Global Cheese Market - Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 06/19/2015 -- A new report on the global cheese market anticipates Asia Pacific to be the fastest growing region in the market over the next five years. The global market for cheese will hit US $118.44 billion by 2019, estimates market intelligence firm Transparency Market Research. The report states that between 2013 and 2019, global demand for cheese will grow at a 7.3% CAGR in terms of revenue. The market was valued at US $72.45 billion in 2012.
Much of the growth in this market can be attributed to a proliferation of the fast food culture in recent years. It is also driven by the high nutritional value of cheese. This market, however, is still challenged by the perishable nature of the dairy product. Stringent government regulations on the production, transportation, and storage of cheese are other barriers to market growth. Despite these barriers, market players can tap lucrative opportunities in product innovation.
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Global cheese market by type
As of 2012, Italian cheese led the global cheese market by product type at 40.5% of the total market share. Italian cheese was followed by other cheese types with a 27.7% share. Between 2013 and 2019, soft cheese—a rich source of calcium and vitamin D—is projected to grow at a 7.2% CAGR. Not very far behind soft cheese is fresh cheese that is expected to witness a 7.0% CAGR between 2013 and 2019. The market, by type, can be broadly divided into processed cheese and unprocessed cheese.
Market by geography
Cheese is a staple in the European food culture, and in 2012, this region dominated the global market for cheese by accounting for over 38.8% of the global demand. North America constituted 32.7% of the global demand for cheese. However, over the next five years, the Asia Pacific market will show the fastest growth in demand, notching a CAGR of 7.9% between 2013 and 2019.
A sizeable chunk of the demand in Asia Pacific will come from China, India, and Japan. These regions are already witnessing a heightened awareness about world cheeses and consumers here are showing a growing preference for cheese-based cuisine. This region is home to some of the most densely populated countries in the world, making it a massive market. Moreover, the disposable income of consumers here is escalating, allowing them to splurge on fast food and artisan and exotic varieties of cheese alike. All these factors will collectively translate into a growing demand for cheese.
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Regional markets for cheese
At the regional level, the biggest market for cheese is that of the United States, which is closely followed by France. Between 2013 and 2019, the US market is projected to register a 7.5% CAGR – this rise can be attributed to widespread snacking habits among consumers here. Additionally, cheese-based ethnic cuisines such as Italian and Mexican are becoming immensely popular here, ultimately effecting growth in the cheese market.
New and existing players in the global cheese market can harness the high growth potential offered by countries such as Italy, Argentina, and Brazil.
Market players in the world cheese market
Currently, the cheese industry has numerous brands, but only a handful among these have a notable market share. For the most part, this market is constituted of small, private players. The large entities in the global cheese market are: Kraft Foods, Groupe Danone, Saputo, and Arla Foods.
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About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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