Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global, “Halloumi Cheese Market was pegged at $421.2 million in 2019, and is projected to reach $737.0 million by 2027, growing at a CAGR of 10.0% from 2021 to 2027.
Major determinants of the market growth
Rise in disposable income,preference for premium products, and increase in demand from the fast-food sector have boosted the growth of the global halloumi cheese market. However, lack of awareness regarding halloumi cheese hampers the market growth. On the contrary, drastic changes in traditional consumer eating patternsis expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak caused economic devastation in the dairy market. Moreover, the prolonged lockdown resulted in disruption of the supply chain and decrease in demand for halloumi cheese.
- The average milk intake declined during the pandemic due to closure of hotels, convenience stores, and restaurants.
The unflavored segment dominated the market
By type, the unflavored segment held the largest share in 2019, accounting for nearly 90% of the global halloumi cheese market, owing torise in demand of unflavored halloumi cheese in fast food outlets, quick service restaurants (QSR), and full-service restaurants.However, the flavored segment is projected to register the highest CAGR of 11.5% during the forecast period, due toincrease in demand for halloumi cheese in the retail market by consumers and rise in affinity of people with flavored cheese.
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The food service segment to manifest the highest CAGR by 2027
By end use, the food service segment is expected to portray the highest CAGR of 10.2% from 2021 to 2027. Moreover, the segment held the largest share in 2019, contributing to more than three-fifths of the global halloumi cheese market, due to rise in the number of fast-food restaurants and rise in dependence of consumers all around the world on prepared food from food outlets. The report includes an in-depth analysis of the residential segment.
Europe held the lion’s share, North America to portray gradual growth through 2027
By region, the market across Europe held the largest share in 2019, accounting for more than half of the market, owing toincrease in use of halloumi cheese in daily food and numerous prominent players in the region. However, the global halloumi cheese market across Asia-Pacific is estimated to register the highest CAGR of 11.3% during the forecast period, due to high economic growth in the Asia-Pacific countries and shift in lifestyles and the consumption patterns of the people in this region. The market across North America is expected to manifest a CAGR of 8.7% from 2020 to 2027.
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Major market players
- PETROU BROS DAIRY PRODUCTS LTD.
- Akgöl Dairy
- Food and Packing Industries Ltd.
- GALAKTOKOMIO A.D.S DAFNI LTD.
- Grillies
- Routhier Weber GmbH
- N.TH. Kouroushis LTD.
- WAIMATA CHEESE COMPANY
- Lemnos Foods
- FarmLand General Trading Co.
- W.L.L.
- Almarai
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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