Global cheese market set to see 7% growth
The world cheese market is expected to reach US$118.4 billion (€86.1bn) by 2019, according to Transparency Market Research. Its new market report, “Cheese (American, Italian, Hard, Soft, Fresh and Others) Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” says the demand for cheese is expected to grow at a CAGR of 7.3% in terms of revenue from 2013 to 2019.
The market was valued at $72.45 billion in 2012, and the expannding fast food industry is driving the growth, the report states. In addition, the high nutritional value is another factor contributing towards market growth. However, the perishable nature of cheese and stringent government regulations are the major growth barriers to the market.
In 2012, the global cheese market by product type was dominated by Italian cheese, which accounted for 40.5% of the overall share, followed by other types of cheese accounting for 27.7% of the market. Soft cheese is expected to grow at a CAGR of 7.2% from 2013 to 2019. Fresh cheese is predicted to increase at 7% to 2019.
Europe dominated the global cheese market, with over 38.8% of the global demand in 2012 followed by North America at 32.7%. However, in the future,the Asia Pacific region is expected to be the fastest growing market with an estimated CAGR of 7.9% to 2019. Economies such as Japan, India and China are expected to be the major contributors to this growth. Increasing consumer preference towards cheesy cuisine, rising disposable income and population are the major factors contributing to the growth of cheese in this region.
At regional level, the US is the largest market followed by France. It market is expected to grow at a CAGR of 7.5% from 2013 to 2019. Increasing snacking habits of consumers and rise in more cheesy ethnic cuisines such as Mexican and Italian are the major factors contributing to the market growth in this region. Meanwhile, economies such as Brazil, Italy and Argentina offer huge market opportunities.
