Global Paneer Market to Reach US$ 18.1 Billion by 2032, Catalyzed by Fusion of Inter-Regional Tastes and Cuisines

May 30, 2022 | Food & Beverages

The latest report by IMARC Group, titled “Paneer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” finds that the global paneer market size reached US$ 10.1 Billion in 2023. Paneer, also known as Indian cottage cheese, refers to a type of fresh, non-aged cheese with a soft spongy texture and sweet acidic flavor. It is prepared by coagulating milk with fruit- or vegetable-derived food acids, such as lemon juice and vinegar. It is a non-fermentative, non-renneted, and non-melting dairy product that can be consumed raw or cooked, grated, sliced, and crumbled. It is widely used with other vegetables to prepare traditional savory dry, semi-dry, and gravy delicacies. It also forms an essential ingredient for bakery goods, confectionery items, and snacks, such as nuggets, dumplings, and sweets. Nowadays, the leading manufacturers offer paneer in low-fat, soy, vegetable impregnated, filled, and ultrafiltration (UF) variants.

Global Paneer Market Trends:

Paneer is rich in essential nutrients, such as dietary fiber, calcium, protein, iron, antioxidants, vitamin D, thiamine, riboflavin, omega-3, and omega-6 fatty acids. As a result, the surging awareness regarding its high nutritional value acts as the primary factor driving the market growth. Since paneer forms a crucial ingredient of various traditional cuisines in South Asian countries, including India, Pakistan, Afghanistan, and Bangladesh, the fusion of inter-regional tastes and cuisines represents another major growth-inducing factor. Additionally, individuals are incorporating paneer in their daily diet as it helps strengthen teeth and bones, improves immunity, regulates blood sugar levels, enhances digestion, promotes weight loss, boosts metabolism, and reduces the risk of various diseases. In line with this, the growing consumer health and fitness consciousness and the expanding vegetarian population have catalyzed the product demand. Furthermore, there has been widespread product adoption in western fast foods, such as pizzas, sandwiches, wraps, and burgers. Besides this, the shifting consumer inclination toward easy-to-prepare foods like paneer due to hectic working schedules, busy lifestyles, and changing dietary habits has propelled the market growth. Other factors, including the emerging trend of culinary tourism, increasing consumer willingness to try out traditional recipes and authentic dishes, product premiumization, and advancements in the cold supply chain, are also creating a favorable market outlook. Looking forward, the market value is anticipated to reach US$ 18.1 Billion by 2032, growing at a CAGR of 6.5% during the forecast period (2024-2032).

Competitive Landscape:

The competitive landscape of the market has also been analyzed, with some of the key players being Amul [Gujarat Cooperative Milk Marketing Federation (GCMMF)], Parag Milk Foods Ltd., Mother Dairy Fruits & Vegetables Pvt Limited, Saras (Rajasthan Cooperative Dairy Federation Ltd.), and VRS Foods Limited.

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Global Paneer Market to Reach US$ 18.1 Billion by 2032, Catalyzed by Fusion of Inter-Regional Tastes and Cuisines
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