Strong demand in emerging economies of Asia Pacific and Latin America is driving the global cheese market. Soft cheese is gaining adoption at a quick pace provided a much-needed impetus to global demand. In the next five years, demand for cheese in developed regions is expected to remain steady, whereas developing regions are expected to offer new growth opportunities to vendors. A number of trends are currently sweeping the global cheese market, such as consumer preference for natural cheese over processed cheese. Let’s take a look at 5 key trends that are expected to shape the global cheese market in the future.
- Transition from Processed Cheese to Natural Cheese in Developed Countries
The demand for processed cheese in developed countries is witnessing a decline in developed countries. The impact of health and wellness can be seen across a wide range of industries – from stevia to natural food colours, consumer preference and demand has forced the food processing industry to adapt.
Awareness on cheese’s high calorie content, coupled with the growing backlash against the fast food industry is denting processed cheese demand; however, the silver lining for vendors is that consumers are not shunning cheese altogether; instead, they are replacing processed cheese with natural variants.
Preference for natural cheese over processed cheese is currently more pronounced in developed countries. Owing to relatively higher cost of natural cheese, low income families, especially those in developing regions, are sticking with processed cheese for now. Lack of awareness and limited range of products containing natural cheese are supporting demand for processed cheese as of now; however, as disposable income and awareness increase, further decline is expected in the sales of processed cheese.
- Growing Overall Demand in Emerging Economies
Brazil, China, and India are counted among the fastest growing economies in the world. The socio-economic conditions in these countries have made them a lucrative market for global multinational companies. One of the most striking aspects of these emerging nations is their high population – offering a plethora of opportunities to global companies. For example, India and China collectively have more than 2 billion consumers.
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Years of economic development has led to the emergence of a strong middle class in these countries. Influence of western lifestyle and mushrooming fast food restaurants in these emerging nations has ensured a steady supply for cheese. The importance of developing regions in the global cheese market can be gauged from the fact that after the US, the second-highest demand for cheese came from Brazil.
Key players in the cheese market are looking to consolidate their position in emerging economies through mergers and acquisitions and strengthening of existing distribution networks.
- Britain’s School Food Plan Can Impede Revenues in the Country
Britain has remained a key cheese market; however, the ‘School Food Plan’ of the government is anticipated to impede sales. The plan currently is aimed at children in the age group 5-7 years; however, there are plans to include children up to the age of 11, which can hurt the interests of not only UK’s local cheese industry, but also multinational players.
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The key players operating in the global cheese market, including North Downs Dairy Co, Crystal Farms Cabot Creamery Cooperative, Inc., Danone, Kraft Foods, Inc, Leprino Foods Company, Arla Foods, Dairy Crest Group, Plc, Inc., Tillamook County Creamery Association, Specialty Cheese Co, Inc. and Valio Ltd. are looking at the developments in the cheese market closely.