Supermarket Perimeter - February 2024 - 50
Cheese
A look
ahead
By Andy Nelson
THE SIZE OF THE WORLD CHEESE MARKET is estimated to increase
by $39.1 billion from 2022 to 2027, according to a new report from
Technavio.
The market's growth momentum will progress at a CAGR of 4.5%
during the forecast period, and the growth will be driven by the surging
adoption of cheese products in different cuisines.
" There has been an increasing preference for cheese among various
households, and it is used in different forms ranging from sliced cheese
for sandwiches to shredded cheese for pizza toppings and grated
cheese for pasta dishes, " according to Technavio.
Additionally, there is an increase in the consumption of cheese
globally. As cheese is more available in different forms, it's increasingly
used in a variety of culinary preparations.
" The main advantage of cheese is that it can be melted, grated, sliced,
and crumbled so as to create a variety of textures and presentations, "
according to the report. " Such factors are expected to drive the cheese
market during the forecast period. "
The market is fragmented, and the degree of fragmentation will
accelerate during the forecast period, according to the report.
To thrive, competitors will need to focus on differentiating their
product offerings with unique value propositions to strengthen
their foothold in the market. Market vendors also have to leverage
the existing growth prospects in the fast-growing segments, while
maintaining their positions in the slow-growing segments.
Key Trends addressed in the report include:
* The increasing growth of online retailing is a key trend in the global
cheese market during the forecast period. The rise in Internet
penetration has fueled the growth of e-commerce enterprises across
the world.
* The increasing desire to shop more easily and with ease of purchasing,
attractive pricing, as well as personalized product offerings, are
significantly contributing to the growth of the online-retailing market.
* The emergence of online retailing has offered tremendous
opportunities for cheese product suppliers to maximize sales,
broaden customer reach, and improve the profitability of business
relationships with clients.
* Retailers can leverage these e-commerce platforms to improve
their product visibility across several geographical regions. Hence,
such factors are expected to drive the cheese market during the
forecast period.
The cheese market
is expected to enjoy
a 4.5% annual growth
rate for the next
several years.
50 - FEBRUARY 2024
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Supermarket Perimeter - February 2024
Table of Contents for the Digital Edition of Supermarket Perimeter - February 2024
Supermarket Perimeter - February 2024 - Intro
Supermarket Perimeter - February 2024 - 1
Supermarket Perimeter - February 2024 - 2
Supermarket Perimeter - February 2024 - 3
Supermarket Perimeter - February 2024 - 4
Supermarket Perimeter - February 2024 - 5
Supermarket Perimeter - February 2024 - 6
Supermarket Perimeter - February 2024 - 7
Supermarket Perimeter - February 2024 - 8
Supermarket Perimeter - February 2024 - 9
Supermarket Perimeter - February 2024 - 10
Supermarket Perimeter - February 2024 - 11
Supermarket Perimeter - February 2024 - 12
Supermarket Perimeter - February 2024 - 13
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