Growth of the global cheese ingredients market runs in accordance with the growing cheese industry. Cheese being one of the major ingredients in many cuisines across the globe has been witnessing a high demand, especially due to the growth in the fast food industry, thereby driving the global cheese ingredients towards steady growth ahead. Moreover, the rising demand for convenience food has also boosted the growth of this market.
Market overview
The global cheese ingredients market that was projected to be valued at USD 87.08 Billion in 2017 is expected to reach a value of USD 102.14 Billion by 2022, growing at a CAGR of 3.24% during the forecast period from 2017-2022.
Based on type, the natural segment is projected to hold the highest market share in 2017, owing to the growing number and cases of diseases, rapid urbanization, increasing number of fast food outlets and other food chains, and technological developments in food processing in order to upgrade nutritional benefits of cheese.
On the basis ingredient, the milk segment held the largest market share in 2016, since it is the most important ingredient for making cheese. However, the enzymes segment is projected to grow at the highest CAGR, owing to the increasing consumer awareness regarding health benefits of enzyme-modified cheese.
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How is the market progressing, geographically?
Among regions, the market for cheese ingredients in Asia-Pacific is the fastest-growing market, and is also expected to hold a significant share of the global market. This growth can be contributed to the increased production of cheese in this region. Moreover, it is expected that the demand for cheese in this region is likely to increase mainly due to the adoption and impact of western dietary habits, rising disposable income levels, and changing lifestyles in nations such as China and India. Apart from this, rapid urbanization, growing number of food joints, and increased number of baking & dairy industries are the factors boosting the growth of this market. Among countries, Australia and New Zealand were the dominant regions, mainly due to the high consumption of cheese ingredients in baking and fast food industries. However, India is projected to witness the highest growth in this region, owing to the increasing urban population in the country.
What are the factors impacting the market growth?
The growth of the worldwide market for cheese ingredients is being primarily influenced by the following factors:
- Growing cheese industry
- Rapid growth of the fast food industry
- Growing demand for fast food and convenience food
- Increased concerns related to health
- Rising disposable incomes and growing urbanization
On the flip side, unfavorable regulatory conditions, consumer preference towards vegan diet, and increasing cases of lactose intolerance are the factors that are likely to act as hindrances for the growth of this market. Moreover, growing awareness regarding the ill health effects of cheese and cheese contamination and product recalls are the major challenges to be overcome by the players involved in this market.
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Major companies and growth strategies adopted
The worldwide market for cheese ingredients includes key players such as Chr. Hansen Holding (Denmark), Fonterra (New Zealand), DuPont (US), DSM (Netherlands), ADM (US), and Sacco s.r.l. (Italy). Arla foods (Denmark), Saputo Inc. (Canada), Almarai (Saudi Arabia), Alpura (Mexico), and CSK Food Enrichment (Netherlands) are the other key players having significant share in the global market. These companies are adopting various strategies such as mergers & acquisitions, new product launches, expansions, joint ventures, and partnerships, agreements, collaborations, and investments in order to witness sustained growth as well as expand their presence in the global market.
