Global Cheese Market: Snapshot
The global market for cheese is estimated to grow significantly due to its nutritional value. It is one of the most widely consumed dairy products. Cheese is commonly used in cooking and with a rise in fast food chains across the world, it is gaining immense popularity. Owing to rapidly changing eating patterns across regions, the global cheese market is expected to witness subsequent changes as well.
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The variations in the taste and texture of cheese, along with its aging and processing techniques, have resulted in a significant variety of high-quality cheese sold around the world. Rapid urbanization, increase in disposable income, and a subsequent rise in the percentage of population eating out are a few of the key factors increasing the demand for cheese. However, rising health concerns regarding an unhealthy diet are limiting the growth of the global cheese market. Being a perishable product, the widespread adoption of cheese is also restricted.
According to Transparency Market Research, the cheese market is expected to reach US$105.13 bn by 2019.
Increase in Fast Food Chains to Boost Demand for Processed Cheese
The global cheese market can be segmented on the basis of product into processed and unprocessed. The unprocessed cheese market, in terms of size, is projected to grow at a slower CAGR than that of the processed cheese market. However, due to its originality of taste, the demand for unprocessed cheese is expected to witness a growth in developed economies. The demand for processed cheese has been growing in developing economies such as China and India among others, due to an increase in the number of fast food restaurants. Over the next few years, major developed economies such as Germany, Canada, the U.S., and the UK are estimated to witness a demand for natural or unprocessed cheese.
On the basis of distribution channels, the market is classified into supermarkets/hypermarkets, food grocery, and convenience stores. Supermarkets/hypermarkets are the most favored distribution channels and are projected to dominate the market by 2019, followed by food grocery and convenience stores. However, improving lifestyle of the people in developing economies are expected to aid the growth of supermarkets and hypermarket in the near future.
Inclusion of Cheese in Daily Diet makes Europe Market Leader
Among North America, Europe, Asia Pacific, and Rest of the World, Europe accounts for the dominant market share. The factors responsible for the growth of the market in this region are the busy lifestyle and heavy dependence on quick-service and fast food restaurants. In addition, its inclusion in daily diet is promoting the demand for cheese. European countries also produce and export cheese to other regions, making it the market leader. Several major markets in Europe, such as Germany, have already reached maturity. On the other hand, emerging markets in the region, such as Bulgaria, Ukraine, and Greece, are expected to witness a growth in the demand for cheese.
Due to increase in disposable income, urbanization, and exponentially growing fast food chains, Asia Pacific has emerged as a key market for cheese. The Asia Pacific market for cheese is anticipated to exhibit a 7.90% CAGR between 2013 and 2019. During the forecast period, countries such as China, India, and Japan are expected to contribute considerably towards the growth of the market.
Mondelez International Group, Alra Foods Inc., Bongrain S.A., Fonterra Co-operative Group Ltd., GCMMF- Amul, Saputo Inc, Fromageries Bel S.A., and Almarai Company Ltd are some of the key players in the global cheese market.
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