Cheese Market is Projected to Reach $105.9 billion by 2026

The global cheese market size is estimated to be valued at USD 88.7 billion in 2021 and is projected to reach USD 105.9 billion by 2026, recording a CAGR of 3.6% during the forecast period. The cheese market is highly impacted by the increasing size of the convenience & fast-food industry and innovative offerings by cheese manufacturers. The growth rate of the fast-food industry is significant owing to the changing lifestyles of people around the globe.

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The rising influence of western cuisines, inflating disposable incomes, and introduction of a number of flavored cheese products, including pepper, garlic, red chili flakes, and oregano pickle, drives the cheese market. Although cheese is a staple in Western countries such as Europe and the US, its versatility enables it to cater to the different tastes and preferences of consumers globally.

The sauces, dressings, dips, and condiments segment, by application, is projected to witness significant growth during the forecast period.

Cheese powder imparts an enhanced cheese flavor to sauces, dressings, dips, and condiments. This can be done with the use of a single flavor cheese or a mix of more than one cheese flavors. The use of cheese powder also offers better taste, convenience, and functionality in recipes where high-temperature cooking is required. With the rapidly rising demand for fast food in the Asia Pacific, the demand for cheese powder in sauces, dressings, dips, and condiments is likely to grow at the highest rate, in this region, during the forecasted period.

The cheddar cheese segment, by product type, is estimated to dominate the market in 2021.

Cheddar is one of the many varieties of cheese, which is off white in color and has a sharp taste with a relatively hard texture than any other varieties. This category of cheese is most popular in the European countries. Cheddar cheese finds application across a multitude of industries including bakery (melted, grated, shredded), soups, sauces, & dips, ready meals, snacks & cereals, and other food applications.

The Asia Pacific region is projected to witness the highest growth during the forecast period.

The countries in the Asia Pacific region have a well-established dairy industry, which subsequently proves the potential for growth of the cheese market in these regions. Hectic work schedules, along with the rising prevalence of western food culture, represent some of the significant factors strengthening the cheese market growth in the Asia Pacific region. Since the past few years, the rapid food globalization has caused a boom in the retail and foodservice sectors, owing to this there is the demand for cheese-based products is expected to generate significant growth in this region.

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Leading companies are Glanbia (Ireland), Saputo (Canada), Arla Foods (UK), BEL Group (France), Fonterra (New Zealand), FrieslandCampina (Netherlands), Dalter Alimentari Spa (Italy), The Kraft Heinz Company (US), Amul (India), DMK Deutsches Milchkontor GmbH (Germany), and Meiji Holdings (Japan).

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