Report: Cheddar cheese market to grow at CAGR of 3% by 2029
The study found that Cheddar cheese fanatics are always experimenting with food, with the trend of fine gourmet, cuisine and luxury culinary items inspiring manufacturers to innovate.
Cheddar cheese is a multi-purpose food product used in the food industry in numerous applications. This has boosted demand for the Cheddar cheese market, which is expected to grow at CAGR of 3% by 2029, according to a report by Fact.MR, Rockville, Md.
Increasing consumption of cheese in various types of cuisines is also anticipated to boost the overall production. Furthermore, growing consumer demand for cheese-based breakfast products is expected to lead to a rise in the utilization of Cheddar cheese.
The study found that Cheddar cheese fanatics are always experimenting with food, with the trend of fine gourmet, cuisine and luxury culinary items inspiring manufacturers to innovate. As a result, the development of block Cheddar cheese is expected to trigger a mass demand in hotels, restaurants and cafes. A growth in the demand for gourmet and artisanal cheese products is a key factor likely to boost the market in the long run. Plus, the expansion of online and retail outlets is anticipated to create lucrative opportunities for manufacturers in the coming years.
Europe and North America markets are moving toward a saturation point. However, the growing Cheddar cheese market in Latin America will open a plethora of opportunities for market players to capitalize on. Europe is the largest consumer of cheese in the world.
Asia Pacific Excluding Japan (APEJ) is the third largest consumer of Cheddar cheese and related products in the world.
The study also found that Japan is slowly emerging as one of the lucrative markets for Cheddar cheese with the trend of mild snacking increasing in the region. Moreover, with the trend of drinking gaining traction in Japan, having light snacks such as Cheddar cheese continues to increase as a home trend.
Middle East and Africa is anticipated to present cheese manufacturers with new and lucrative growth prospects. As the governments in these regions generate revenue from other sources apart from oil reserves, a variety of industries are emerging as highly profitable options.