According to MarketsandMarkets™, the "Cheese Market by Product Type (Cheddar, Mozzarella, Parmesan, American Cheese, and Blue Cheese), Type (Cheese Product and Cheese Powder), Source (Animal and Plant), Nature, Distribution Channel, Application, and by Region - Global Forecast to 2026", is estimated to be valued at USD 88.7 billion in 2021 and is projected to reach USD 105.9 billion by 2026, recording a CAGR of 3.6% during the forecast period. The cheese market is highly impacted by the increasing size of the convenience & fast-food industry and innovative offerings by cheese manufacturers. The growth rate of the fast-food industry is significant owing to the changing lifestyles of people around the globe.
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The rising influence of western cuisines, inflating disposable incomes, and introduction of a number of flavored cheese products, including pepper, garlic, red chili flakes, and oregano pickle, drives the cheese market. Although cheese is a staple in Western countries such as Europe and the US, its versatility enables it to cater to the different tastes and preferences of consumers globally.
Market Dynamics
Drivers: Rising influence of western cuisines across the world
The rising influence of western cuisines, inflating disposable incomes, and introduction of a number of flavored cheese products, including pepper, garlic, red chili flakes, and oregano pickle, drives the cheese market. Although cheese is a staple in Western countries such as Europe and the US, its versatility enables it to cater to the different tastes and preferences of consumers globally.
The cuisines of Western countries are diverse, although there are common characteristics that distinguish them from those of other regions. There are hundreds of varieties of cheese and other fermented milk products used in Western cuisines. The effects of rapid westernization have led to the rising demand for cheese in countries other than Europe and the US. A sharp increase in consumer demand for packaged meals containing cheese and rising demand from the food processing industry are also propelling the market. In Asian countries, imports contributed more than 40% of overall cheese consumed in 2020. The rising demand in Asian countries, driven by rapid urbanization will drive the growth of Asian cheese market.
Restraints: Rising concern over the adverse health effects of cheese consumption
The rising consumer awareness about the ill-health effects of cheese poses a great restrain to the growth of the global cheese market. Obesity, high cholesterol levels, and heart diseases are the major conditions associated with the consumption of processed cheese. Furthermore, studies suggest that the consumption of cheddar cheese may pose an increased risk of breast cancer by increasing the production of galactose from lactose. The ripening process of cheese includes the production of a toxic alkaloid and toxic amines that bring changes to the nervous system, thereby resulting in high blood pressure, headaches, palpitations, and migraines. Rennet, preservatives, emulsifiers, and other chemical agents used in the production process of cheese can have ill effects on the body. Dairy products— especially cheese, are a major source of saturated fat in the average American diet. Saturated fats tend to raise harmful LDL cholesterol, which can boost heart disease risk.
Published in the August 2016 American Journal of Clinical Nutrition, a study looked at more than 220,000 women and men in the Health Professionals Follow-Up Study, the Nurses' Health Study, and the Nurses' Health Study II, all of which explore the role of risk factors (especially diet and lifestyle) in major chronic diseases. The participants filled out food questionnaires every four years for up to 26 years. The dairy products they tracked included skim and low-fat milk, whole milk, cream, ice cream, yogurt, cottage and ricotta cheeses, cream cheese, and other cheese.
In the US, certain kinds of cheese have resulted in outbreaks of food-borne gastroenteritis, food sensitivities, lactose intolerance, allergies, and high-calorie content. As per a February 2022 MDPi journal, a daily amount of 50 g of cheese (a standard serving of hard and semi-hard types) was associated with a statistically significant 10% to 14% of higher risk of Coronary Heart Disease (CHD). Consumers have now become aware of the association of these diseases with cheese. This factor is posing as a restrain for various cheese manufacturers to overcome and meet the customer demand for healthy food.
Opportunities: Growth of the cheese market in emerging economies
Emerging economies such as the Asia Pacific and South America are expected to witness a stalwart rise in the demand for cheese. Cheese consumption per capita has risen rapidly in East Asia, driven by rising incomes, changes in food habits, and the spread of restaurant chains that use cheese as a key ingredient. The process of rapid urbanization in Asia, combined with the rise in household incomes and the increasing popularity of the Western lifestyle amongst the middle and high-income population, promote the cheese market. The increasing consumption of pizza and other European-style fast-foods appears as a fundamental consumer trend, particularly amongst young people. Thus, the cheese market in Asia is concentrated in large cities, where the average-high income segment of the population mainly lives. A sharp increase has been observed in consumer demand for packaged meals containing cheese. Moreover, tariff reductions and increased tariff-rate quotas have lowered cheese prices, boosting imports.
Challenges: Regulatory Influence
The stringent regulatory legislations regarding cheese are projected to be challenging for the growth of the cheese market. The demand for accurate labeling, listing the names of all the ingredients in the product, and specifying the details of the ingredients and their nutrient content is on the rise owing to the rising health concerns. Such information is especially important in the case of food products that contain various additives; for instance, cheese is prepared by adding various ingredients, such as whey, caseinate, and maltodextrin. Adhering to these labeling regulations may increase the cost of packaging and labeling, which, in turn, affects the price of the final products. This leads to low acceptance by consumers, which poses a challenge for the cheese market.
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Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, Glanbia (Ireland), Saputo (Canada), Arla Foods (UK), BEL Group (France), Fonterra (New Zealand), FrieslandCampina (Netherlands), Dalter Alimentari Spa (Italy), The Kraft Heinz Company (US), Amul (India), DMK Deutsches Milchkontor GmbH (Germany), and Meiji Holdings (Japan).