Global Cheese Powder Market to Rise at 13.7% CAGR from 2017 to 2022, Led by Cheddar Cheese
Albany, NY -- (SBWIRE) -- 08/23/2018 -- A report by Transparency Market Research on the global market for cheese powder projects it to grow at an impressive 13.7% CAGR between 2017 and 2022. Expanding at this pace, the market is expected to clock a value of US$677 mn by 2022 from US$355.9 mn in 2017.
Among the different types of products available in the global market for cheese powder, the cheddar cheese powder is witnessing comparatively greater demand. Going forward too, the product segment is predicted to see higher sales on the back of widespread demand for convenience food. Geographically, North America is a leading region that is generating substantial revenues in the global market for cheese powder. This is because of the busy lifestyles and increasing spending capacity of people in the region which is egging them to adopt convenience foods such a ready-to-eat food, junk food, and ready-to-cook food. The North America market is expected to rise at a 12.70% CAGR between 2017 and 2022.
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Range of Applications of Cheese Powder Boosts Revenues
A range of applications of cheese powder is also helping in revenue growth. For example, cheese powder finds usage in bakery and confectionary products, sweet and savory snacks, sauces, ready meals, dips, ready meals, and condiments. Among them, sauces, dips, dressings, and condiments are seeing solid demand at present. The major driver of the global market for cheese powder is the burgeoning food and beverage industry.
Being a Staple Food Item, Cheese Powder Market Would Remain on Continued Growth Path
The global market for cheese powder is predicted to see good growth owing to cheese being a staple food item in most western countries. Explains the lead analyst of the TMR report, "A range of seasonings prepared from it are used in the form of powder to add flavors to recipes. And with the increasing preference for a variety of dishes worldwide, the demand for cheese powder is expected to soar."
Another factor positively influencing the global market for cheese powder is the greater shelf life of the product. This is a result of the method of preparation, which entails dehydrating real cheese. This also makes them highly flavorful and imparts to them a smooth texture. All such characteristics makes cheese powder ideal for dips and sauces or for seasoning veggies and popcorns.
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In order to boost revenue growth, savvy players in the global cheese powder market are seen trying to expand their geographical footprints. To do so, they are forming partnerships and collaborations with local companies and distributors. Overall, the market is characterized by stiff competition because of the presence of several manufacturers. This in turn is because of the low entry barriers in the market.
Thornico, Land O'Lakes, Bluegrass Dairy & Food, Dairy Farmers of America, Kraft Heinz, Archer-Daniels-Midland, Aarkay Food Products, Kerry, All American Foods, and Kanegrade are some of the players that have managed to gain a prominent position in the overcrowded market for cheese powder.