Published on : Aug 02, 2016
As consumers are tilting towards fast foods and binge eating habits, the demand for cheese is also increasing rapidly. The global cheese market is likely to witness a surge due to change in eating patterns and eating out as a result of the increasing household budget. The demand for cheese in emerging economies such as China, India, and Brazil, is also another significant factor for the growth of the global cheese market. Preference for healthy is a factor that manufacturers of cheese are focusing upon to cater the needs of consumers for a healthy and tasty diet.
Emerging Economies to Provide Growth Opportunities to Cheese Manufacturers
Emerging economies are expected to witness a rapid increase in the consumption of cheese owing to the urbanization, change in lifestyle and food preferences, and increasing number of food chains. The increase in fast food chains in countries such as China, and India is likely to increase the demand for cheese as it is one of the major ingredients used in fast food. The changing food habits of consumers and frequent eating outs is also likely to result in the growth of the global chees market. Consumers have increased their food budget with extra additions for side products. Manufacturers of cheese are looking forward to capitalize these opportunities by expanding their distribution through various retail channels including supermarkets and hypermarkets.
Growing Health Concerns to Impede Demand for Cheese
With changing lifestyle and exhausting schedule, consumers are becoming more selective about their diet. The lack of time for exercise is forcing consumers to shift their focus towards healthy diet. Increasing awareness regarding the fat intake with cheese is a major reason that will slow down the sales of cheese in the upcoming years. The short shell life is another reason that is likely to hamper the growth of the global cheese market.
Increasing attractiveness of cheese among adults and kids is anticipated to boost the demand for cheese in the upcoming years. The developing countries are likely to be the most popular market for cheese lovers.
Some of the leading companies in the global cheese market are Royal Frieslandcampina N.V., Bongrain SA, Fromageries Bel S.A., EMMI, Mondelez International Group, and Fonterra Co-Operative Group Ltd.
The global cheese market is projected to grow at modest CAGR of 4.40% between 2013 and 2019 with a market worth of US$105.13 bn in 2019 rising from a value US$79.57 bn in 2012.