Cheese Market - Industry Outlook
Albany, NY -- (SBWIRE) -- 04/05/2019 -- The global cheese market is estimated to rise from US$79.57 bn in 2012 to US$105.13 bn by 2019, exhibiting a 4.40% CAGR from 2013 to 2019, says the report. In the last few years, cheese has gained immense popularity, thanks to its nutritional value. Currently, cheese is accepted and consumed as a chief ingredient in cooking. The variations in the texture and taste of cheese, along with its aging and processing techniques, have resulted in a huge variety of high-quality cheeses sold around the world.
The tremendous rise in the fast food industry worldwide, rapid urbanization, changing lifestyles, and increasing disposable income resulting in a rise in the number of people eating outside are some of the major factors that are expected to fuel the growth of the global cheese market throughout the forecast period. Moreover, the growing popularity of cheese among adults as well as kids in developing countries is considered as the biggest opportunity for players operating in the market. In addition, the growing number of distribution channels is projected to boost sales in the global cheese market.
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Unprocessed Cheese Witnesses Higher Demand on Account of Taste and Texture
The international cheese market can be segmented into processed and unprocessed, on the basis of product type. The demand for processed cheese is rising in developing economies, such as India and China, on account of changing lifestyle and the tendency to eat more frequently. Being recently introduced to cheese and its variations, unprocessed cheese and its flavor is not expected to find favor in these geographies. In terms of market share, unprocessed cheese segment is predicted to rise at a slower pace. However, cheese has been in use in developed regions for a longer duration, and the taste and texture of unprocessed cheese is gaining popularity over its processed counterpart. Developed countries such as the U.S., UK, Germany and Canada are projected to foresee a higher demand in unprocessed cheese.
On the basis of distribution channels, the cheese market is segmented as convenience stores, hyper/supermarkets, and grocery stores. Among these, the hyper/supermarket segment is foretold to hold the dominant market share, on account of developing countries aiding to their growth. The rising disposable incomes makes it possible for the hypermarket/supermarket segment to hold a substantial market share.
On the flip side, rising health concerns due to an unhealthy diet, short shelf life of the product, and unstable economic conditions across the globe are estimated to hamper the growth of the global cheese market in the coming years.
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By geography, the global cheese market has been classified into North America, Europe, Asia Pacific, and Rest of the World. Among these regions, in 2012, Europe dominated with a 38.8% share in the global cheese market. North America held the second position, holding a 32.7% share in the global cheese market. On the other hand, the Asia Pacific market for cheese is projected to exhibit a 7.90% CAGR between 2013 and 2019. Japan, China, and India are estimated to contribute substantially towards the growth of the market throughout the forecast period.