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Liquid Cheese Global Market to Exhibit a Remarkable CAGR of 3.1% by 2028, Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook
Liquid Cheese Market
According to The Business Research Company's, the liquid cheese market size has grown steadily in recent years. It will grow from $16.18 billion in 2023 to $16.65 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to a rise in traditional consumption, awareness of milk benefits, growing dietary trends, expansion of gourmet food retailers, and health and wellness movement.
The liquid cheese market size is expected to see steady growth in the next few years. It will grow to $18.79 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to growing health consciousness, expanding dairy alternatives, increasing popularity of premium foods, an increase in disposable income, rising importance of e-commerce platforms, and increasing cheese consumption. Major trends in the forecast period include demand for plant-based foods, adoption of sustainable and ethical farming practices, innovation in packaging, preferences for organic and natural products, and growing popularity of artisanal and specialty cheeses.
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Market Drivers and Trends:
Rising consumption of on-the-go snacks is expected to propel the growth of the liquid cheese market going forward. On-the-go snacks refer to convenient, portable food items that are easy to carry and consume while moving or during busy activities. The demand is rising primarily due to factors such as health and wellness trends, busy lifestyles, and innovations in food packaging. Liquid cheese is a convenient snack option, ideal for on-the-go consumption as a topping or dip. Its easy packaging and transportability cater to quick and satisfying snacking needs without requiring heating or preparation. For instance, in March 2024, according to the report published by the Food Manufacturers, a UK-based online platform dedicated solely to readers working in the UK food and drink manufacturing industry, sales of on-the-go snacks reached 39% in 2023 compared to 2022. Sales in 2024 showed a 4% increase over the 2023. Therefore, the rising consumption of on-the-go snacks is driving the growth of the liquid cheese market.
Major companies operating in the liquid cheese market are focused on developing advanced products, such as dairy-free cheese products, to bring back interest in dairy-free dishes and make them delicious and accessible for everyone. A dairy-free cheese product is a type of cheese substitute that originates without dairy components and typically contains plant-based elements such as nuts. For instance, in May 2024, Armored Fresh, a South Korea-based food company that produces plant-based cheese, launched Oat Milk Cheddar Dip. It is a dairy-free, gluten-free, non-GMO, and cholesterol-free cheese product that has the same rich, cheesy flavor as regular nacho cheese sauce. The dip is intended to mix well with a variety of appetizers, including pretzel bites, French fries, chips, and tacos, and has a creamy, cheesy flavor.
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Major Key Players of the Market:
The Kraft Heinz Company, Hormel Foods LLC, Conagra Foodservice Inc., Campbell Soup Company, Groupe Savencia, Frito-Lay North America Inc., Dairy Farmers of America Inc., Land O Lakes Inc., Britannia Industries, Dairygold Co-Operative Society Ltd., Berner, Gehl Foods LLC, Amul, Veeba Foods, Lactalis American Group Inc., Ricos Products Co., Newman's Own, La Preferida, Alouette cheese, Knorr
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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