Cheese Market Size, Growth and Forecast to 2032

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Cheese Market Size, Growth and Forecast to 2032

The global cheese market size was valued at USD 187.42 billion in 2023. The market is projected to grow from USD 191.94 billion in 2024 to USD 287.12 billion by 2032, exhibiting a CAGR of 4.61% during the forecast period.

Cheese consumption is increasing due to its availability and versatility. Moreover, acceptance and adoption of ethnic cuisines such as Mexican and Italian subsequently used more cheese to drive market growth. The two most popular varieties of cheese are mozzarella and cheddar.

This information is provided by Fortune Business Insights™ in its research report titled “Cheese Market, 2024-2032.”

Information Source: https://www.fortunebusinessinsights.com/cheese-market-104293

COVID-19 Impact:

Demand and Supply Imbalance Globally During Pandemic to Hinder Market Growth

The COVID-19 pandemic impacted manufacturers in diverse ways in self-sufficient, exporting, and importing countries. In most exporting countries, such as the U.S., New Zealand, Germany, and others, the pandemic led to an oversupply of milk and, consequently, to a drop in producers’ prices. High-end specialty cheesemakers found it challenging to sustain in the market.

Segments:

Longer Shelf Life Increased Demand for Natural Cheese to Propel the Market Growth

On the basis of type, the market is classified into processed and natural. Artisan manufacturers place equal importance on the texture and use of herbs, flavor, fruits, spices, and nuts instead of artificial ingredients for flavoring, thereby increasing the demand for natural cheese. Processed cheese has been highly adopted in developing South America, Asia Pacific, and the Middle East & Africa regions.

Extensive Availability of Animal-based Cheese to Dominate the Market Share

Based on source, the market is bifurcated into plant-based and animal-based. The plant-based segment is segmented into cashew, soya, almond, and others, whereas the animal-based market is cattle, camel, sheep, and goat.

The animal-based segment is anticipated to drive market growth owing to the launch of many attractive packaging and longer shelf life. The plant-based segment is also projected to mark its dominance owing to different varieties.

Increasing Use of Mozzarella in Various Food Products and Cuisines Propels the Sales

According to product type, the market is divided into feta, cheddar, parmesan, mozzarella, and others. The cheese’s flavor and texture gets impacted by the type of milk used and the production process.

Among all, mozzarella is anticipated to hold the largest cheese market share as it is widely used for pizza, home-cooked pasta, risotto, and enchiladas.

Availability in Different Forms of Block Cheese Leads to the Market Growth

As per form, the market is divided into the spreadable, block, and others.

Block cheese requires longer ripening periods and is highly nutritious, leading to its higher market share. Block cheese is found in two forms such as hard and soft forms.

Spreadable cheese is gaining popularity among consumers in the market as it can be easily applied to food items such as cakes, snacks, and sandwiches.

Availability of Product and Product Choices to Drive the Market Growth

Based on distribution channel, the market is distributed into specialty stores, online retail, supermarkets/hypermarkets, and convenience stores.

Supermarkets/Hypermarkets segment leads the distribution channel as it allows consumers to purchase their products from a wide range of products and even try the free sample offered in some of these outlets.

The global market is analyzed across Europe, North America, Asia Pacific, South America, and the Middle East & Africa

Report Coverage:

The report offers:

Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints:

Increasing Demand for Plant-based Cheese to Drive the Market Growth

Plant-based cheese is a dairy alternative primarily made from cashew, soy, almond, and others. The growing trend of veganism and rising preferences for plant-based food propel the demand for plant-based products. Hence, increasing veganism and launching more plant-based products will drive the cheese market growth during the projected period.

Many consumers are allergic to caesin, a protein in cheese. Caesin allergy causes acne, headaches, inflammation, and rashes. Hence, health risks and issues associated with caesin are predicted to hinder the market growth.

Regional Insights:

Increasing Investments and Partnerships to Propel Market Growth in Europe

European consumers adopt healthy foods to maintain well-being and physical health with useful traits such as organic and non-GMO retail positioning, positively impacting the region’s cheese industry.

In North America, the demand for nutritious food products and convenience encourages market growth. North America is one of the major markets, mostly driven by the millennials constantly changing desert and snack consumption habits.

Competitive Landscape:

Launching of New Products by Key Players to Stay Competitive in the Market

Key industry players adopt various competitive strategies, such as new product launches, to support market players in creating various business opportunities through diversified product reach with a wide range of distribution channels in the market.

Key Industry Development: