The demand in the global cheese power market will expand at a notable CAGR of 7.3% during the forecast period of 2017 to 2024, according to a fresh commerce and business study by Transparency Market Research (TMR). Regarding the competitive landscape, the TMR report has detected that the market for cheese powder is consolidated in nature with four companies, viz. Archer Daniels Midland Company, Lactosan A/S, All American Foods, and Land O’ Lakes, holding a position of strength with widespread reach and diversified product portfolio.
As per the evaluations of the TMR report, the global cheese power market had an opportunity worth of US$256.1 mn in 2015, which will swell up to US$481.0 mn by the end of the forecast period, which is 2024. In the near future, the vendors of this market will concentrate on expanding their geographical outreach as well as invest on attractive packaging methods to gain ground over their competitors.
Based on product type, the global cheese powder market gains maximum demand for cheddar cheese powder, significantly more than other segments of parmesan, mozzarella, blue, and others such as Gouda cheese powder and American cheese powder. Escalating demand for convenience food items is the primary driver of this segment. Application-wise, sauces and dips account for the maximum demand in the global cheese powder market, followed by sweet and savory snacks. Region-wise, the report picks out North America and Europe as most lucrative regions, while Asia Pacific cheese powder market is expected to turn lucrative towards the end of the forecast period as the popularity of these cheese products spreads. APAC region houses two of the most promising emerging economies in India and China, which are home for the most prominent chunk of population of the world. Vendors concentrating on this regional market are expected to stay ahead of the curve.
Changing Food Habits of Urban Population Driving Demand
Increasing demand for convenience food, growth of the fast food industry, increase in consumer spending, rapid rise of urban population wherein disposable income has increased at the same time when restless lifestyle has prevailed are some of the key factors augmenting the demand in the global cheese powder market. Apart from these, increased shelf-life of cheese power has also helped its adoption by a number of packaged food producers. Rising awareness regarding the health benefits of cheese powder and rapidly growing market for processed and packaged food in emerging economies are some of new opportunities in the global cheese powder market. Urban population now lack the time to prepare elaborate meals themselves using conventional methods, increasing the dependency on packaged food items that offer quick and easy meal options. The growing in the number of working women, increasing per capita income of urban populations, and changing food habits are spiking the demand for cheese powder as these same factors have lured in a widening consumer base that is increasingly spending on readymade meals. In addition to that, low cost of production of cheese powder due to the availability of raw material on a large scale has also boosted the growth of the overall market.
Obesity Concerns Restricting Market's Prosperity
It is a well-known fact that consistent consumption of cheese can lead to obesity, which can cause high cholesterol and heart problems. While the demand for cheese powder has been increasing consistently, the market is facing restrictions from the volatile economic conditions in developed and underdeveloped countries. In addition to that, the relatively low per capita income of consumers in emerging economies, poor business conditions, and unstable security conditions some of the other restraints hampering the growth of the global cheese powder market.
The information presented in this review is based on a Transparency Market Research report, titled, “Cheese Powder Market (Type - Parmesan, Cheddar, Mozzarella, and Blue; Application - Sauces and Dips, Sweet and Savory Snacks, and Bakery and Confectionery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Key Segments of the Global Cheese Powder Market
Global Cheese Powder Market, by Types
Global Cheese Powder Market, by Application
- Sauces and Dips
- Sweet and Savory Snacks
- Bakery and Confectionery
Global Cheese Powder Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
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