Cheese Market Overview, Emerging Trends, Growth Drivers, Top Companies, Key Segments, and Revenue Forecast – 2026
The global cheese market is estimated to be valued at USD 88.7 billion in 2021 and is projected to reach USD 105.9 billion by 2026, recording a CAGR of 3.6% during the forecast period. The global cheese market is witnessing a growth trend due to factors, such as developing economies, easy availability of cheese products, and growth in consumption of dairy products. Cheese and cheese powder have various applications in the food industry, such as bakery & confectionery; snacks & cereals; ready meals; and soups, sauces, & dips.
Cheese Market Drivers: Rising influence of western cuisines across the world
The rising influence of western cuisines, inflating disposable incomes, and introduction of a number of flavored cheese products, including pepper, garlic, red chili flakes, and oregano pickles, drives the cheese market. Although cheese is a staple in Western countries such as Europe and the US, its versatility enables it to cater to the different tastes and preferences of consumers globally.
The cuisines of Western countries are diverse, although there are common characteristics that distinguish them from those of other regions. There are hundreds of varieties of cheese and other fermented milk products used in Western cuisines. The effects of rapid westernization have led to the rising demand for cheese in countries other than Europe and the US. A sharp increase in consumer demand for packaged meals containing cheese and rising demand from the food processing industry are also propelling the market. In Asian countries, imports contributed more than 40% of overall cheese consumed in 2020. The rising demand in Asian countries, driven by rapid urbanization, will drive the growth of Asian cheese market.
Cheese Market Opportunities: Growth of the cheese market in emerging economies
Emerging economies such as the Asia Pacific and South America are expected to witness a stalwart rise in the demand for cheese. Cheese consumption per capita has risen rapidly in East Asia, driven by rising incomes, changes in food habits, and the spread of restaurant chains that use cheese as a key ingredient. The process of rapid urbanization in Asia, combined with the rise in household incomes and the increasing popularity of the Western lifestyle amongst the middle and high-income population, promote the cheese market. The increasing consumption of pizza and other European-style fast-foods appears as a fundamental consumer trend, particularly amongst young people. Thus, the cheese market in Asia is concentrated in large cities, where the average-high income segment of the population mainly lives. A sharp increase has been observed in consumer demand for packaged meals containing cheese. Moreover, tariff reductions and increased tariff-rate quotas have lowered cheese prices, boosting imports.
Growing Fast-Food Industry Promotes the Application of Cheese Powder in Sweet & Savory Snacks
Cheese powder is widely used in sweet & savory snacks to induce the cheesy flavor in them and provide a richer mouthfeel. In the savory snacks and sweets segment, cheese powder is majorly used in Mozzarella sticks, Nachos, popcorn, puffed snacks, and chips. The most popular brands that have cheese powder snacks are Cheetos, Burritos, McCain, and Venkys. Cheese powder offers better functionality and taste over other flavors and better convenience for use in a range of snack products. Consumers are now more inclined toward fast food and on-the-go products hence, led to an increase in the demand for snacks and fast foods, which has led the companies to think innovatively and proactively while making snacks products.
Europe is projected to reach USD 44.82 billion during the forecast period, with Germany being the leading market for cheese production and consumption.
In 2020, Europe accounted for a market share of 43.7% in the global cheese market. The European cheese industry is led by the Germany market. Germany is engaged in the production of most of the types of cheeses, including hard cheese, semi-hard cheese, semi-soft cheese, soft cheese, and fresh cheese. The high volume of cheese production and consumption can be attributed to the varied applications of cheese in ready meals, dips, dressings, and bakery products, which constitute a major chunk of German food.
Top Companies in the Cheese Market
Key players are investing in various R&D initiatives globally, which has led to the development of different and innovative cheese products. The key players in this market include Glanbia (Ireland), Saputo (Canada), Arla Foods (UK), BEL Group (France), Fonterra (New Zealand), FrieslandCampina (Netherlands), Dalter Alimentari Spa (Italy), The Kraft Heinz Company (US), Amul (India), DMK Deutsches Milchkontor GmbH (Germany), and Meiji Holdings (Japan).
Arla Foods (UK), Arla Foods is a cooperative company involved in the production of dairy products. The company is owned by 9,406 farmers with over 1.5 million cows at disposal. It manages its business through 4 segments— Europe, International, Arla Foods Ingredients, and global industry sales & other sales. Cheese products are offered across Europe, International, and global industry sales & other sales. The company offers cheese products through minor brands- Arla, Puck, Apetina, and Castello.
Glanbia (Ireland) is a global nutrition company that is engaged in the manufacture and sales of nutritional products. The company consists of performance and lifestyle nutrition brands, nutritional solutions, and dairy joint ventures. Glanbia operates through two major business segments- Glanbia performance nutrition and Glanbia Nutritionals. Cheese products are offered under the Glanbia Nutritionals segment.
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