Future Market Insights projects that the processed cheese market will grow at a compound annual growth rate (CAGR) of 3.8% over the forecast period. The market value is expected to rise from USD 15.9 billion in 2022 to USD 23.2 billion by 2032. At the end of 2021, the processed cheese market was valued at USD 15.5 billion and is anticipated to show a year-over-year growth of 2.9% in 2022.
People are increasingly becoming more health-conscious, which means that they are looking for high nutritional products like processed cheese with whey as ingredients. Processed cheese has a longer shelf life and is available in various forms, which makes it easy for companies to use this product.
New technologies that make it possible to package highly perishable food without refrigeration are being introduced by industry players which is expected to boost demand for processed cheese products in the near future. Hence, companies are expecting a shift in consumption patterns from dairy milk to processed cheese owing to increasing popularity of lactose free diets, especially among millennials who are much more health conscious than their predecessors.
Rising production of flavored cheese is expected to further boost the processed cheese market over the next decade. Flavored cheese is typically used as an ingredient in numerous food products, such as macaroni and pizza. As a result, manufacturers are experimenting with various flavors to woo more and more cheese lovers.
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Competitive Landscape
To attract a broader customer base and cater to different demographics, companies are increasingly focusing on diversifying their product offerings. Additionally, the processed cheese market benefits from a reliable supply chain, as dairy companies often operate as integrated units.
Several dairy cooperatives, which have expanded their operations to include a wide range of dairy products such as processed cheese, are now planning to allocate more milk to produce various cheese-related goods.
Key Companies Profiled
- Almarai Company
- Amul
- Associated Milk Producers Inc.
- Britannia Industries Ltd.
- Arla Foods amba
- Bel Group
- Fonterra Co-operative Group Ltd.
- The Kraft Heinz Co.
- Saputo Inc.
- Groupe Lactalis
- Savencia SA.
- Bega Cheese Ltd.
- Saputo Dairy Australia Pty Limited
- Kraft Heinz Company
- Lion Dairy & Drinks Pty Ltd.
Segmentation of Processed Cheese Market
Segmentation by Form:
- Slices
- Blocks
- Cubes
- Spreads
- Shreds
- Other forms
Segmentation by Application:
- Pasta & Noodles
- Pizza
- Soups
- Sauces & Dressings
- Ready-to-eat Food Products
- Other Applications
Segmentation by End-user:
- Household/Retail
- Food Processing Industry
- HoReCa/Foodservice
Segmentation by Sales Channel:
- Online
- Offline
Segmentation by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
- RoW
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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