Cheese Market : Extensive Product Application and Growing Opportunities in the Food Industry
The global cheese market is envisaged to witness a sizable rise, due to its popularity on account of its nutritive value, taste, and various gourmet applications. Cheese, due to its texture and aging properties, is witnessing rising demand across the world. On account of factors such as the increased consumption of processed food, the trend of eating out, urbanization, and the rising disposable incomes, the worldwide cheese industry is set to witness considerable growth. Being used in cooking on a wide basis, cheese is expected to be used even more frequently due to the increased number of fast food consumption and changes in eating patterns all over the world.
The various distribution channels are expected to provide an impetus to the cheese industry, due to the growing popularity of online grocery shopping and purchasing through supermarkets instead of local vendors. The increasing middle and high classes in the society, along with greater purchasing power, and desire to spend lavishly by eating out, are some factors that are expected to shape the market opportunities. Market participants are expected to utilize these trends to their benefits and make their presence felt in the market.
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The worldwide cheese market is predicted to reach an estimated value of US$105.13 bn by the year 2019, the end of the forecast period, and is expected to exhibit a vigorous CAGR.
Unprocessed Cheese Witnesses Higher Demand on Account of Taste and Texture
The international cheese market can be segmented into processed and unprocessed, on the basis of product type. The demand for processed cheese is rising in developing economies, such as India and China, on account of changing lifestyle and the tendency to eat more frequently. Being recently introduced to cheese and its variations, unprocessed cheese and its flavor is not expected to find favor in these geographies. In terms of market share, unprocessed cheese segment is predicted to rise at a slower pace. However, cheese has been in use in developed regions for a longer duration, and the taste and texture of unprocessed cheese is gaining popularity over its processed counterpart. Developed countries such as the U.S., UK, Germany and Canada are projected to foresee a higher demand in unprocessed cheese.
On the basis of distribution channels, the cheese market is segmented as convenience stores, hyper/supermarkets, and grocery stores. Among these, the hyper/supermarket segment is foretold to hold the dominant market share, on account of developing countries aiding to their growth. The rising disposable incomes makes it possible for the hypermarket/supermarket segment to hold a substantial market share.
On account of the changing food trends all over the world, and the rising number of people eating out of necessity or fashion, the global cheese market is prognosticated to rise steadily. With cheese being consumed on a regular basis in countries like the U.S., UK, Canada, Germany, where its demand will rarely reduce, it is also expected witness requirements in developing parts of the world as well. Advances in food and beverages industry, consumption of processed food, and busy lifestyles are expected to be the key factors contributing to market growth. The industry is anticipated to be hindered due to health concerns and cheese being perishable. However, the market is predicted to overcome these shortcomings on account of the high demand and other driving factors mentioned here.
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Europe to Lead Cheese Market on Account of Regular Consumption
On the basis of geography, the international cheese market may be divided into Asia Pacific, Europe, North America, and Rest of the World. Among these, Europe, on account to inclusion of cheese in regular diet, holds maximum share of the market. Heavy reliance on the fast food restaurants and quick-service, hustling lifestyle, and popularity of its taste are projected to be the forces behind achieving top market position. European countries are also known to export cheese to different regions, along with producing it.
Developing regions of Asia Pacific are expected to showcase exponential rise in the cheese market. It is predicted to be the on the fastest growing regions in terms of market revenue. The region is foretold to witness high demand for process cheese on account of developing countries such as Japan, India and China.