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Global Cheese Market to Reach US$ 99.4 Billion by 2024, Catalyzed by Rising Popularity of Quick Service Restaurants

According to the latest report by IMARC Group, titled “Cheese Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cheese market size reached US$ 61.9 Billion in 2018. Cheese is a dairy product which is prepared by the coagulation of the milk protein casein. It is a versatile food ingredient that is available in a diverse array of flavors and textures and is widely utilized for the preparation of numerous dishes, such as pasta, pizza, tart, gratin, salad and cheesecake. It is rich in essential nutrients, including proteins, riboflavin, calcium, phosphorus, zinc, and vitamins A and B12. Consequently, the consumption of healthy cheese varieties, such as mozzarella, blue cheese, feta and ricotta, is associated with numerous benefits. It aids in cavity prevention, improves bone strength, assists in weight loss, minimizes the chances of developing cancer, regulates blood pressure levels and enhances skin texture, owing to which it is gaining widespread popularity across the globe.

Global Cheese Market Trends:

The market is primarily driven by the expansion of quick-service restaurants (QSRs) on a global level. Shifting dietary preferences and inflating consumer spending power, along with hectic schedules and long working hours, have led a majority of the working professionals to skip full course meals and consume on-the-go fast foods from QSRs. These joints utilize cheese as a key ingredient in their food preparations, which is providing a thrust to the market growth. Moreover, rapid urbanization has contributed to the popularity of different types of cheese across the globe, especially in Asia Pacific countries, including India and China, which has bolstered their demand. Additionally, growing health consciousness among consumers has led to an increased demand for protein-rich foods, which is expected to impact the market growth favorably. The sales of various types of cheese through online retail channels have further propelled the market growth as these channels offer enhanced convenience to the consumers at a better price point as compared to traditional retailers. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 99.4 Billion by 2024, growing at a CAGR of 8.4% during the period 2019-2024.

Market Summary:

  • Based on the source, the market is divided into cows, buffalos, goats and other sources of milk.
  • On the basis of the type, the market has been bifurcated into natural and processed products, wherein naturally produced cheese is the most preferred type.
  • Based on the product, the market is categorized into mozzarella, cheddar, feta, parmesan, Roquefort and others.
  • On the basis of the distribution channel, supermarkets and hypermarkets exhibit a clear dominance in the market. Other major segments include convenience stores, specialty stores, online and others.
  • Based on the format, the market has been segregated into slices, diced/cubes, shredded, blocks, spreads, liquid and others.
  • On the geographical front, the market has been classified into the European Union, North America, Latin America, Europe (excluding the European Union), Oceania and Asia. At present, the European Union holds the leading position in the market, accounting for the majority of the total market share.
  • The competitive landscape of the market has been studied, with the detailed profiles of the key players operating in the market. Some of these players include Lactalis American Group, Inc., Fonterra Co-operative Group Limited, Royal FrieslandCampina NV, Dairy Farmers of America, Inc., Arla Foods amba, and Savencia SA.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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