Chicago, April 25, 2024 (GLOBE NEWSWIRE) -- The global cheese market has demonstrated remarkable resilience despite economic uncertainties and market challenges. With an estimated worth of USD 88.7 billion in 2021, the market is poised for steady growth, projected to reach USD 105.9 billion by 2026, showing a compound annual growth rate (CAGR) of 3.6%. This article delves into the macro and microeconomic factors shaping the cheese industry, the emergence of new trends, and the regional dynamics influencing market expansion.
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Driving Factors for Growth
Following are some cheese market growth factors:
- Demand for Convenience Foods: The increasing demand for convenience and fast food is a primary driver for cheese market growth. Cheese powder is witnessing strong demand, fueled by the preference for easy-to-use ingredients in various food applications.
- Rising Demand from Developing Regions: Developing regions are emerging as significant contributors to the global cheese market. The expanding middle-class population, coupled with changing dietary preferences, is driving up cheese consumption in these regions.
- Lower Prices of Conventional Cheese: Despite market saturation, lower prices of conventional cheese products are expected to bolster global demand. However, the emergence of organic products has sparked a debate over the safety and efficacy of conventionally produced cheese, particularly concerning antibiotic usage in dairy farming.
Regulatory Oversight
In the United States, the FDA oversees the inspection and regulation of dairy products, including cheese. While federal agencies monitor interstate commerce, state and local regulatory bodies enforce sanitation requirements across dairy farms and processing facilities, ensuring product safety and quality.
Diversification of Cheese Products
The cheese market is witnessing diversification in product offerings, with various forms such as slices, blocks, shredded, and grated cheese gaining popularity. This diversification caters to the evolving needs of the food service and food manufacturing sectors, driving market growth. Moreover, longer shelf life and the availability of cheese products in different formats further contribute to market expansion.
Impact of COVID-19 on Retail Sector
The retail sector has experienced a surge in cheese sales amid the COVID-19 pandemic. Increased home cooking and intermittent lockdowns have propelled the demand for retail cheese products. Consumers are seeking convenience and readily accessible options, leading to a rise in pre-sliced or pre-shredded cheese sales. Additionally, the advent of door-to-door delivery services for grocery items has further boosted the cheese market by providing convenient access to consumers.
Regional Dynamics: Focus on Europe
Europe holds a significant share of the global cheese market, with Germany leading in both production and consumption. The diverse applications of cheese in various food products, including ready meals, dips, dressings, and bakery items, contribute to Germany's dominance in the industry. Key players in the European market include Glanbia (Ireland), Dalter Alimentari Spa (Italy), Savencia SA (France), and FrieslandCampina (Netherlands).
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Conclusion
The global cheese market continues to exhibit resilience and growth, driven by factors such as increasing demand for convenience foods, diversification of product offerings, and expanding consumption in developing regions. While challenges such as regulatory oversight and market saturation persist, innovative trends and evolving consumer preferences present opportunities for further market expansion. As the cheese industry adapts to changing dynamics, stakeholders must remain vigilant to capitalize on emerging trends and ensure sustainable growth in the years to come.
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