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Cheese Powder Market Analysis, Size, Growth, Trends And Forecast 2024-2033
Cheese Powder Market Analysis
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According to The Business Research Company's, The cheese powder market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to convenience and shelf stability, snack foods and seasonings, processed and convenience foods, global fast food chains: cheeseburgers, bakery and baked goods.
The cheese powder market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to plant-based and clean label alternatives, snack and convenience foods, global market expansion, premium and gourmet varieties, online sales and delivery. Major trends in the forecast period include plant-based cheese powders, gourmet and artisanal flavors, snack and convenience foods, dietary and nutritional enhancements, diversification of cheese types.
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Market Drivers and Trends:
The rising consumption of convenience foods is expected to propel the growth of the cheese powder market going forward. Convenience food refers to food that can be heated and prepared quickly and easily, such as frozen, dried, or canned foods. People are opting for convenience food as they are easy-to-cook and easy-to-eat foods and are tastier. For instance, according to an article published in The Economic Times, an India-based newspaper in 2021, sales of consumer snack packs and ready-to-eat food increased from 10% to 30% in August 2021 compared to 2019. Therefore, a rise in the consumption of convenience food is driving the cheese powder market growth.
Product innovation is the key trend gaining popularity in the cheese powder market. Major companies operating in the cheese powder market are coming up with new and innovative products to sustain their position in the market. For instance, in April 2021, Aarka*y Food Products Ltd., an India-based manufacturer of natural food ingredients and additives launched a new line of cheese powders under the high purity cheese powder category, aimed at dips, mayo, and condiment sauces. These powders are made uniquely from the, no- enzyme modification process to avoid unnecessary constraints arising from enzymes. The nutrition profile of this product is superior compared to all other grades of cheese powders and is made with low or no carriers with emulsifying salts to give customers their targeted fat and protein percentages without any additional sources.
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Major Key Players of the Market:
Kerry Group plc, DairiConcepts L.P., Land O' Lakes Inc., Kanegrade Ltd., Kraft Heinz Company, Lactosan A/S, Archer Daniels Midland Company, Commercial Creamery Company, Aarka*y Food Products Ltd., All American Foods Inc., Bluegrass Dairy & Food Inc., California Dairies Inc., C.P. Ingredients Ltd., Dairy Farmers of America Inc., DairiConcepts L.P., Dairygold Co-Operative Society Limited, Glanbia plc, Grande Custom Ingredients Group, Hoogwegt Group, Idaho Milk Products Inc., Ingredia Inc., International Dehydrated Foods Inc., Lactalis Ingredients SA, Leprino Foods Company, MCT Dairies Inc., Milk Specialties Global Co., Proliant Dairy Ingredients Inc., Saputo Inc., Sodiaal Group, Vika BV, Westland Co-Operative Dairy Company Ltd., WILD Flavors Inc., Winona Foods Inc., Wisconsin Cheese Group LLC
Cheese Powder Market 2024 Key Insights:
• The cheese powder market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Convenience Food Consumption Boosting The Cheese Powder Market
• Innovative Product Offerings Reshaping The Cheese Powder Market
• North America was the largest region in the cheese powder market in 2023
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