The global cheese market was valued at USD 187.42 billion in 2023 and is expected to grow from USD 191.94 billion in 2024 to USD 287.12 billion by 2032, with a compound annual growth rate (CAGR) of 4.61% during the forecast period.
Europe led the cheese market with a dominant market share of 49.13% in 2023. The U.S. cheese industry is also expected to grow significantly, with an estimated market value of USD 62.66 billion by 2032, driven by the widespread use of cheese in popular fast food items such as pizza, sandwiches, and other similar products.
The rise in cheese consumption is attributed to its versatility and the availability of a wide variety of cheese options. Additionally, the increasing acceptance of ethnic cuisines, such as Italian and Mexican, which use cheese as a key ingredient, further contributes to the growth of the global cheese market.
Information Source: https://www.fortunebusinessinsights.com/cheese-market-104293
List of Key Players Mentioned in the Report:
- The Kraft Heinz Company (U.S.)
- Fonterra Co-operative Group Limited (New Zealand)
- Arla Foods amba (Arla Foods Group) (Germany)
- FrieslandCampina (Netherlands)
- Saputo Inc. (Canada)
- Lactalis Ingredients (France)
- Wensleydale Creamery (U.K.)
- Dairy Farmers of America, Inc. (U.S.)
- SAVENCIA SA (France)
- Norseland Ltd (Tine Group) (U.K.)
Market Segmentation:
Longer Shelf Life and Increased Demand for Natural Cheese to Propel Market Growth
The market is categorized into processed and natural cheese types. Artisan producers emphasize texture and the use of natural flavorings like herbs, fruits, spices, and nuts, leading to a surge in demand for natural cheese. In contrast, processed cheese remains highly popular in developing regions such as South America, Asia Pacific, and the Middle East & Africa.
Dominance of Animal-based Cheese in Market Share
The market is divided into plant-based and animal-based sources. The plant-based segment includes varieties like cashew, soy, almond, and others, while the animal-based segment covers cattle, camel, sheep, and goat sources. The animal-based segment is expected to drive market growth due to attractive packaging and longer shelf life. However, the plant-based segment is also set to grow due to the increasing availability of diverse varieties.
Mozzarella's Popularity to Boost Market Sales
The market is further segmented by product type, which includes feta, cheddar, parmesan, mozzarella, and others. Mozzarella is expected to dominate due to its widespread use in pizza, pasta, risotto, and enchiladas, making it the leading cheese product by market share.
Block Cheese's Growth Driven by Versatility and Nutrition
The market is categorized by form into spreadable, block, and other types. Block cheese, which requires longer ripening periods and offers higher nutritional content, is expected to hold a significant share of the market. It is available in hard and soft varieties. Spreadable cheese is also gaining popularity for its convenience in applications such as sandwiches and snacks.
Distribution Channels to Drive Market Expansion
The market is divided by distribution channels into specialty stores, online retail, supermarkets/hypermarkets, and convenience stores. Supermarkets/hypermarkets lead in market share, offering consumers a wide variety of products and often including free samples, which helps attract customers.
Regional Analysis:
The market is analyzed across Europe, North America, Asia Pacific, South America, and the Middle East & Africa, with varying growth drivers and consumer trends in each region.
Report Coverage:
This report provides:
- Analysis of key growth drivers, restraints, opportunities, and potential challenges in the market.
- Insights into regional market developments.
- A list of major industry players.
- Key strategies employed by market leaders.
- Latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Drivers and Restraints:
Rising Demand for Plant-based Cheese
Plant-based cheese, made from ingredients such as cashews, soy, and almonds, is seeing significant growth due to the increasing popularity of veganism and plant-based diets. As more plant-based products enter the market, they are expected to drive the overall growth of the cheese market.
Health Risks from Casein to Limit Growth
Health concerns related to casein, a protein found in cheese, such as acne, headaches, and inflammation, are anticipated to hinder market growth. Consumers with casein allergies or sensitivities may opt for plant-based alternatives.
Regional Insights:
Growing Investments and Partnerships in Europe
In Europe, the cheese market benefits from a growing consumer preference for healthy, organic, and non-GMO products. These traits contribute to the region's market expansion. The demand for nutritious foods is expected to further boost the cheese industry.
North America’s Demand for Convenience Foods
In North America, the market is driven by the rising demand for nutritious convenience foods, especially among millennials, whose evolving snack and dessert consumption habits are shaping market trends.
Competitive Landscape:
New Product Launches to Enhance Market Competitiveness
Key players in the cheese industry are increasingly focusing on product innovation and new launches to stay competitive. This strategy helps companies expand their reach and cater to changing consumer preferences through diverse product offerings.
Key Industry Development:
- September 2021: Lactalis Canada launched two direct-to-consumer platforms, DairyMarketCulinary.ca and Cheeseworld.ca, expanding their presence in the cheese and dairy markets.
