The latest report by IMARC Group, titled “Cheese Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global cheese market has grown at a CAGR of 2% during 2009-2016, reaching a volume of around 19 Million Tons in 2016. Cheese is a food derived from milk that is produced in a wide range of flavours, textures, and forms by coagulation of the milk protein, casein. Cheese is made chiefly from four basic ingredients namely, milk, salt, lactic acid bacteria and rennet. It is a highly nutritious and appetizing food product, rich in protein, essential minerals, fat and calcium, and offers certain health benefits if consumed in moderate quantity, such as stronger teeth and bones, healthy heart, prevention of osteoporosis, etc. Other than these qualities, cheese is valued for its portability and long life. Cheese is a vital and part of a wide range of fast foods and also a key ingredient for daily meals in some of the western regions.
Highlights of the global cheese market:
- Increasing popularity of cheese remains the key growth inducing factor.
- The European Union is the largest producer of cheese.
- The global cheese market is expected to reach a volume of 26.2 Million Tons by 2022.
The fast food industry, which represents one of the largest consumers of cheese, is surging on account of urbanization and rising disposable incomes. This in turn has resulted in the increased consumption of cheese. Abundant availability of milk in the global market is another factor boosting the growth of the cheese market. Apart from this, a diverse product range which caters to the taste and preferences of a large number of consumers has further stimulated the market. Some of the other factors facilitating the market growth include changing food habits, increasing product awareness, expansion of the organized retail sector and rising population. Despite of numerous driving forces, the market is restrained due to factors such as rising health concerns, intense competition in the market and the perishable nature of cheese. Owing to the aforementioned factors, the market is expected to reach a volume of 26 Million Tons by 2022.
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The market has been segmented on a regional basis, including the European Union, Latin America, Asia, Eastern Europe, North America and Oceania. Amongst these, the European Union represents the largest producer of cheese, accounting for almost half of the total global production. On analysing the competitive landscape, it if found that Lactalis Group, Fonterra, FrieslandCampina, Dairy Farmers of America, Arla Foods, Bongrain SA, Land O’Lakes, Hilmar Cheese Company and MolkereiAmmerland are the major players operating in the market.
The report has examined the global cheese market on the basis of:
- European Union
- Latin America
- Eastern Europe
- North America
- Lactalis Group
- Dairy Farmers of America
- Arla Foods
- Bongrain SA
- Land O’Lakes
- Hilmar Cheese Company
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