The global processed cheese market is poised for substantial growth, with a projected valuation of USD 23.2 billion by 2032, marking a significant increase from USD 15.9 billion in 2022. This growth is fueled by factors such as changing consumer lifestyles, increasing demand for convenience foods, and the versatility of processed cheese as a culinary ingredient.
The United State processed cheese market is a significant segment of the overall cheese industry in the United States. Processed cheese is a type of cheese that is made by blending natural cheeses with emulsifiers, stabilizers, and other additives to create a smooth and consistent product that is easy to melt and use in a variety of dishes.
As per Future Market Insights (FMI), growing adoption of ready-to-eat food products among millennials in the U.S. will drive the demand for processed cheese in the next ten years. Cheese is one of the key elements of foods like sandwiches, pizza, and other similar items.
Processed cheese is witnessing growing demand worldwide due to its convenience, longer shelf life, and suitability for various culinary applications. Consumers, particularly those with busy lifestyles, are increasingly opting for ready-to-eat food products, driving the consumption of processed cheese in sandwiches, snacks, and other convenience meals.
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Key factors driving the growth of the processed cheese market include:
- Changing Consumer Lifestyles: Busy lifestyles and shifting dietary habits are driving consumers towards convenient and ready-to-eat food products, leading to increased consumption of processed cheese.
- Rising Demand for Convenience Foods: The increasing demand for convenience foods, particularly in regions like North America and Europe, is fueling the growth of the processed cheese market as it is widely used in fast food items and as a convenient snack option.
- Versatility and Adaptability: Processed cheese’s versatility as an ingredient in both sweet and savory dishes makes it a popular choice among consumers and food manufacturers, contributing to its growing consumption globally.
Key Takeaways from the Processed Cheese Market
- The market for processed cheese in the U. S. accounts for 34.7% of the overall market
- The U.S. processed cheese market is set to showcase rapid growth during the forecast period.
- The U.S. processed cheese market is estimated to reach a significant valuation in the next ten years.
- Increasing popularity of ready-to-eat food products among millennials in the U.S. will drive the demand for processed cheese.
“Growing demand for ready-to-eat food products such as sandwiches and pizza across the U.S. will drive the demand for processed cheese over the next ten years. Hence, key companies are launching innovative flavors such as nutritional ingredients like whey to increase their sales and expand their presence.”– Says an FMI Analyst.
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Competition Landscape in the Processed Cheese Market
Key companies are introducing innovative processed cheese flavors in response to increased demand for high-quality cheese products. Collaboration and acquisition of small enterprises have increased as a result of strong rivalry.
Dairy Farmers of America, Ornua, and Fonterra are the key players in the U.S. processed cheese market
Recent Developments
- In August 2021, Green onion cheddar cheese curd was brought to the market by Dairy Farmers of America, Inc. This product allows the company to target the market’s squeaky cheese lovers.
- In October 2021, Ornua announced that it has successfully acquired Whitehall Specialties Inc (WSI) from Mason Wells for an undisclosed sum. This acquisition is vital to Ornua’s long-term expansion plan in the US cheese ingredients industry and complements the company’s US Ingredients subsidiary, Ornua Ingredients North America (OINA).
Key Takeaways for Investors:
- Opportunities in North America: With the USA dominating the processed cheese market in North America, investors can capitalize on the region’s growing demand for ready-to-eat food products and convenience foods, driving the consumption of processed cheese in sandwiches, snacks, and other fast food items.
- Expansion Potential in Europe: Despite health concerns associated with processed cheese, Europe presents opportunities for investors due to the growing demand for convenient and ready-to-eat food products, increasing disposable incomes, and the rising population of working women driving consumption.
- Growth Prospects in Asia Pacific: The Asia Pacific processed cheese market is driven by the region’s growing food & beverage industry, large population, and rapidly growing economy. Investors can explore opportunities in countries like Japan, Korea, India, and China, where the demand for processed cheese is on the rise.
- Focus on Innovation and Product Diversification: To stay competitive in the processed cheese market, companies are diversifying their product lineup and introducing new types and formats, such as cheese spreads, to cater to changing consumer preferences and attract a wider customer base.
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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
- 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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