The global cheese market size is projected to reach USD 155.49 billion by 2027, exhibiting a CAGR of 3.7% during the forecast period. The emergence of vegan cheese products will play an instrumental role in the development of this market, observes Fortune Business Insights™ in its report, titled “Cheese Market Size, Share & COVID-19 Impact Analysis, By Source (Animal-based and Plant-based), Product Type (Cheddar, Mozzarella, Parmesan, Feta, and Others), Type (Processed, Natural, Block, Spreadable, and Hard and Soft Cheese), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027”. With consumer food preferences steadily shifting towards vegan food products, several vegan cheese brands are gaining traction in this industry. For example, New York-based Treeline Cheese makes 100% dairy-free probiotic cheese varieties. Another such company is Dr. Cow, a vegan cheese company based in New York, that makes raw, organic, and non-GMO cheeses from Indonesian cashew nuts, Brazilian, or Macadamia nuts. Similarly, California-based Miyoko’s Kitchen makes handcrafted vegan cheese items that are gluten-free and consist of organic ingredients such as coconut oil and nuts. Thus, the growing availability of natural cheese varieties is expected to broaden market horizons in the coming years.
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Potential Benefits of Cheese for Diabetics to Create New Opportunities
Cheese offers many health advantages to people with diabetes as it contains not only fats but also proteins and calcium. Proteins, for instance, are critical in balancing the blood glucose spikes that diabetics often experience after eating fatty foods. Most cheeses have a healthy amount of proteins and almost no carbohydrates. For example, 1 ounce of parmesan cheese contains 10 grams of proteins, while cheddar consists of 7 grams.
Moreover, academic research has shown that a balanced intake of cheese daily can lower the risk of developing type2 diabetes. For example, a study published in the American Journal of Clinical Nutrition in 2012 revealed that eating two cheese slices per day can reduce the risk of diabetes by 12%. A more recent study conducted by the University of Alberta in Canada in 2019 found that eating regular or low-fat cheeses can aid in regulating blood sugar levels and improve insulin sensitivity. Thus, as awareness about the benefits of cheese for diabetics spreads, its consumption is likely to remain high for the foreseeable future.
As per the report findings, the global market value stood at USD 118.36 billion in 2019. The salient highlights of the report include:
- Tangible insights into the market drivers, trends, and restraints;
- Precise computation of relevant market values and figures;
- Granular analysis of the different market segments; and
- A comprehensive evaluation of the regional dynamics & competitive landscape of the market.
North America to Showcase Excellent Growth Trajectory; Europe to Dominate Market Share
The North American cheese market is expected to expand and grow at a considerable CAGR during the forecast period owing to the surging demand for clean-label and sustainable dairy products. Consumer inclination towards safer, natural, and healthier food products over the past few years has impelled companies in the region to develop natural food products, which is feeding the regional market growth. In 2019, the region’s market size stood at USD 29.08 billion.
Europe, however, is anticipated to dominate the cheese market share in the forthcoming years due to the well-entrenched foodservice industry in the region. Moreover, increasing consumption of processed cheese and growing demand for vegan milk products will further boost the market prospects in the region. In Asia Pacific, rising disposable incomes and spreading awareness about the health benefits of cheese will propel the market in the coming years.
Expanding Consumer Access to Novel Cheese Products to be the End Goal for Key Players
Leading companies in the cheese industry are leveraging their distribution channels to improve and expand consumer access to their innovations. To attain this goal, key players are making strategic investments and partnering with retail outlets to strengthen the visibility of their products and thus cement their position in the market.
Key Industry Developments:
- August 2020: West Australia-based Brownes Dairy announced the production of cheddar cheese from fresh milk procured from dairy farmers in Western Australia. This move will make Brownes the only dairy company in West Australia to make traditional cheddar cheese from local milk in 14 years.
- February 2020: California-based Miyoko’s Creamery introduced the Cultured Vegan Pizza Mozz, its newest plant-based mozzarella cheese product. The new cheese looks and tastes like its regular counterpart and can be used in Italian-style dishes, steak sandwiches, lasagnas, and pizzas.
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