The global cheese market sizeis projected to reach US$155.49 billion (AU$210 billion) 2027, exhibiting aCAGR of 3.7% during the forecast period, a report found.
The emergence of vegan cheeseproducts will play an instrumental role in the development of this market,observes Fortune Business Insights in its report.
With consumer food preferencesshifting towards vegan food products, several vegan cheese brands are gainingtraction in this industry particularly in the North American market. Forexample, New York-based Treeline Cheese makes 100% dairy-free probiotic cheesevarieties. Another such company is Dr. Cow, a vegan cheese company based in NewYork that makes raw, organic and non-GMO cheeses from Indonesian cashew nuts,Brazilian nuts or Macadamia nuts.
Regional insights
The North American cheesemarket is expected to expand and grow at a considerable CAGR during theforecast period owing to the surging demand for clean-label and sustainabledairy products. Consumer inclination towards safer, natural and healthier foodproducts over the past few years has impelled companies in the region todevelop natural food products, which is feeding the regional market growth. In2019, the region’s market size stood at US$29.08 billion.
Europe, however, isanticipated to dominate the cheese market share in the forthcoming years due tothe well-entrenched foodservice industry in the region. Moreover, increasingconsumption of processed cheese and growing demand for vegan milk products willfurther boost the market prospects in the region. In Asia–Pacific, risingdisposable incomes and spreading awareness about the health benefits of cheesewill propel the market in the coming years.
Market driver
A market driver of the cheesesector has and will continue to be the potential benefits of cheese fordiabetics, Fortune Business Insights said.
Cheese is claimed to offerhealth advantages to people with diabetes as it contains not only fats but alsoproteins and calcium. Proteins, for instance, are critical in balancing theblood glucose spikes that diabetics often experience after eating fatty foods.Most cheeses have a healthy amount of proteins and almost no carbohydrates. Forexample, 28 g of parmesan cheese contains 10 g of proteins, while cheddarconsists of 7 g.
Moreover, academic researchhas shown that a balanced intake of cheese daily can lower the risk ofdeveloping type 2 diabetes.
For example, a study publishedin the American Journal of Clinical Nutrition in 2012 revealed that eating twocheese slices per day can reduce the risk of diabetes by 12%.
A more recent study conductedby the University of Alberta in Canada in 2019 found that eating regular orlow-fat cheeses can aid in regulating blood sugar levels and improve insulinsensitivity. Thus, as awareness about the benefits of cheese for diabeticsspreads, its consumption is likely to remain high for the foreseeable future.
Competitive landscape
Leading companies in thecheese industry are leveraging their distribution channels to improve andexpand consumer access to their innovations.
For example, in August 2020,West Australia-based Brownes Dairy announced the production of cheddar cheesefrom fresh milk procured from dairy farmers in Western Australia. This move isclaimed to make Brownes the only dairy company in West Australia to maketraditional cheddar cheese from local milk in 14 years.