There has been a shift in consumer preferences towards various types of nutrient and protein-rich foods that also promise healthy substitutes to everyday consumable products. Cheddar cheese is a multipurpose food product that has been used in the food industry in numerous applications.
The availability of cheddar cheese in the bakery sector and food product companies are increasing as a basic ingredient in most of the food preparations requiring cheese. This has boosted the demand for cheddar cheese in the global market. Increasing consumption of cheese in various types of cuisines is also anticipated to boost the overall production of cheddar cheese in the food industry.
Cheddar cheese is increasingly being preferred over natural cheese in several bakery and snack preparations. This has also led to increased consumption and hence production in the global market. Furthermore, growing consumer demand for cheese-based breakfast products is also expected to lead to a rise in the utilization of cheddar cheese in different breakfast products.
Study found that cheddar cheese fanatics are always experimenting with food and manufacturers are coming up with new varieties of food items. Moreover, the trend of fine gourmet, cuisine and luxury culinary items has inspired manufacturers to innovate their products in order to cater to the taste preferences of consumers. As a result, the development of block cheddar cheese is expected to trigger a mass demand for cheddar cheese especially in hotels, restaurants, and cafes. A growth in the demand for gourmet and artisanal cheese products is a key factor which is likely to boost the cheddar cheese market in the long run. The expansion of online and retail outlets resulting in the easy obtainability of cheddar cheese is anticipated to create lucrative opportunities for manufacturers in the coming years.
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Europe and North America markets are moving towards a saturation point, so manufacturers of cheddar cheese are looking for regions that will present them with versatile opportunities in the future. The growing cheddar cheese market in Latin America will open a plethora of opportunities for market players to capitalize on. Europe is the largest consumer of cheese in the world. Several varieties of cheese are available in the region and the application of cheddar cheese is also widespread in the food industry in Europe.
Asia Pacific Excluding Japan (APEJ) is the third largest consumer of cheddar cheese and related products in the world. With the growing acceptance of western culture in the region, the food habits and taste preferences of people are also increasing at an extensive rate. In spite of the growing disposable income of people in the region, consumers still look for inexpensive food options. As a result, the demand for cheddar cheese is increasing in several countries in APEJ.
The study also found that Japan is slowly emerging as one of the lucrative markets for cheddar cheese with the trend of mild snacking increasing in the region. Moreover, with the trend of drinking gaining traction in Japan, having light snacks especially cheddar cheese has increased considerably as a home trend. Middle East and Africa is anticipated to present manufacturers of cheddar cheese with new and lucrative growth prospects. As the governments in these regions are looking forward to generate revenue from other sources apart from oil reserves, a variety of industries are emerging as highly profitable options. For instance, in September 2019, Arla Foods a Scandinavian dairy products company will scale up its commitment to develop a sustainable dairy sector in Nigeria.
This study underlines key opportunities in the cheddar cheese market and finds that the market would exhibit growth at a value CAGR of – 3 per cent during the forecast period.