Halloumi Cheese Market

Halloumi Cheese Market Outlook (2023-2033)

Sales of halloumi cheese in 2023 are expected to reach a valuation of US$ 445 million and cross the US$ 1.2 billion mark by the end of 2033. The global halloumi cheese market is anticipated to exhibit expansion at a phenomenal CAGR of 10.4% through 2033.

Halloumi cheese originated from Cyprus, a country in the Middle Eastern region, and has been produced by Cyprus farmers for centuries now. To date, this country accounts for the highest production of halloumi cheese, and this makes it a key market in the global landscape. White cheese, Greek cheese, goat cheese, Brie cheese, and feta cheese are some other types of cheese that are expected to gain popularity in the future.

Demand for halloumi cheese is anticipated to be largely dependent on increasing intra-cultural interaction of people owing to the rising number of global travellers. A growing number of people preferring dine-out options, the rising use of different cheese in several cuisines, and an increasing number of food service outlets across the world are other factors that are expected to supplement halloumi cheese sales over the coming years.

The use of halloumi cheese as a meat replacement among the vegetarian population as a viable meat replacement is also expected to be a prominent factor that could lead to increased consumption of halloumi cheese in the future. Other factors such as globalization, rising disposable income, high consumption of fast food, and rising availability of halloumi cheese in several countries are expected to favour halloumi cheese demand.

Rising health consciousness and the growing popularity of organic foods among the general population are expected to propel the demand for organic halloumi cheese in the future. Halloumi-making kit sales are also expected to witness a bright demand outlook as the popularity of halloumi cheese increases worldwide.

However, adulteration of ingredients used to make halloumi cheese is expected to be a major constraint for the overall market development in the long run. Rising health consciousness among the people is also expected to hurt halloumi cheese sales over the coming years as cheese is often avoided by fitness-conscious people due to its high fat and salt content.

The Asia Pacific region is anticipated to emerge as the most opportune and fastest-growing market for halloumi cheese through 2033 owing to changing consumer preferences. Meanwhile, the European region is expected to maintain its dominant stance in the global marketplace in terms of consumption and production of halloumi cheese throughout the forecast period.

All the key trends, opportunities, challenges, and restraints governing market growth at present and over the coming years have been listed in this brand-new halloumi cheese market research report by Fact.MR, a market research and competitive intelligence provider.

Report Attributes	Details
Halloumi Cheese Market Size (2023)	US$ 445 Million
Projected Market Value (2033F)	US$ 1.2 Billion
Global Market Growth Rate (2023-2033)	10.4% CAGR
Europe & MEA Market Share (2022)	70%
Key Companies Profiled	The Kraft Heinz Company Akgöl Ltd. GRILLIES INC. Danone S.A. GCMMF Nestlé S.A. Land O' Lakes, Inc. DairiConcepts L.P N.TH. Kouroushis LTD. Petrou Bros Dairy Products Akgöl Ltd. ADM GRILLIES INC. Lactosan A/S Routhier Mediterranean Products GmbH anegrade Limited Kerry Lemnos Foods

Is this an Opportune Market for Start-ups?

“Start-ups Should Focus on Novel Vegan & Plant-based Cheese Products”

New halloumi cheese producers are focusing on capitalizing on the growing vegan population and creating novel vegan and plant-based cheese products to increase their market share and drive revenue generation capacity.

• In September 2020, Hello Friend Foods, a food tech start-up from Australia that offers vegan halloumi cheese and other handmade premium cheese launched a crowdfunding campaign to expand its business potential and offerings.
• Proper Dairy Company, an Irish start-up producing halloumi cheese and other unripened Mediterranean cheese is working with local farmers to create high-quality products by using a sustainable approach to create a positive social impact.

Country-wise Insights

How Will Halloumi Cheese Demand Fare in the United States?

“Rising Demand for Vegan Products Providing New Market Opportunities”

The United States is a prominent consumer of different types of cheese owing to the high use of cheese in various cuisines and dishes and the rising number of European travelers every year. The rising number of vegan consumers in the country is expected to provide a highly lucrative opportunity for vegan cheese providers and vegan halloumi cheese is anticipated to be a prominent product slated to witness high demand.

