The cheese ingredients market is estimated to be valued at USD 87.08 Billion in 2017, and is projected to reach USD 102.14 Billion by 2022, at a CAGR of 3.24% from 2017. The growth of the global market is proportionally dependent upon the growth of the cheese industry. The market is driven by increase in demand for cheese as a key ingredient in the fast food industry. Furthermore, factors such as rapid growth in the fast food industry are expected to increase the demand for cheese, subsequently increasing the demand for cheese ingredients. However, there are several restrictions on the levels of contents and their usage in the cheese making process imposed by various regulatory bodies, which act as a restraint for the market growth. Additionally, consumer shift toward the consumption of vegan food products is also expected to affect the market growth.
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Growth of the Cheese industry
Global cheese production is rising significantly, owing to growing demand for dairy products in emerging economies such as India and China, and increasing preference for natural cheese in developed nations. The industry offers a wide range of cheese in terms of texture, flavor, and taste, and these characteristics of cheese are largely dependent on the raw material used for its manufacturing.
Cheese is used as an integral constituent in fast-food and fine dining restaurants. According to the US Dairy Export Council (USDEC), the global cheese production stood at 20.4 million tons in 2010, which rose to 23 million tons by 2015, depicting a CAGR of 2.43% between 2011 and 2015. The increasing demand for cheese from the developing nations is expected to create significant export opportunities for the developed nations such as the US. According to USDEC, the global cheese demand is expected to rise in developing nations, which will drive the cheese trade by an additional 100,000 tons, annually, by 2021. The US and Europe Union (EU) are the world’s largest producers and exporters of cheese, with the EU representing approximately 72% of the global exports. The lifting of quota limits on the production of milk in the EU will lead to an increase in the production of cheese by 660,000 metric tons by 2020, as stated by USDEC. The following infographic provides statistical insights into the US cheese production scenario, with a forecast to 2020.
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Asia Pacific is estimated to be the most lucrative market for cheese ingredients
In 2017, Asia Pacific is estimated to hold a significant share in the global cheese ingredients market, and is also projected to grow at the highest CAGR during the forecast period. Rapid urbanization in countries such as India, China, Japan, and South Korea, upcoming food joints, and increase in the number of baking & dairy industries are the main factors contributing to the dominance and fast growth of the Asia Pacific region in the global cheese ingredients market. Australia & New Zealand dominated the Asia Pacific region, due to the high consumption of cheese ingredients baking and fat food industries. India is estimated to grow with the fastest CAGR in Asia Pacific region due to increasing urban population in the country.
This report includes a study of the product offerings and competitive benchmarking of leading companies. It includes the profiles of leading companies such as Chr. Hansen Holding (Denmark), Fonterra (New Zealand), DuPont (US), DSM (The Netherlands), ADM (US), Arla Foods (Denmark), Dairy Farmers of America (US), Saputo Inc. (Canada), Almarai (Saudi Arabia), Alpura (Mexico), CSK Foods (Netherlands), and Sacco srl (Italy).