ALBANY, New York, Oct. 25, 2017 (GLOBE NEWSWIRE) -- The global cheese powder market demonstrates an extremely competitive business landscape, thanks to the presence of a large pool of players in this market, states a new research study by Transparency Market Research (TMR). Hitherto, the leading players, such as Kraft Heinz, Kerry, Thornico, Dairy Farmers of America, Land O'Lakes, Bluegrass Dairy & Food, All American Foods, Aarkay Food Products, Kanegrade, and Archer-Daniels-Midland, have been competing on the basis of product innovation by adding flavors and nutritional value to their products.
Going forward, they are likely to focus on expanding their regional reach by collaborating with domestic players and distributors in various regions over the next few years, states the research study.
Global Cheese Powder Market to Rise 13.70% between 2017 and 2022
“With the increasing preference for ready-to-eat meals, on account of the hectic lifestyles of consumers with no room to cook a proper meal, the demand for cheese powder, as an alternative to nutritional substances present in freshly cooked food, is witnessing a high-paced increase, which, consequently, is influencing the growth of the global market for cheese powder,” says a researcher at TMR. The rising preference for convenience food and the augmenting urban population are also propelling this market substantially across the world.
As per TMR’s observations, the global market for cheese powder is anticipated to reach a value of US$355.9 mn by 2017. Further, the market is projected to report a healthy rise at a CAGR of 13.70% over the period from 2017 to 2022 to offer an opportunity of US$677 mn by the end of the forecast period. On the whole, the future of this market looks flourishing; however, the concerns regarding obesity caused by cheese may hamper the market’s growth in the years to come, notes the research study.
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Increasing Preference for Convenience Food Products to Raise Demand for Cheddar Cheese
According to the research report, the demand for cheddar cheese powder is higher than other types of cheese powders. With the increasing preference for convenience food items across the world, researchers anticipate the cheddar cheese segment to remain on the top over the forthcoming years. Sauces dips, dressings, and condiments have surfaced as the leading application areas of cheese powder and are expected to continue being so in the years to come.
The research study also provides a regional evaluation of the global market for cheese powder. As per the report, North America, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Latin America, Europe, and Japan are the main regional markets for cheese powder solutions across the world.
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Currently, North America leads the worldwide market for cheese powder, thanks to the rising preference for convenience food among consumers. With a CAGR of 12.70% during the period of 2017–2022, this regional market is anticipated to continue to lead in the near future. The cheese powder markets in Europe and Asia Pacific excluding Japan are also projected to display a high growth rate over the next few years, reports the market study.
The review is based on a report by Transparency Market Research (TMR), titled “Cheese Powder Market (Product Type - Swiss, Cheddar, Mozzarella, Parmesan, and Blue; End User - Industrial and Individual; Application - Bakery and Confectionery, Sweet and Savory Snacks, Sauces, Dressings, Dips, and Condiments, and Ready Meals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017–2022.”
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