Emerging NPD Opportunities to Position APEJ as a Promising Market for Cream and Soft Cheese, Predicts Fact.MR
Published : 12 Oct 2018 Industry: Food & Beverage
Fact.MR’s all-inclusive report on the global cream and soft cheese market delivers critical insights on various dynamics shaping the market for assessment period of five years, from 2017 to 2026. Growth of global cream and soft cheese market, in terms of CAGR, is anticipated to remain sluggish, however, growth in terms of revenue is anticipated to stand at a valuation of US$ 15.6 Billion, through 2022. Fact.MR foresees high protein and less fat content in cream and soft cheese as the key factor driving the product market. Moreover, product innovations in terms of flavor notes and textures coupled with growing adoption in cooking applications will have an impact on cream and soft cheese consumption and application in the foodservice industry. However, high perishability of cream and soft cheese will retrain the market growth. In the coming years, cream and soft cheese-based products tapping on the convenience and easy snacking trends, will take over the supermarket shelf-space, presenting companies with opportunities to innovate new cheese products including dips, sticks and other small-bites.
Considering the complex processes involved in the production of cream cheese, key stakeholders in the cream and soft cheese market are launching manufacturing processes and cultures to cut the cream and soft cheese-making process. Arla Food’s Nutrilac CH-7694, a whey protein ingredient solution and Chr. Hansen’s starter culture are said to speed up the cream and soft production process, thus, driving the demand for the product.
Regionally, although Europe continues to remain dominant throughout the assessment period owing to region’s substantial production of good quality milk, APEJ is anticipated to grow at a relatively higher rate considering changing dietary preferences across the region. Health-related benefits of cream and soft cheese is supplementing to the consumption rate, predicts Fact.MR. Consumers in APEJ are willing to pay a premium for unique flavors and textures, thereby fueling the cream and soft cheese consumption in the region. Moreover, with China lifting soft cheese ban and allowing imports of Brie, Camembert, and Roquefort from EU will propel the market further. As per the analysis, European cream and soft cheese market is projected to grow at a CAGR of 2.3 percent, much slower than APEJ’s growth at 3.2 percent CAGR. Fact.MR also foresees Latin America as a potentially rewarding market as the use of flavor in cheese variants remains untapped. Fact.MR recommends reaching out to the moderately growing Latin American market through soft texture cheeses enhanced with flavor options. Brazil and Mexico exhibit particularly high demand for cheese products including cream and soft cheese owing to the growing proliferation of convenience packs and low-calorie products.
Sales of cream and soft cheese through online retail channels is projected to reflect a higher growth rate. The online retail sales channel is likely to hold 20.5 percent of the market share, with a 99 basis-point expansion through 2022. Wholesales/ Distributor/ Direct with a more dominant position presently, is anticipated to drop 79 basis-point by the end of the forecast period, losing its market share to supermarket/hypermarket.
Among the various types of product form in cream and soft cheese market, demand for blocks, cubes, and slice is prominent, accounting for a collective sales worth US$ 10.5 Billion. Cattle milk, in terms of source type, is projected to record a higher growth rate compared to sheep milk. Goat milk, on the other hand, will hold the maximum market share but represent a slow-moving growth through the forecast period.
For a better understanding of the global competition in the cream and soft cheese market, Fact.MR’s report offers an elaborate competitive landscape analysis with key insights on their company profiles, product offerings, key financials, and forward market strategies. While new product development (NPD) will remain critical in reaching out to existing and new consumers, key players in the cream and soft cheese market will also invest in facility expansion to magnify their geographic footprint. For more insights on the global cream and soft cheese market, connect with the expert analysts of Fact.MR.