cheese, and this region is projected to retain its dominance in the global cheese market during 2017 to 2022.
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The markets for cheese in Middle East & Africa (MEA), and North America are anticipated to register parallel increase through 2022.