Global Cheese Market to Reach US$ 120.2 Billion by 2028, Spurred by Increasing Number of Fast-Food Chains

The latest report by IMARC Group, titled “Cheese Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global cheese market size reached US$ 83.4 Billion in 2022. Cheese is a dairy product that solidifies the milk protein casein obtained from cows, buffalo, goats, or sheep. The color, taste, and texture of the cheese primarily depend on milk, pasteurization, butterfat content, bacteria, mold, processing, and aging. Moreover, it is a rich source of nutrients, such as calcium, phosphorous, zinc, vitamin A and B12, and protein that are vital for building strong bones and muscles. It is available in diverse flavors and textures and has a longer shelf life as compared to other dairy products. Owing to these properties, cheese has become one of the most consumed fermented foods worldwide.
 

Global Cheese Market Trends:

The market is primarily driven by the rising number of food chains across the globe. Cheese varieties, such as mozzarella, parmesan, feta, Roquefort, and cheddar, are widely used in various fast-food preparations such as pizzas, sandwiches and wraps. In addition, the increasing trend of westernization is escalating the demand for cheese in emerging economies such as China and India. This can also be attributed to rapid urbanization, the emerging trend of eating out, and the rising consumption of processed foods. Besides this, the leading market players are introducing low- or zero-fat cheese variants to attract health-conscious consumers. They are also investing in aggressive promotional strategies to create awareness among consumers in untapped markets. This, coupled with significant development in the organized retail sector, is positively influencing the market growth. Furthermore, the easy availability of cheese in convenient packaging options, such as single slices wrapped in plastic, cheese spray, cheese spread, and squeeze tubes, is also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 120.2 Billion by 2028, exhibiting a CAGR of 6.12% during the forecast period (2023-2028).
 

Market Summary:

• On the basis of the source, the market has been classified into cow milk, buffalo milk, goat milk, and others.
• Based on the type, the market has been bifurcated into natural and processed. At present, naturally produced cheese holds the largest market share. 
• On the basis of the product, the market has been segregated into mozzarella, cheddar, feta, parmesan, Roquefort, and others. 
• Based on the format, the market has been segmented into slices, diced/cubes, shredded, blocks, spreads, liquid, and others. 
• On the basis of the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
• Region-wise, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others) accounts for the majority of the global market share. Other major regions include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others). 
• The competitive landscape of the market has been studied in the report, with some of the key players being Arla Foods amba, Dairy Farmers of America Inc., Fonterra Co-operative Group Limited, FrieslandCampina, Lactalis (The Kraft Heinz Company) and Savencia SA.
   

Report Scope:

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