Cheese is a dairy product made from coagulated milk by the combined action of lactic acid and certain microorganisms. It is used as a primary ingredient in dishes or foods, such as aligot, pizza, pudding, pasta, etc. Over the years, cheese has gradually become popular worldwide as it is available in different flavours, types and textures. Some of the most popular varieties of cheese include cheddar, gouda, asiago, mozzarella, American cheese, gorgonzola and feta. A new research report by IMARC Group, titled “Cheese Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global cheese market was worth US$ 48.2 Billion in 2017. The report further anticipates the market to cross US$ 81.1 Billion by 2023, at a projected CAGR of nearly 10% over the forecast period.
Global Cheese Market Drivers/Constraints:
- Owing to the increasing popularity of cheese among the consumers it is extensively being used in a number of fast-food joints, restaurants, and households. This is projected to drive the growth of the global cheese market.
- The demand for cheese is expanding across the globe as it contains less amounts of saturated fats, sodium, and low-density lipoprotein, and offers benefits such as a healthy heart, strong teeth and bones, etc.
- The changing tastes and preferences of the consumers, particularly in the developing regions, and the surging demand for protein-rich foods are some of the other factors stimulating the consumption of cheese worldwide.
- Intense competition in the global cheese market coupled with the availability of substitutes such as fruit jams and spreads made from vegetables, peanuts, mayonnaise, etc. can hamper the market growth.
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On a geographical front, the European Union represents the leading producer of cheese, accounting for nearly a half of the total global cheese production. The termination of the EU milk quotas and reviving dairy industry are driving the production of cheese in the region. Other major regions include North America, Latin America, Europe (excluding European Union), Oceania and Asia.
The global cheese industry is highly fragmented in nature due to the presence of numerous global and regional players. However, various mergers and acquisitions over the past few years have resulted in an increased concentration in the market. Some of the leading players operating in the market are:
- Kraft Heinz
- Dairy Farmers of America
- Arla Foods
- Savencia Fromage & Dairy (Bongrain SA)
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