Increasing Demand for Fast Food & Convenience Food Driving the Cheese Ingredients Market
The growth of the cheese ingredients market is proportionally dependent upon the growth of the cheese industry. The market is driven by increase in demand for cheese as a key ingredient in the fast food industry. Furthermore, factors such as rapid growth in the fast food industry are expected to increase the demand for cheese, subsequently increasing the demand for cheese ingredients.
The global cheese ingredients market is projected to reach USD 102.14 Billion by 2022, in terms of value, at a CAGR of 3.24% from USD 87.08 Billion in 2017.
Some key players in Cheese ingredients Market are >>
- Chr. Hansen Holding (Denmark)
- Fonterra (New Zealand)
- DuPont (US)
- DSM (Netherlands)
- ADM (US)
- Sacco s.r.l. (Italy)
Cheese Ingredients Market by Cheese Type (Natural (Cheddar, Parmesan, Mozzarella, Gouda), Processed), Ingredient (Milk (Fresh Milk, Powdered Milk, Milk Cream), Cultures, Enzymes (Rennet, Lipase), Additives), and Region - Global Forecast to 2022
The natural cheese segment dominated this market in 2016 due to its popularity in the North American and European regions owing to the rise in health awareness among consumers. Furthermore, among the types of natural cheese, the demand for mozzarella cheese is expected to grow in North America owing to growing popularity of Italian dishes such as pizza. This, in turn, is expected to increase the demand for cheese ingredients.
By ingredient, the milk segment covered the largest market share as it is a key component required for cheese making. The enzymes segment is expected to grow at the highest rate, in terms of volume, owing to increased consumer awareness about health benefits of enzyme-modified cheese.
Asia Pacific is the fastest-growing cheese ingredients market owing to the increase in cheese production in the region. The demand for cheese is expected to increase in this region due to the impact of western dietary habits, rise in disposable income levels, and changes in lifestyles in countries such as China and India.
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