Global Sales of Processed Cheese Are Estimated To Exceed US$ 27.92 Billion By 2032

The processed cheese market reached a valuation of US$ 17.76 Billionin 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 4.2%CAGR, reaching US$ 27.92 Billion.Moreover, the online market for the buying of food items, including cheese, has grown rapidly in the previous 3-4 years as internet access has increased. This area has attracted a number of vertical experts, like as Amazon, Walmart, Carrefour, and others, who are riding the wave of e-commerce growth and vying for a piece of the online cheese pie.

The global fast-food business, often known as Quick Service Restaurants (QSRs), is seeing rapid growth. Cheese is in significant demand as a key ingredient in these industries’ numerous food products. As a result, big fast-food franchises such as Domino’s Pizza, Inc. (US), Pizza Hut of Yum! Brands (US), and Papa John’s International, Inc. are driving up cheese demand (US).  Changing lifestyles, such as an increased reliance on ready-made or ready-to-eat meals due to busier schedules and an increase in global demand for packaged goods, have spurred demand for fast food products, which has fueled demand for cheese.

According to market research and competitive intelligence provider Fact.MR, the Processed Cheese market experienced noteworthy growth, growing at a value CAGR of 2.1%from 2017 to 2021. The growing demand for cheese in pizzas, burgers, and other popular food products has given a thrust to market growth. Besides, cheese is also used across a range of domestic cooking applications. The easy availability of processed cheese has compelled the domestic cooking sector to be inclined to the product. Besides, the unprecedented demand for cheese in various Italian and Turkish cuisines has also given a push to market growth.

Key Takeaways from the Market Study

  • According to Fact.MR, a CAGR of 2.1% was recorded for the Processed Cheese market from 2017-2021
  • In FY 2021, the Processed Cheese market reached a valuation of US$ 17.76 Billion
  • The market is likely to register a Y-o-Y growth rate of 4.0% in 2022
  • By Cheese Type, the Cheddar Cheese Segment is expected to dominate the market, documenting an 4.1% value CAGR
  • As per Fact.MR’s projections, the market for Processed Cheese in the US will likely expand at an 4.1% CAGR
  • The UK Processed Cheese market is expected to expand at an 4.0% CAGR

“The major growing factor towards processed cheese market is the significant growth in the increasing food and beverage industry which has boosted demand for processed cheese. The prime factor driving the demand for processed cheese is the improving economic condition which has led to an increasing demand for artisanal cheeses and gourmet cheeses,” comments an analyst at Fact.MR.

Increased Demand for Nutritious Food Products to Accelerate the Market Growth

Cheese is one of the primary ingredients used for food products such as sandwiches, pizza, and similar products. In the U.S., the popularity of such food products led to increased sales of cheese products. As per data provided by The Food XP, the U.S. ranks second amongst the most pizza-consuming nations globally. Moreover, the various restaurants and food chains also introduced a wide selection of cheese-based snacks and food products in the market for cheese lovers.

Some cheese manufacturers undertake initiatives such as promotional campaigns, free trial opportunities, and discounts to entice customers to buy their products and increase sales of cheese products in the market. Launching special cheese products for festive occasions also boosts the sales of cheese products and leads to the market’s growth.

Competitive Landscape

Prominent players in the Processed Cheese Industry are taking advantage of the rapidly increasing demand for the Processed Cheese in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:

  • In August 2021, Dairy Farmers of America, Inc. introduced a new cheddar cheese curd flavor in the market, namely, green onion. This product helps the company to target squeaky cheese lovers in the market.
  • In October 2020, Fonterra has signed a sales and marketing agreement with Land O’Lakes, Inc., one of America’s leading daily cooperatives, to expand its U.S. Foodservice business. The agreement will allow Fonterra’s foodservice products to be distributed in the additional U.S. foodservice outlets.
  • In May 2020, St. Paul Group acquired the processed cheese, analogue cheese, grated cheese, and air-dried cheese activities of Givaudan/Vika. This acquisition would help the company to strengthen its position in the industry and offers a diverse range of cheese-based, analogue, and vegan food products for the global consumers in the food industry.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global Processed Cheese market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of cheese type (blue cheese, brick cheese, camembert cheese, cheddar cheese, cottage cheese, cream cheese, mozarella cheese, romano cheese, swiss cheese, and other processed cheese), form (cheese blocks, traingle, rectangle, circle, square, cheese slice, cheese spread, and cheese spray), milk source (cattle milk, goat milk, and sheep milk), end-use (retail / household, horeca, f&b processors, snacks manufacturers, bakery and confectionery product manufacturers, sauces and condiment manufacturers, ready meal manufacturers, packaged food manufacturers, and other f&b processors), distribution (direct sales (b2b), hypermarkets and supermarkets, club stores, discounters, grocery retailers, convenience stores, and online stores), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa). 

These insights are based on a report on Processed Cheese Market by Fact.MR.

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