According to the report, the demand for cheese is expected to grow at a CAGR of 7.3% in terms of revenue from 2013 to 2019, and the market, valued at US $72.45bn in 2012, is expected to reach US $118.44bn by 2019.
The global cheese market witnessed growth in recent years due to the growing fast food industry. In addition, high nutritional value is another factor contributing towards market growth.
The perishable nature of cheese and stringent government regulations are the major growth barriers to the market. However, product innovation provides huge opportunities for market players.
In 2012, the global cheese market by product type was dominated by Italian cheese, which accounted for 40.5% of the overall share, followed by other types of cheese that accounted for 27.7% of the market share, respectively.
Soft cheese, which contains a considerable quantity of vitamin D and calcium, is expected to grow at a CAGR of 7.2% from 2013 to 2019.
Fresh cheese is expected to grow at a rate of 7.0% from 2013 to 2019.
Europe dominated the global cheese market and accounted for over 38.8% of the global demand in 2012, followed by North America which accounted for 32.7% share for the same year. However, Asia Pacific is expected to be the fastest growing market, with an estimated CAGR of 7.9% from 2013 to 2019. Economies such as Japan, India and China are expected to be the major contributors to this growth. Increasing consumer preference towards cheesy cuisine, rising disposable income and population are the major factors contributing to the growth of cheese in these regions.
At regional level, the US is the largest market, followed by France. The US market is expected to grow at a CAGR of 7.5% from 2013 to 2019. Increasing snacking habits of consumers and a rise in more ‘cheesy ethnic cuisines’ such as Mexican and Italian are the major factors contributing to the market growth in this region. Economies such as Brazil, Italy and Argentina offer huge market opportunities.
There are many brands available in the market. However, very few have a significant market share. The rest of the market is occupied by various small and private players. Some of the major players of the market are Groupe Danone, Kraft Foods, Saputo and Arla Foods.
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