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Cheese Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Cheese Global Market Report 2024
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According to The Business Research Company's, The cheese market size has grown strongly in recent years. It will grow from $274.36 billion in 2023 to $296.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to dairy farming, culinary tradition, global cheese production, global export and trade, marketing and branding.
The cheese market size is expected to see strong growth in the next few years. It will grow to $402.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to health-conscious consumer preferences, sustainability and ethical cheese production, artisan and specialty cheeses, digital marketing and e-commerce, global market expansion. Major trends in the forecast period include plant-based and vegan cheeses, aged and artisan cheese, cheese pairing and tasting events, clean label and natural cheeses, cheese boards and charcuterie.
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Market Drivers and Trends:
The increasing demand for local, sustainable, and organic food production is expected to positively impact the cheese manufacturing market during the forecast period. Organic food production, including organic dairy products, places a strong emphasis on consumer health, environmental protection, and animal welfare. Consumers are now becoming more concerned with how food is raised and prepared and are willing to pay a little more for something they recognize as healthy. Across Europe, there is a very high import rate (especially for fruits and vegetables), as the rate of production is far lower than the consumer demand for organic produce. For instance, the Organic Trade Organisation, a US-based trade association that represents over 9,500 organic enterprises, reported in June 2022 that organic sales climbed by 2% between the years 2020 and 2021, topping $ 63 billion in comparison to prior years. Furthermore, through 2021, sales of organic dairy products and eggs remained fairly stable, but they still outperformed 2019 sales by roughly 11%. This growing demand for organic products such as cheese offers considerable opportunities for dairy products producers in both developed and developing countries, which is likely to drive the cheese manufacturing industry market during the forecast period.
The internet of things (IoT) technology is increasingly being used to track dairy products and ensure safe product handling. IoT technology consists of a network of devices, vehicles, or other items that continuously exchange data and provide insights into a process or system. This technology is being used to track ingredients being used in products. Equipment connected to the internet in trucks and storage coolers can be used to monitor dairy products and tag them with environmental conditions like temperature or location that provide information about safe product handling during transportation. For instance, the Chinese government implemented the National Food Quality Safety Traceability Platform, using IoT technology to improve the quality and safety of food production supply chains.
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Major Key Players of the Market:
Groupe Lactalis S.A., Saputo Inc, The Kraft Heinz Company, Fonterra Group Cooperative Limited, Arla Foods amba, Savencia Fromage & Dairy, Frieslandcampina, Alfa SA.B. de C.V., Agropur cooperative, Land O'Lakes Inc., Dairy Farmers of America Inc., Bel Group, Sargento Foods Inc., Tillamook County Creamery Association, Cabot Creamery, Leprino Foods Company, Emmi Group, Glanbia plc, Murray's Cheese, Cowgirl Creamery, Cypress Grove Chevre Inc., Darigold Inc., DCI Cheese Company, Gossner Foods, Groupe Bel, Marin French Cheese Co., Kraft Foods Group Inc., Alouette Cheese USA LLC, Organic Valley, Sartori Company, Schreiber Foods Inc., Swiss Valley Farms.
Cheese Market 2024 Key Insights:
• The cheese market size is expected to see strong growth in the next few years. It will grow to $402.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Demand For Local, Sustainable, And Organic Cheese Drives Growth In Cheese Manufacturing Market
• IOT Technology Revolutionizes Dairy Product Tracking For Enhanced Safety And Quality
• Asia-Pacific was the largest region in the cheese market in 2023
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