Halloumi cheese suppliers in the U.S. are trying to maximize their revenue generation by providing plant-based and vegan cheese alternatives that cater to the changing consumer preferences in the country.

• In June 2022, Daiya, a Canada-based dairy alternative company announced the addition of two new plant-based Mediterranean-inspired cheese varieties to its U.S. product range. Grilling Cheeze is a halloumi-inspired first-of-its-kind cheese made with oats and chickpeas.
• In December 2021, Violife, a leading plant-based cheese provider announced the launch of vegan halloumi cheese in the United States along with other plant-based cheese alternatives to fulfil demand from the increasing vegan population in the country.

Is Japan an Investment-worthy Market for Halloumi Cheese Producers?

“Rising Disposable Income & Growing Popularity of Halloumi Cheese in Japan”

Japan and other Asian countries such as South Korea, India, and China have not been extensive consumers of cheese owing to cultural differences in consumer habits and the presence of different cuisines. But, this trend is now changing owing to globalization and extensive advertising campaigns by halloumi cheese manufacturers to boost their sales in Asian countries such as Japan and Korea.

Rising disposable income and a rising number of fast food companies adopting halloumi cheese are other factors that are expected to drive halloumi cheese consumption in Japan throughout the forecast period.

Should Halloumi Cheese Manufacturers Invest in Europe?

“Presence of Key Halloumi Cheese Vendors and Overall High Demand for Cheese”

Europe accounts for the highest demand for almost all types of cheese and this trend is anticipated to prominently influence demand for halloumi cheese in this region over the coming years. The majority of halloumi cheese consumption is expected to govern by the United Kingdom and Cyprus across the forecast period. Rising demand for organic halloumi cheese is also anticipated to provide halloumi cheese manufacturers with new opportunities in this region through 2033.

Moreover, the presence of artisanal cheesemakers in this region is also expected to boost market potential in the long run. In 2020, Cyprus regained the trademark rights of halloumi cheese and this has affected halloumi cheese exports across the world and changed the competitive landscape by reinforcing Cyprus’s position as the leading halloumi cheese producer.

Category-wise Insights

Where is Demand for Halloumi Cheese Expected to Be Highest?

“Food Service Projected to Lead Halloumi Cheese Consumption through 2033”

Based on end use, the market for halloumi cheese is segmented into B2B, B2C, food service, and industrial.

Food service currently accounts for the highest halloumi cheese demand and is anticipated to maintain a similar stance across the forecast period. The rising number of fast food restaurants, growing consumption of fast foods, rising disposable income, and rising popularity of halloumi cheese recipes are some of the prime factors that drive halloumi cheese sales in the food service segment.

The growing popularity and preference of homemade halloumi cheese dishes are anticipated to drive shipments of halloumi cheese to B2C end users over the coming years.

Which Type of Halloumi Cheese is Most Popular?

“Conventional Halloumi Cheese Accounts for Dominant Market Share”

Based on nature, the market for halloumi cheese is segmented into conventional and organic.

At present, conventional halloumi cheese accounts for a major market share in terms of revenue and volume and is expected to maintain this stance over the next few years as well. However, rising health consciousness and changing consumer preferences are expected to promulgate demand for organic halloumi cheese over the coming years. Demand for organic halloumi cheese is expected to rise at a faster pace than that of conventional halloumi cheese across the forecast period.

Competitive Landscape

Prime halloumi cheese suppliers are focusing on increasing production capacity to meet rising demand across the world as fast food chains launch new foods that use halloumi cheese as their star ingredient.

• In July 2022, McDonald's, a leading American fast food chain started the sales of Halloumi fries in the United Kingdom as announced previously by the fast food giant in June. This addition is one of eight new Mediterranean-inspired food additions to McDonald’s menu this summer.

Key Segments of Halloumi Cheese Industry Research

• By Product Form :

  • Slices
  • Blocks

• By Nature :

  • Organic
  • Conventional

• By Flavor :

  • Plain
  • Flavored
  • Mint
  • Chili

• By End Use :

  • B2B
  • Food Service
  • Industrial
  • B2C

• By Distribution Channel :

  • Direct Sales
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Discount Stores
  • Dairy Stores
  • Online Retailers
  • Other Channels

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA