Halloumi Cheese Production to Plummet, as Supply of Raw Milk Lessens amid COVID-19
The coronavirus outbreak has wreaked havoc on the economy and the dairy market has felt its impact which has slowed down the supply and demand for halloumi cheese.
Due to the closure of hotels, restaurants, and convenience stores the average milk intake has declined by over 25% in the past month which is proving to be a significant setback to the dairy industry.
The current scenario of ‘milk dumping’ in several nations has drawn much attention due to the sheer amount of wastage of food and how this aspect will have a cascading effect on the dairy sector.
Halloumi cheese companies and artisanal producers are witnessing a major setback from this situation due to the declining supply of raw milk for the production of halloumi cheese.
Halloumi Cheese to Garner Strong Nontraditional Market Growth
The global halloumi cheese market is estimated to grow at a CAGR of over 12% during the forecast period (2020-2030) and reach a value pool of over US$ 900 Mn. With the introduction of various types of cheese in the European and Middle East markets, Halloumi cheese holds the key to enormous market growth and potential in these regions. Cheese fanatics are experimenting with new varieties of cheese products.
The recent approval to bring dairy and related goods to China is likely to increase the market for halloumi cheese exponentially. The strong increase in demand for halloumi cheese in these international markets is likely to open up new avenues for the existing manufacturers of halloumi cheese. The emerging players in the market are likely to benefit from the high demand for halloumi cheese in the local and foreign markets.
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Increased Focus on Production Capacity to Alleviate Supply-Demand Fluctuations
The demand for halloumi cheese is rising and the popularity is not likely to decline in the coming years. Genetic improvement of local goat and sheep breeds has been perceived to be one of the most efficient ways to meet the ever-increasing demand for halloumi cheese.
Further, upgrading the quality and production of the animal feed is gaining the attention of producers. Market players are also relying on science to alleviate challenges posed by supply-demand fluctuations. These breeding programs will be solely based on genetic dissimilarities linked to increased milk production.
Cyprus Being the Sole Producer proves to be Lucrative for the Middle East & European Markets
Europe and the Middle East lead the global market for halloumi cheese with a cumulative share of over 70%. Cyprus being the sole producer of halloumi cheese, demand in the Middle Eastern European countries has given the players a logistical advantage.
The largest customer base for halloumi cheese is projected to remain in Europe, but the neighboring regions will gain in the coming years. Moreover, the consumption of organic halloumi cheese in Europe is on the rise as a result of the consumers’ growing health consciousness. Halloumi cheese is being preferred from other varieties of cheese like cheddar and American due to its pungent salty flavor.
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Fragmented Market Structure with High Focus on Exports
The halloumi cheese market consists of several large and artisanal players adopting effective marketing strategies with attractive pricing discounts. Most of the halloumi cheese manufacture concentrate on exporting their products, which is adversely impacting the popularity of domestic channels.
In 2020, Cyprus has regained trademark rights of its iconic halloumi cheese in Britain after an official blunder in 2018 saw it losing its label security. Halloumi exports to the U.K. from Cyprus would be safe from trademark competition, but Cypriot farmers are still seeking protection of the product's designation of origin
Impact of Covid-19 on Global Halloumi Cheese Market
The Covid-19 outbreak and halloumi cheese’s ever-increasing success has brought extreme stock shortages across the global market. Everywhere buyers are trying to get their hands on the popular squeaky barbecue cheese. Demand tends to be insatiable and the UK which was previously the number one importer of Halloumi cheese, has stopped 70% of its incoming trade due to the outbreak.
Cypriot producers of halloumi cheese have been unable to meet the ever-increasing demand due to less flow of raw milk for the production process, thus making the availability of halloumi cheese extremely limited
“This increase in demand for cheese is anticipated to boost the global halloumi cheese market. The global food sector is experiencing substantial growth in demand for protein-rich dairy products due to factors such as the growing incidence of various bone-related diseases like osteoporosis” according to the Fact.MR analyst
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Halloumi Cheese Market: Scope of the Report
- The recent study on the global rice protein market by Fact.MR offers a decade long forecast, incorporating the key drivers, restraints, opportunities and threats to the market. The market has been segmented on the basis of product type, source, end-use, application. Region wise, the global halloumi cheese market is divided into North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa. The report includes an in-depth analysis of value chain, business execution and supply chain across all the regions.
- A detailed competitive landscape has been embedded within the report. Detailed analysis of important market players in terms of key expansion strategies, technological developments, and landmark agreements with fellow competitors, have been incorporated.
Global Halloumi Cheese Market: In-Depth Assessment on Key Segments
The global halloumi cheese market is segmented on the basis of nature, flavor, product form, end-use and distribution channel and region.
- Food Service
- Direct Sales
- Hypermarkets /Supermarkets
- Convenience Stores
- Discount Stores
- Dairy Stores
- Online Retail
- North America
- Latin America
- Asia Pacific
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Global Halloumi Cheese Market – Scope of the Report
The following report provides forecast and analysis of the global halloumi cheese market along with the historical data of 2015, estimated data 2020 and forecast data up to 2030 in terms of value (US$ Mn) and volume (Tonnes), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global halloumi cheese market along with several macro-economic indicators.
This newly published and insightful report on halloumi cheese sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global halloumi cheese market.
The report also comprises the study of current issues with end users and opportunities for halloumi cheese. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of halloumi cheese manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the halloumi cheese market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for halloumi cheese has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous halloumi cheese manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
Global Halloumi Cheese Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights in the halloumi cheese market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the halloumi cheese market, which includes global GDP growth rate, various industries growth rate, such as food & beverages and the retail industry.
This report serves as an authentic resource of intelligence on the halloumi cheese market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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