ALBANY, NY
The global cheese market is expanding faster than ever. A new report from Transparency Market Research suggests that the demand for cheese will grow to $118.44 billion by 2019 from $72.45 billion in 2012, a 7.3% increase in compound annual growth rate, according to a press release.
The fast food industry and the high nutritional value of cheese are heavily contributing to this growth. The report suggests that while the perishable nature of cheese and government regulations are major growth barriers to the market, product innovation “provides a huge opportunity for market players.”
These market players include Europe, which accounted for 38.8% of global demand in 2012, and North America, contributing 32.7% of global demand in the same year. Asian countries such as Japan, India, and China are expected to become a part of this growing market with an estimated CAGR of 7.9% from 2013 to 2019. The report cites consumer preference to cheesy cuisine, rising disposable income, and population as the major factors contributing to the growth of cheese in this region.
Regionally, the U.S. is the largest market with an expected growth rate of 7.5% from 2013 to 2019 as consumers trend more toward cheesy ethnic cuisines such as Mexican and Italian. France follows soon afterward. The report also suggests that Brazil, Italy, and Argentina provide the biggest market opportunities.
To see the full report, check out the link below for more details.
Global Cheese Market Research
