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
Northbrook, IL 60062 — (SBWIRE) — 07/01/2022 — The global cheese market was estimated to be valued at USD 88.7 billion in 2021. It 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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Versatile Application of Cheddar Cheese to Drive its Market Growth
Cheddar is one of the many varieties of cheese, which is off-white and has a sharp taste with a relatively hard texture than any other variety. This category of cheese is most popular in European countries. Cheddar cheese was originated in a small town called Cheddar in the Somerset region, which is in southwest England. This type of cheese is made through a process typically called cheddaring, in which curd and whey are separated using rennet enzymes. Many multinational dairy cooperatives and companies now tend to add different flavors to cheddar by adding paprika, herbs, oregano, among others.
Cheddar cheese finds application across a multitude of industries, including bakery (melted, grated, shredded), soups, sauces, & dips, ready meals, snacks & cereals, and other food applications.
Growing Fast-Food Industry Promotes the Application of Cheese Powder in Sweet & Savory Snacks
Cheese powder is widely used in sweet & savory snacks to induce the cheesy flavor in them and provide a richer mouthfeel. In the savory snacks and sweets segment, cheese powder is majorly used in Mozzarella sticks, Nachos, popcorn, puffed snacks, and chips. The most popular brands that have cheese powder snacks are Cheetos, Burritos, McCain, and Venkys. Cheese powder offers better functionality and taste over other flavors and better convenience for use in a range of snack products. Consumers are now more inclined toward fast food and on-the-go products hence, led to an increase in the demand for snacks and fast foods, which has led the companies to think innovatively and proactively while making snacks products.
Demand for Cheese-Based on-the-Go Food Products to Drive the Ready Meals Market
Cheese powder is used in ready meals to add a specific cheese flavor to the meal or enhance the existing flavor in it. Application flexibility, flavor management, ambient storage, easy handling, and extended shelf-life are some of the key benefits associated with the use of cheese powders in ready meals.
Sauces, dressings, dips, and condiments are estimated to dominate the cheese market, with a value of USD 141.2 million in 2021; it is projected to reach USD 190.0 million by 2026, at a CAGR of 6.1% during the forecast period.
Cheese powder imparts an enhanced cheese flavor to sauces, dressings, dips, and condiments. This can be done with the use of a single flavor cheese or a mix of more than one cheese flavors. The use of cheese powder also offers better taste, convenience, and functionality in recipes where high-temperature cooking is required. Sauces made using cheese powder are widely consumed with pasta, vegetables, pizza, and casseroles. They are also used as dressings on salads, vegetables, fish, and other meat products. Dips and condiments made from cheese powder are normally consumed with vegetables, wings, and fried snacks.
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Key players in this market include Arla Foods (UK), Fonterra (New Zealand), Glanbia (Ireland), The Kraft Heinz Company (US), Saputo (Canada), BEL Group (France), and FrieslandCampina (Netherlands).
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