Transparency Market Research points out that Lactosan A/S, Land O’ Lakes, All American Foods, and Archer Daniels Midland Company are the leading players in the global cheese powder market. Most of these companies are expected to expand their geographical reach in the coming years to widen their consumer base. Players are also anticipated to focus on production of innovative products, interesting marketing campaigns, and attractive packaging methods to strengthen their foothold in the global market. Diversification of product portfolio will also be one of the important strategies of the players in the market to maintain their edge over others.
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According to the research report, the global cheese powder market is projected to be worth US$481.0 mn by the end of 2024 from US$256.1 mn in 2015. The market is estimated to experience progress in revenue earnings at a CAGR of 7.3% between 2016 and 2024.
North America Shows Dominance due to Changing Lifestyles
The various types of cheeses available in the global market are cheddar, parmesan, mozzarella, blue, and others. Parmesan cheese is estimated to be the key product segment in the global market as it is projected to rise at a CAGR of 7.7% during the forecast period. Its extensive usage in the preparation of various items is expected work in favor of the product segment.
Geographically, the global cheese powder market is segmented into Europe, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of all the regions, North America is expected to dominate the global market in the coming years. The burgeoning demand for convenience food in the region is anticipated to play a vital role in defining the trajectory of the North America cheese powder market in a positive manner throughout the forecast period. Changing lifestyles, growing disposable incomes, and increasing expenditure on premium food items are some of the key factors propel the rise of the regional market.
Shifting Dietary Habits Characterized by Ready-to-Eat Meals Drive Global Cheese Powder Market
The primary growth driver for the global cheese powder market is the unstoppable demand for convenience food across the world. The lack of time to make elaborate meals using conventional methods has been responsible for the growing sales of packaged food items and quick and easy meal options. The rise in the number of working women, increasing per capita income, and shifting food habits have collectively spiked the demand for cheese powder as these same factors have lured in a widening consumer base that is increasingly spending on readymade meals. The low cost of production of cheese powder due to the availability of raw material on a large scale has also boosted the growth of the overall market.
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Negative Impact of Persistent Consumption of Cheese Threatens Market Growth
Though demand for cheese powder has been in a consistent, the overall market does face a few restrictions. The volatile economic conditions in developed and underdeveloped countries are expected to hamper the growth of the global market. Furthermore, the relatively low per capita income of consumers in underdeveloped nations, unstable security conditions, and poor business conditions are also expected to hamper the global market. The next key factor restraining the growth of the global cheese powder market is the rising awareness amongst people about the negative effects of consuming cheese powder. It is a well-known fact that regular consumption of cheese can lead to obesity, which can cause heart problems and high cholesterol
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