"Overview of Cheese Powder market"
The Cheese Powder market is estimated to reach more than US$ 1.6 Bn by 2027, likely to grow with a CAGR of 6.8 % during the forecast period
The global cheese powder market is estimated to grow at a significant growth rate during the forecast period. Rising adoption of fast and convenience food, rapid modernization in emerging economies, and nutritional benefits offered by cheese powder are driving the demand for cheese powder during the forecast period.
Advantages Associated with Consumption of Cheese Powder is Likely to Fuel the Growth of Global Market
The major factor driving the growth of global cheese powder market is the health benefits offered by these ingredients. The cheese powder is a rich source of high nutrition including vitamins and protein and offers low calorie which is expected to boost the demand of these ingredients across the globe. Also, manufacturers are engaged in developing customized flavours with attractive packaging and better quality intended to increase their customer base is anticipated to poise a positive impact on market growth.
However, with rising awareness regarding environment protection and animal rights, consumers are shifting towards a vegan diet which might hamper the growth of cheese powder market at a minimal extent.
Cheddar Segment Dominates the Global Cheese Powder Market
On the basis of product type, the global market is dominated by cheddar cheese segment. The segment held significant market share in 2018. This is mainly due to the distinct flavour, taste, and aroma of cheddar cheese. Rising demand for premium and speciality flavours in developed countries such as Europe and North America is fuelling the growth of the segment.
Moreover, the manufacturers are continuously launching different flavours in cheddar cheese, ranging from savoury, buttery, and sweet flavours. The cheddar cheese also offers a longer shelf life which is resulting in rising demand from grocery and retail stores. These factors are anticipated to create ample opportunity for cheddar cheese segment.
Snack Segment held Significant Market Share in Global Cheese Powder Market
Based on the application, the snack segment has registered the highest sale since the last few years. This is mainly due to growth in income per capita and changing lifestyle in emerging economies. Snack as a replacement of meal has become a major trend in major economies which is expected to create new opportunities for the growth of the segment. A major portion of the young population consumes snacks on a daily basis which is resulting in increasing sales of snacks containing cheese powder such as hummus, protein bars, and yogurt.
Furthermore, ready to eat segment is expected to show robust growth in the coming years. The growth of the segment can be attributed to the rising number of the working population and busy lifestyles across the globe.
North America held a significant share in Global Cheese Powder Market 2018
In terms of region, North America is anticipated to be the dominant region by holding significant market share throughout the forecast period. Europe is the second-largest market in terms of volume and value. Europe and North America have registered the highest consumption of cheese-based products.
In Europe, diet and low sugar consumption have become a major trend. Almost 20 % of European prefer low fat and sugar content in their everyday meal. Also, the rising number of lactose cases in the region is encouraging the manufacturers to product more cheese products to provide a healthy lifestyle to the population affected from lactose intolerance. This is expected to propel the growth of the region.
The Asia Pacific is projected to gain traction in the coming years owing to rising disposal income in emerging economies including China, India, and Japan.
Key players are adopting Strategies of Merger & Acquisitions to gain Competitive Advantage During the Forecast Period
The global Cheese Powder market is fragmented with several local and global players. The companies are highly engaged in strengthening their market position by adopting different strategies such and product innovation, new product launch, partnership with industry giants, expansion of manufacturing facilities, and strategic mergers & acquisition. Some of the instances are stated below.
In July 2018, GO Cheese, a subsidiary of Parag Milk Foods announced that they are planning to expand their product line with the launch of several flavours in their existing cheese products.
In October 2019, Wensleydale Dairy Products announced the launch of a selection of cheeses partnering with Yorkshire Butter following. The company also stated that the new product line will be introduced in early 2020.
Some of the prominent companies operating in the global Cheese Powder market include DairiConcepts, L.P, Land O' Lakes, Inc., Kanegrade Limited, Kerry Group, Commercial Creamery Company, Kraft Heinz Company, All American Foods, ADM, Aarkay Food Products Ltd., and Lactosan A/S.
Global Cheese Powder Market by Cheese Type
- Blue Cheese
Global Cheese Powder Market by Application
- Ready to Eat
- Bakery & Confectionery
- Dips/Dressings/Dry Mix/Sauces
Global Cheese Powder Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America