Press release
Cheddar Cheese Market Value is Expected to Increase to US$ 38.6 Bn by 2022
The Fac.MR report on global cheddar cheese market predicts a declining demand for cheddar cheese in the world. During the forecast period, 2017-2022, the global market for cheddar cheese will have soared at less than 3% CAGR, procuring a little over US$ 38.6 Bn in value by the end of 2022.
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Global Cheddar Cheese Market: Forecast Highlights
Almost 40% of cheddar cheese produced in the world is sourced from goat milk. This trend will prevail throughout the forecast period, and the global market for cheddar cheese will also witness a gradual uptick in demand for cattle milk-sourced cheddar cheese products.
Being a refrigerator staple in the UK, Europe will continue to remain the largest market for cheddar cheese through 2022. Increasing diary production, coupled with rising levels of nutrient deficiency among European consumers, will boost the sales of cheddar cheese in Europe throughout the forecast period.
On the other hand, the Asia-Pacific excluding Japan (APEJ) region will showcase fastest growth for cheddar cheese market. Over the forecast period, the cheddar cheese market in APEJ region will expand at more than 3% CAGR, which is relatively higher growth compared to estimates on lucrative regions such as Europe and North America.
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In 2017, more than US$ 8 Bn worth of cheddar cheese will be sold in the global market in the form of cheese blocks. As the demand for blocks of cheddar cheese rises, that of cheddar cheese sprays declines. The report distinctly projects a listless growth in sales of cheddar cheese sprays through 2022.
Cheddar cheese sold in food & beverage processing units will contribute to more than US$ 16 Bn revenues by 2022-end. Food & beverage processing will not only be the largest application for cheddar cheese, but will also reflect a relatively speedy growth compared to revenues accounted by Horeca and household applications.
The report also projects that wholesale trade, distributor sale and direct selling will be collectively viewed as largest sales channel for cheddar cheese, procuring more than one-third of global revenues through 2022.
The report has also profiled leading players in the global market for cheddar cheese, which include companies such as Savencia SA, Koninklijke FrieslandCampina N.V., Sargento Foods Inc., Gujarat Cooperative Milk Marketing Federation Ltd., Mondelez International, Inc., Fonterra Co-operative Group Limited, Groupe Lactalis S.A., Almarai - Joint Stock Company, Associated Milk Producers, Inc., and Arla Foods amba.
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