ALBANY, N.Y.Driven by consumer demand for more nutritional cheese and increased sales from the fast-food segment, global cheese sales are expected to grow from $72.5 billion in 2012 to $118.44 billion by 2019, according to a new report from Transparency Market Research. In terms of revenue, the global cheese market is on track to grown at a CAGR of 7.3% from 2013 to 2019.
According to the Cheese (American, Italian, Hard, Soft, Fresh and Others) MarketGlobal Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 2019" report, perishable nature of cheese and stringent government regulations are the major growth barriers to the market. However, product innovation provides a huge opportunity for the market players.
In 2012, the global cheese market by product type was dominated by Italian cheese that accounted for 40.5% of the overall share, followed by other types of cheese that accounted for 27.7% of the market share, respectively. Soft cheese, which contains considerable quantity of vitamin D and calcium good for keeping bones healthy is expected to grow at a CAGR of 7.2% from 2013 to 2019. Fresh cheese, due to their nutritional qualities, unique taste and increasing health consciousness among consumers, is expected to grow at a rate of 7% from 2013 to 2019.
Europe accounted for 39% of global cheese demand in 2012, followed by North America at 33%. The report estimates that Asia Pacific will be the fastest-growing market with an estimated CAGR of 7.9% from 2013 to 2019. Increasing consumer preference toward cheesy cuisine, rising disposable income and population are the major factors contributing to the growth of cheese in the region, particularly Japan, India and China.
At a regional level, the United States is the largest market for cheese followed by France. U.S. cheese sales are 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 the region. The report also notes there will large market opportunities in Brazil, Italy and Argentina between now and 2019.