Jun 03, 2020
Fast Food Consumption to Remain Pivotal to Processed Cheese Market Growth, Market Pegged at 4% through 2029, Finds Fact.MR
by Team Fact.MR
The global processed cheese market is anticipated to reach a value pool of over US$ 24.0 billion in 2029, with growth rate pegged at over 4.4% during the forecast period (2020-2029). An upsurge in the number of foodservice chains and outlets has been playing a key role in the accelerated demand for processed cheese. The distinct flavor profile of processed cheese has made it a popular ingredient in myriad cuisines. The growth of fast food chains in the Asia Pacific and Latin American countries has led to an increased sourcing of processed cheese in these regions.
Presently, due to the Covid-19 outbreak, the processed cheese market is witnessing temporary setbacks. The retail and foodservice sectors which are the main end-users of processed cheese, have suspended their services due to nationwide lockdowns. This has dampened demand in the overall market. The closure of the restaurants and food service chains, which accounts for almost half of the processed cheese consumption, has hindered growth prospects of the global processed cheese market in the near term. In the future, high demand for environmental- friendly and non-dairy cheese substitutes will impact sales of processed cheese.
Key Takeaways of Processed Cheese Market Study:
- Blue cheese will exhibit highest growth in the global processed cheese market to reach a market value of over US$ 3.5 Bn during the forecast period.
- In terms of volume, cheddar cheese represents the highest demand share, with nearly 23% share in 2019. Mozzarella cheese is anticipated to lose its market share during the forecast period.
- Europe represents the largest revenue share in the global processed cheese market. In 2019, it accounted for more than 40% revenue share.
- The processed cheese market in South Asia is projected to witness strongest growth during the forecast period, growing at a CAGR of over 5%.
“Overall sales of cheese products within the food & beverage industry has been on an upward swing over the historical period, leading to immense potential for both incumbents as well as new entrants in the processed cheese market. Increasing demand for flavored cheese products has been primarily linked to the rapid advances made in processed cheese manufacturing and the sheer variety of processed cheese options available to various consumers”, says the Fact.MR analyst.
Diversifying Product Portfolio to Remain Decisive Strategy
The global processed cheese market is fragmented in nature, with companies in the Tier-1 group such as Fonterra, Le Groupe Bel and Lactalis developing an extensive dairy business network at a global level. To attract more customers, these companies are primarily focusing on diversifying their product portfolio by adding more products suitable for every age group and ethnicity.
Other key players are also focusing on developing new flavors to reach out to the vast customer base. In addition, stringent food controls with regard to content and labeling have resulted in substantial research and development activities. Mondelez International, Inc., for instance, is set to launch its products into newer markets, with a special emphasis on snacking.
Find More Valuable Insights on the Processed cheese Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for processed cheese, with historical data on demand (2015-2019) and expected projections for period (2020-2029). The processed cheese market report discloses compelling insights into demand for processed cheese based on cheese type (blue cheese, brick cheese, camembert cheese, cheddar cheese, cottage cheese, cream cheese, mozzarella cheese, romano cheese, swiss cheese, other processed cheese), form (cheese blocks, cheese slice, cheese spread, cheese spray), milk source (cattle milk, goat milk, sheep milk), end-use (retail / household, HoReCa, F&B processors), distribution (direct sales, hypermarkets and supermarkets, club stores, discounters, grocery retailers, convenience stores, online stores) and different regions.
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About The Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.