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(Health-NewsWire.Net, September 22, 2021 ) The cheese ingredients market is estimated to be valued at USD 87.1 billion in 2017, and is projected to reach USD 102.1 billion by 2022, at a CAGR of 3.24% from 2017. The growth of this market is proportionally dependent upon the growth of the cheese industry.
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The meteoric rise in the fast food industry impacted the demand for cheese ingredients.
The market is driven by increase in demand for cheese as a key ingredient in the fast food industry. Furthermore, factors such as rapid growth in the fast food industry are expected to increase the demand for cheese, subsequently increasing the demand for cheese ingredients. However, there are several restrictions on the levels of contents and their usage in the cheese making process imposed by various regulatory bodies, which act as a restraint for the market growth. Additionally, consumer shift toward the consumption of vegan food products is also expected to affect the market growth.
“The natural cheese segment is projected to grow at the highest rate for the cheese ingredients market during the forecast period.”
The global market, based on cheese type, has been segmented into natural cheese (which includes cheddar, parmesan, mozzarella, Gouda, Swiss, blue, ricotta, feta, Romano, and cottage) and processed cheese (which includes restricted-melt, standard-melt, and quick-melt). The natural cheese segment dominated this market in 2016 due to its popularity in the North American and European regions owing to the rise in health awareness among consumers.
“Asia Pacific led the market in terms of growth rate.”
Asia Pacific led the global cheese ingredients market in terms of growth rate between 2017 and 2022. The demand for cheese is expected to increase in the Asia Pacific region owing to the impact of western dietary habits, rise in disposable income levels, and changes in lifestyles in countries such as China and India. Factors such as rapid growth in the fast food industry are expected to increase the demand for cheese, subsequently increasing the demand for cheese ingredients. Furthermore, the cheese manufacturers in this region are increasingly producing processed cheese as the fast food industry in the region demands more of processed cheese due to its longer shelf life and widespread usage.
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Key players are Chr. Hansen Holding (Denmark), Fonterra (New Zealand), DuPont (US), DSM (Netherlands), ADM (US), Sacco s.r.l. (Italy). Arla foods (Denmark), Saputo Inc. (Canada), Almarai (Saudi Arabia), Alpura (Mexico), and CSK Food Enrichment (Netherlands).
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