The demand for cheese powder has been skyrocketing in the past few years due to its rising demand in wide range of food products.
Albany, NY -- (SBWIRE) -- 03/10/2017 -- Global Cheese Powder Market: Snapshot
The demand for cheese powder has been skyrocketing in the past few years due to its rising demand in wide range of food products. Made with cheese, it has a longer shelf life and a high nutritional value. Today, cheese powder is used for the purpose of adding flavors to instant food items, seasoning food, and adding it to baked food items. All of these factors are expected to propel the market at a CAGR of 7.3% between the forecast years of 2016 and 2024. The report indicates that the global market will reach a valuation of US$481.0 mn by the end of 2024 from US$256.1 in 2015.
Changing Lifestyles Propel Sales of Cheese Powder
The soaring sales of various types of cheese powders can be attributed to the changing lifestyles that are characterized by the lack of time to cook complete and nutritional meals. Fast-paced and hectic lifestyles have left little room for focusing on daily nutrition intake. This factor alone has played a crucial role in defining the success of the global cheese powder market as several consumers are opting for readymade meals, which contain cheese powder. A significant rise in the number of working women has also been a vital component in propelling the growth of the global cheese powder market. Changing lifestyles, rising per capita incomes, and shifting dietary habits are also expected to drive the global cheese powder market throughout the forecast period.
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Cheese powder infused products, when consumed in large amounts, have adverse effects on the human health. Excessive consumption of cheese powder leads to obesity, heart disorders, and high cholesterol levels amongst other things. The growing awareness among consumers about the negative effects associated with the same is expected to restrain market's growth. Despite the challenges, the global cheese powder market does have the opportunity to grow phenomenally in the coming years with intensive product innovation and steadfast marketing strategies.
In terms of products, the global cheese powder market is segmented into parmesan cheese powder, cheddar cheese powder, mozzarella cheese powder, blue cheese powder, and others. The others segment mainly includes American cheese powder, and Gouda cheese powder. On the basis of type, cheddar cheese powder accounted for the largest market share, followed by mozzarella. The demand for cheddar is expected to remain high due to the growing demand for convenience food items. By application, the cheese powder market is segmented into sauces and dips, sweet and savory snacks, bakery, confectionery, ready to eat meals, and other applications. Sauces and dips have the largest share in the cheese powder market in terms of revenue, followed by sweet and savory snacks.
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North America to Lead Global Market as Consumers Indulge in Ready-to-Eat Meals
On the basis of geography, the global cheese powder market is categorized into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The report states that North America and Europe will dominate the global as the dependency of consumers on convenience food items continues to remain high. The majority of ready-to-eat meals use cheddar cheese powder. The Asia Pacific cheese powder market will be bolstered by a relatively high percentage of the population consuming products having cheese powder as one of the key ingredients.
The key players operating in the global cheese powder market are Lactosan A/S, Land O' Lakes, Kerry Group, Aarakay food Products Ltd., Kanegrade Ltd., Archer Daniels Midland Company, All American Foods, Inc., Bluegrass Dairy and Food, Inc., DairiConcepts, L.P., and Krafts Food Group. Most of these companies are focusing on product innovation to gain a competitive edge over other players in the forecast period.
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