According to Future Market Insights (FMI), the processed cheese market will reach nearly $11.1 billion by 2022. Snacking cheese options are becoming increasingly popular. As a result, many cheese processors have begun to introduce cheese products that are suitable for on-the-go snacking. Consumers are increasingly purchasing high-protein, low-carb snacks made with simple, high-quality ingredients. Within the cheese industry, the snacking trend is combining with another trend: the desire for flavor variety and adventure.
According to data from Future Market Insights, the processed cheese market is expected to grow at a CAGR of 3.8% during the forecast period. The market value is expected to grow from USD 15.9 billion in 2022 to USD 23.2 billion in 2032.
Cream cheese spreads, for example, come in a variety of flavors, including Original, Aged Cheddar, Seriously Strawberry, and Very Veggie. Processed cheese is popular with kids because of its creamy texture and mild flavor. Additionally, some younger consumers are avoiding real cheese in favor of dairy-free alternatives.
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Consumers who identify as flexitarians are largely responsible for the overall growth of the vegan movement. These consumers are trying to consume fewer animal products rather than eliminating them completely. Nut-free cheese substitutes are now available in some stores, made from legumes and cultivated oats.
Key Takeaways from the Market Research
- North American Processed Cheese Market Expected to Register a CAGR of 1.8% Between 2022 and 2032
- The demand for processed cheese is expected to grow at a CAGR of 2.0% between 2022 and 2031.
- The Japanese processed cheese market will grow at a CAGR of 1.6% between 2022 and 2032. The Indian processed cheese market will grow at a CAGR of 2.7% between 2022 and 2032.
- Based on the form, the spreadable cheese segment is expected to witness the fastest growth during the forecast period.
“The need to create new cheese products has led to a demand for more intriguing flavors. Today’s consumers want bolder flavors and more detailed brand names. At the same time, the cheeses used in specific products are becoming more specific and personalized. Therefore, major players are likely to capitalize on this existing trend to increase their revenues.” said a senior IMF analyst.
Who wins?
Some of the major companies offering processed cheese are Koninklijke FrieslandCampina NV, Gilman Cheese Corporation, Arla Foods Amba, Almarai Company, Fonterra Co-operative Group Limited, Groupe Lactalis SA, Associated Milk Producers, Rumiano Cheese Co, AMUL, Sargento Foods, Inc., Molkerei Ammerland Eg, Hilmar Cheese Company, Inc., Savencia SA, Le Groupe Bel, Kraft Heinz, Megmilk Snow Brand Co Ltd., Rokko Butter, Modern Mashrek and others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the processed cheese market featuring historical demand data (2017-2021) and forecast statistics for the period 2022-2032.
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The study reveals compelling insights into the processed cheese market based on type (blue cheese, brick cheese, camembert cheese, cheddar cheese, cottage cheese, cream cheese, mozzarella cheese, romano cheese, swiss cheese, and other processed cheeses), shape (cheese blocks, triangle, rectangle, circle, square, cheese slice, spreadable cheese, and spray cheese), milk source (cow milk, goat milk, and sheep milk), end use (retail/household, HoReCa, and F&B industry), distribution channel (B2B and B2C), and across seven major regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, and a member of the Greater New York Chamber of Commerce) offers in-depth insights into the drivers that drive market demand. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the packaging, food and beverage, consumer technology, healthcare, industrial, and chemicals markets. With an extensive team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on various industry domains and trends in over 110 countries.
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