The global cheese powder market size is expected to reach US$ ~2,300 Mn by the end of 2032. According to a study by Future Market Insights (FMI), the market will show a steady rise at 14% CAGR between 2022 and 2032. According to the report, increasing demand for ready-to-eat (RTE) and ready-to-cook (RTC) food products among consumers is expected to boost the market growth of cheese powder globally. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
Newly released data from Future Market Insights for Cheese Powder Market Analysis shows that global cheese powder demand year-on-year (YoY) growth of 14% in 2022. The cheddar cheese powder segment grew ~11%, while the parmesan cheese powder segment was up 18%.
The Cheese Powder Market, cow milk cheese segment, cheddar cheese powder segment, Parmesan cheese powder segment, segment revenue is likely to reflect optimistic growth outlook, according to the Annual Market Analysis conducted by Future Market Insights
It includes in-depth insights into the clean label ingredients market. Some of these are:
- The estimated value of the market was at US$ 1291.26 Mn in 2020. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- The market in North America is expected to dominate the global cheese powder market during the forecast period.
- Supply chain disturbances and decelerated demand due to coronavirus may have a negative impact on growth.
- The Asia-Pacific market is expected to generate the highest CAGR.
- Increasing urbanization in developing countries such as India and China.
- Key players are likely to focus on product innovations to stay relevant in developed markets.
Growing Application of Cheese in Food and Beverage Industry Aids Growth
The product finds a spectrum of applications across food & beverages along with consumer changing tastes resulting in a preference for convenience foods has proliferated the product demand. In addition to this, elongated shelf life of the product has made it the first choice for package food items. Furthermore, ability of cheese powder to impart good taste and flavor to the food items has made the consumers tilt towards the product. Moreover, massive customer emphasizes on nutrient value of the product like high protein & vitamin content and low calories will offer lucrative growth prospects for the market. This will nullify the impact of hindrances on the market. Again, the manufacturers are trying to offer better product quality & flavors along with attractive & durable packaging, thereby effectuating the growth& scope of the business.
Who is winning?
The key strategies adopted by companies to expand are new launches, expansions, acquisition, and mergers. Some of the major players in the cheese powder market, globally are Dairi Concepts, Kerry Group, ADM (WILD Flavors and Specialty Ingredients), Blue Grass Dairy, All American Foods among others.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
Segmentation Analysis of Global Cheese Powder Market
Global Cheese Powder Market can be segmented on the basis of Type, Product, Source, distribution channel and Geography.
By Type :
- Natural
- Processed
By Product :
- Cheddar
- Feta
- Parmesan
- Mozzarella
- Roquefort
- Others
By Source :
- Cow Milk
- Buffalo Milk
- Sheep Milk
- Goat Milk
By Distribution Channel :
- Supermarkets
- Food Specialty Stores
- Hypermarkets
- Convenience Stores
- Others
By Application :
- Savoury Snacks
- Extruded Snacks
- Wafer
- Chips dusting
- Instant Soup Premixes
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Significant Contributions of the Report
- Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
- Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
- Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
- Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
- Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry
Information source: https://www.futuremarketinsights.com/reports/cheese-powder-market