The global cheese market size was valued at USD 183.79 billion in 2022. The market is projected to grow from USD 187.42 billion in 2023 to USD 256.99 billion by 2030, exhibiting a CAGR of 4.61% during the forecast period.
Cheese consumption is increasing due to its availability and versatility. Moreover, acceptance and adoption of ethnic cuisines such as Mexican and Italian subsequently used more cheese to drive market growth. The two most popular varieties of cheese are mozzarella and cheddar.
Drivers and Restraints:
Increasing Demand for Plant-based Cheese to Drive the Market Growth
Plant-based cheese is a dairy alternative primarily made from cashew, soy, almond, and others. The growing trend of veganism and rising preferences for plant-based food propel the demand for plant-based products. Hence, increasing veganism and launching more plant-based products will drive the cheese market growth during the projected period.
Many consumers are allergic to caesin, a protein in cheese. Caesin allergy causes acne, headaches, inflammation, and rashes. Hence, health risks and issues associated with caesin are predicted to hinder the market growth.
Regional Insights:
Increasing Investments and Partnerships to Propel Market Growth in Europe
European consumers adopt healthy foods to maintain well-being and physical health with useful traits such as organic and non-GMO retail positioning, positively impacting the region’s cheese industry.
In North America, the demand for nutritious food products and convenience encourages market growth. North America is one of the major markets, mostly driven by the millennials constantly changing desert and snack consumption habits.
Competitive Landscape:
Launching of New Products by Key Players to Stay Competitive in the Market
Key industry players adopt various competitive strategies, such as new product launches, to support market players in creating various business opportunities through diversified product reach with a wide range of distribution channels in the market.
Key Industry Development:
- September 2021: Lactalis Canada introduced two direct-to-consumer platforms, DairyMarketCulinary.ca. and Cheeseworld.ca for cheese and dairy.
List of Key Players Mentioned in the Report:
- The Kraft Heinz Company (U.S.)
- Fonterra Co-operative Group Limited (New Zealand)
- Arla Foods amba (Arla Foods Group) (Germany)
- FrieslandCampina (Netherlands)
- Saputo Inc. (Canada)
- Lactalis Ingredients (France)
- Wensleydale Creamery (U.K.)
- Dairy Farmers of America, Inc. (U.S.)
- SAVENCIA SA (France)
- Norseland Ltd (Tine Group) (U.K.)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/cheese-market-104293
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