Cheese Market: Current Analysis and Forecast (2021-2027)

Cheese Market: Current Analysis and Forecast (2021-2027)

Cheese Market is expected to grow at a CAGR of around 4% over the forecast period (2021-2027).

The global cheese market is witnessing an uptick on account of the rise in the disposable income, surging number of cafe and restaurants and the rising consumption of junk food. In 2020, the number of pizza restaurants established was 78,092 in the United States alone. Even after the year-on-year fluctuations, the number of pizza restaurants was increased by roughly 6,000 units over the past 9 years. Moreover, as per Agriculture marketing resource center, total U.S. cheese production in 2020 was 13.25 billion pounds, up 2% from 2016 Moreover, per person cheese consumption win U.S was 40.2 pounds in 2020, 2% increase from 2016.

Moreover, emerging hotels chains due to emerging number of international tourists is also leading to the growing demand for the cheese, As per a report by IHG, the global hotel industry is a $525bn industry, made up of 18 million rooms in 2018. 54% of rooms are affiliated with a global or regional chain (‘branded’), up from 50% in 2012.Moreover, the number of international tourists increased from 1.966 billion in 2015 to 2.28 billion in 2019.

Insights Presented in the Report

“Amongst Product, Mozzarella segment dominated the market in 2020”

Based on product, Cheese Market is classified into Mozzarella, Cheddar, Feta, Parmesan, Roquefort, and others. By product, the Cheddar segment generated the highest revenue, in 2020, owing to its harder texture, creamier and sharp taste, and longer shelf life. In addition, the price of cheddar cheese is low as compared to that of other cheese like mozzarella, which make cheddar cheese affordable. Also, cheddar cheese is available in single slices wrapped in plastic, cheese spray, cheese spread, squeeze tube, and various other packaging options, which have opened a lot of opportunities for the market growth.

“Amongst Distribution Channels, Business to business segment dominated the market in 2020.”

Based on distribution channel, the Cheese market is segmented into hypermarket/supermarket, specialty stores, business to business and others. By distribution channel, the business-to-business segment generated the highest revenue, in 2020, owing to the surge in demand for QSR and online food delivery, which is propelling cheese market demand

“Amongst Sources, Cow Milk holds significant market share in 2020.”

Based on sources, the Cheese market is segmented into Cow Milk, Goat Milk, Sheep Milk and Buffalo Milk. The cow milk segment accounted for the highest revenue, in 2020. This is attributed to the presence of protein and fat in the milk which gives flavor and texture to the cheese. Furthermore, before the cheese making process starts, the cow’s milk is pasteurized by heating the milk to a precise temperature and then rapidly cooling it. Heating milk kills the harmful bacteria present in the milk.

“Amongst End-User, Fast-Food Chain segment holds significant market share in 2020.”

Based on End-User, the Cheese market is segmented into Fast-food chains, regular customers, and food processing companies. The fast-food chain segment grabbed the major market share and dominated the market. A growing demand for the fast-food among millenniums coupled with the launch of food items loaded with cheese is leading to the growing share of this segment. Pizza hut fast food chain is the largest buyer of cheese globally and accounts for 3% of U.S. cheese production. The company uses around 300 million pounds of cheese annually.

“Europe represents as the largest market in the Global Cheese Market”

European Union is the world market leader in the production of cheese in 2020. In 2020, the 27 countries that make up the European Union produced 10.35 million metric tons of cheese. In 2019, Germany was the number one exporter of cheese. The Netherlands, France, and Italy are all world renowned for their cheese production and were also some of the top exporters of cheese in that year. Moreover, the average American consumed 40 pounds of cheese in 2019, up from 35 pounds in 2010

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