A recent report from Fact.MR has indicated the global processed cheese market will grow to register a CAGR of 4.4 per cent between 2021 and 2029.
Despite the impact of COVID-19, the demand of processed cheese has increased by surging fast food consumption. The expansion of food chain outlets and the increasing demand for cheese in food items and condiments are expected to bode well for the market. Therefore, the market is anticipated to reach a valuation of US$21 billion by 2029.
The global processed cheese market study by Fact.MR focuses on a detailed segmentation through 2021 based on cheese type and form, milk source, distribution, end-user and region. Extensive research was also completed on major growth drivers and challenges likely to impact the market in the future. Insight was also shed on the competitive landscape with revenue details of tier-1, tier 2 companies as well as the new entrants.
While cheddar cheese will continue to dominate sales throughout 2021, blue cheese is expected to register the highest growth to reach valuation of US$3.5B during the forecasted period. Conversely, mozzarella is anticipated to witness a slight setback in the coming years.
Leading the Europe processed cheese market is forecast to be Spain, France and the U.K., accounting for over 40 per cent of market share. Spain and France are likely to register production uptick due to the increasing production of sheep and goat milk, and the U.K. will spearhead the growth in Europe.
Fact.MR’s report stated “the market is fragmented with tier-1 companies such as Fonterra Co-operative, Le Groupe Bel and Groupe Lactails diversifying their product range to attract more customers and maintain their position in the industry.”