The cheese market is poised for substantial growth, projected to increase from US$ 95.0 billion in 2023 to US$ 160.0 billion by 2033, with a CAGR of 5.4% from 2023 to 2033. Cheese, a versatile dairy product rich in nutrients, proteins, and calcium, enjoys widespread popularity across diverse cultures and cuisines. Its appeal lies not only in its nutritional value but also in its ability to enhance the flavor profile of various dishes.
Consumer demand for cheese is being driven by several factors, including the rising awareness of its nutritional benefits, the growing popularity of packaged meals, and the expansion of the food processing industry. Additionally, the increasing adoption of cheese in emerging markets such as Asia-Pacific and South America is contributing to market growth. Consumers’ preference for natural and healthy ingredients, coupled with the incorporation of cheese in ready-to-eat meals, is fueling demand globally.
Key Takeaways:
- The cheese market is expected to expand at a CAGR of 5.4% during the forecast period 2023 to 2033.
- Rising demand for vegan cheese, as well as increased sales of cheese for home applications, are expected to drive the market throughout the forecast period.
- North America dominated the cheese market.
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Several factors are fueling the growth of the cheese market:
- Rising Health Consciousness: Cheese is recognized for its nutrient-rich composition, including proteins, calcium, and essential vitamins, appealing to health-conscious consumers seeking natural and healthy food options.
- Expanding Food Processing Industry: The growing demand for cheese as a versatile ingredient in packaged and ready-to-eat meals is driving market expansion, especially in emerging economies experiencing rapid urbanization and changing consumer preferences.
- Global Culinary Influence: The influence of Western cuisines, coupled with the growing popularity of cheese-based dishes in diverse culinary traditions, is broadening the market’s appeal and driving consumption across regions.
- Innovation in Product Offerings: Manufacturers are innovating with new flavors, textures, and varieties of cheese to cater to diverse consumer preferences, further stimulating market growth.
Key Developments
- In March 2021, Dalter Alimentari Spa debuted a new cheese cut, new cheese matchsticks, a market-exclusive cut designed to deliver great results. This product meets the requirements of the food manufacturing and food service industries. It is commonly used as an ingredient in ready meals, salads, soups, and sauces, as well as fillings and stuffing.
- Glanbia completed the acquisition of Foodarom in August 2020. (Germany). Glanbia’s capabilities in tastes and nutritional solutions were strengthened as a result of the acquisition.
- In June 2022, Land O Lakes Cheese released Land O Lakes Shredded Cheese, a cheese line that includes seven cheese products in the grocery store’s dairy case section, in Wisconsin, United States. The cheese supply chain begins with Wisconsin farmers, who provide milk that is sent to the Land O’Lakes Kiel, Wisconsin plant where the cheese is made.
- In May 2021, Arla Foods, a Danish dairy cooperative, invested around US$ 8.2 million in the construction of a new cheese production facility in Japan. Arla announced plans to develop two extra ripening warehouses, new cheese machinery, and a new drainage room at Troldhede Dairy in West Jutland, its home market.
- Heritage Foods entered the cheese product market in February 2021, introducing processed and mozzarella cheese. Heritage says that its processed cheese and mozzarella cheese are made from 100% cow milk. The company’s freshly announced cheese products were touted to possess a naturally occurring cheesy flavor suited for ingestion by people of all ages.
- The Kraft Heinz Company announced in November 2021 that it had completed the sale of some assets in its global cheese business, as well as the licensing of certain trademarks. This was done for a Groupe Lactalis affiliate for a total of roughly $3.3 billion. This amounts to roughly US$ 3.2 billion in cash consideration.
- Kraft Heinz is going to launch vegan cheese singles in three flavors in October 2022. This year, Kraft Heinz and food tech firm NotCo may release a dairy-free version of traditional Kraft singles American cheese slices. This is one of the first goods to be released as a part of their collaboration.
Key Takeaways for Investors:
- Market Expansion Potential: The cheese market presents lucrative investment opportunities, with substantial growth projected over the forecast period, driven by increasing consumer demand and expanding market reach in emerging economies.
- Diversification and Innovation: Investing in product innovation and diversification, including the development of premium and organic cheese varieties, can help companies differentiate themselves in the competitive market landscape and capture larger market shares.
- Global Market Penetration: Exploring opportunities in emerging markets such as Asia-Pacific and South America, where cheese consumption is on the rise, can provide significant growth avenues for investors looking to expand their global presence.
- Health and Wellness Trends: With growing consumer awareness of health and wellness, investing in cheese products that offer natural, organic, and healthier alternatives can align with shifting consumer preferences and drive market growth.
- Supply Chain Optimization: Optimizing supply chain operations and distribution networks to ensure efficient delivery of cheese products to diverse markets can enhance competitiveness and support sustainable growth in the long term.
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Cheese Market by Key Segment
By Nature:
- Organic Cheese, which caters to health-conscious consumers, is gaining popularity due to its eco-friendly cultivation methods.
- Conventional Cheese remains a staple choice, appealing to traditional tastes and preferences.
By Source:
- Dairy-based Cheese, deriving from milk, continues to dominate the market, valued for its rich taste and texture.
- Plant-based Cheese, crafted from alternative sources, is embraced by the growing vegan and lactose-intolerant consumer base.
By Product Type:
- Mozzarella offers its signature stretchy texture, making it a go-to choice for pizzas and various dishes.
- Cheddar’s sharpness and versatility make it a sought-after option for both snacking and cooking.
- Pepper Jack, known for its spicy kick, adds flavor to sandwiches and Mexican cuisine.
- Parmesan’s robust taste complements pasta, salads, and more.
- Gouda’s smooth and nutty profile makes it a versatile favorite.
- Other diverse cheese varieties continue to captivate adventurous palates.
By Form:
- Block, Cube, Shreds, Slices, Spread, Powder, and Sticks offer convenient options for diverse culinary needs.
By End Use:
- The Food and Beverage Industry integrates cheese in various recipes, enhancing taste and texture.
- HoReCa establishments rely on cheese to elevate their menu offerings.
- Household Retail caters to consumers seeking cheese for personal use and family meals.
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By Sales Channel:
- B2B transactions facilitate bulk purchases for industries and businesses.
- B2C interactions engage individual consumers directly.
- Modern Trade, Convenience Stores, Traditional Grocery Stores, and Specialty Stores ensure widespread accessibility.
- Online Retail gains momentum, providing convenient cheese shopping experiences.
- Other Retail Formats offer additional avenues for cheese distribution and availability
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