Fact.MR report shows parmesan cheese market growth
According to the latest published research report by Fact.MR, a provider of market research and intelligence, the expected valuation of the parmesan cheese market is $22.1 billion for 2032-end. Demand for parmesan cheese is likely to increase at a CAGR of 2.8% from 2022 to 2032.
Italy holds a noticeable share as the producer of parmesan cheese in the global market. By the end of 2021, the production of Parmesan cheese reached around 163.7 thousand tons in the country.
The global market for parmesan cheese is growing steadily with the rising demand for convenience as well as fast food products from the global population. The growing number of applications of parmesan cheese in cooking is also likely to bolster the sales opportunities in the market.
A negligible amount of lactose is contained in cheese, which makes the product a suitable option for the population who are lactose-intolerant. So, with the versatile nature of parmesan cheese, home consumption of parmesan cheese is likely to increase over the coming years.
The market for parmesan cheese is also gaining popularity due to its increased consumption in the form of packaged cheese products. Further, the extended shelf-life of these products is also contributing to bolstering demand opportunities in the global market.
Key takeaways from market study
- Sales of parmesan cheese are likely to progress at a CAGR of 2.8% through 2032.
- Italy produced around 163.7 thousand tons of parmesan cheese in 2021.
- Valuation of parmesan cheese consumption is estimated to reach US$ 22.1 billion by 2032-end.
- The market in Germany is expected is expand at a CAGR of 2.5% through 2032.
“Increasing consumer spending on different functional and healthy products, rising disposable income, and changing lifestyles are estimated to increase the sales of parmesan cheese in the years ahead,” says a Fact.MR analyst
The market for parmesan cheese is competitive as new entrants are planning to start new ventures. Further, positive news related to the large-scale production of this cheese and plans to establish larger production plants in the next ten years are likely to add value to the market for parmesan cheese.
For instance, Bel Brands USA is a maker of Boursin, The Laughing Cow, Babybel, beloved cheeses, and more. The company announced the expansion of its product portfolio in February 2021. Bel expanded its offerings with new formats and flavours that include parmesan-style shreds.