DUBLIN, Oct. 11, 2021 /PRNewswire/ -- The "Parmesan Cheese - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Parmesan Cheese estimated at US$15.8 Billion in the year 2020, is projected to reach a revised size of US$18.4 Billion by 2026, growing at a CAGR of 2.7% over the analysis period.
The U.S. Market is Estimated at $4 Billion in 2021, While China is Forecast to Reach $1.3 Billion by 2026
The Parmesan Cheese market in the U.S. is estimated at US$4 Billion in the year 2021. The country currently accounts for a 25.51% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the close of the analysis period.
The market is receiving a major growth stimulus from rising demand for cheese and associated products propelled by confluence of a number of favourable factors such as rising consumer demand for fast food and convenience foods along with changing lifestyles and diverse product offerings.
The market is driven by increasing uptake of parmesan cheese among people seeking ready-to-eat meals offering specific cheese flavors. Parmesan cheese is broadly used in sweet and savory snacks, with the market receiving strong impetus from considerable growth exhibited by the segment. In addition, ongoing efforts by companies to introduce new and innovative products are anticipated to present attractive growth opportunities.
Rising cheese consumption due to changing consumer preferences and tastes continues to be a primary driver for the parmesan cheese market. People with hectic lifestyles and no time for home-cooking are increasingly looking for convenient, tasty foods. The demand is significantly benefitting various taste enhancers including butter, cheese and other toppings.
In addition, rising consumer demand and preference for specific cheese-based products is also prompting various manufacturers in the food & beverage industry to consider cheese in line with consumer needs. The parmesan cheese market is further gaining from increasing consumption of packaged cheese products, which can be attributed to their immense popularity along with extended shelf-life of parmesan cheese.
Another prominent factor favoring the market growth is increasing consumption of parmesan cheese on account of introduction of new cheese-based snacks and bakery products. Parmesan cheese is anticipated to gain from increasing consumer demand for premium cheese products.
Factors including increasing disposable income coupled with strong focus of people on health have enabled high-end food items to garner considerable attention in the recent years. In addition, rising incident of lifestyle diseases along with increasing consumer awareness about factors associated with these conditions are prompting people to spend on high-end healthy products including parmesan cheese. The trend is poised to continue driving global demand for parmesan cheese in the coming years.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- COVID-19 Ripples Prompt Cheese Producers & Clients to Shift Gears for Survival
- Companies Catering to Food Service Outlets Shift Gears for Resilience
- Italy's Parmigiano Reggiano Rides High on COVID-19 Storm & Posts Record Production
- COVID-19-Driven Spurt in Dry Ice Demand Threatens Participants in Cheese Market
- Dairy Products: An Overview
- Cheese: An Important Segment of the Dairy Products Industry
- Select Stats
- An Evolution Scan of Cheese
- Cultural Influences on Cheese Consumption Patterns
- Parmesan Cheese: A Popular Cheese with Intriguing Nutritional Qualities
- Outlook: Favorable Consumption Dynamics Augurs Well for Packaged Parmesan Cheese Market
- Price Outlook
- Italy: The Home to Parmigiano-Reggiano Cheese
- Parmigiano Reggiano Exports
- Parmesan Cheese Outside Italy
2. FOCUS ON SELECT PLAYERS (Total 59 Featured)
- Aar Kay Food Products Ltd.
- All American Foods
- Archer Daniels Midland Company
- BelGioioso Cheese Inc.
- Bluegrass Dairy and Food, Inc.
- Commercial Creamery Company
- Cora Brand Products
- Dairiconcepts, L.P.
- Kane grade Limited
- Kerry Group PLC
- Lactosan A/S
- Organic Valley
- Panos Brands LLC
- Saputo Inc.
- The Kraft Heinz Company
3. MARKET TRENDS & DRIVERS
- Consumer Interest in Authentic, Premium Food Ingredients Drives Consumption of Parmesan Cheese
- Industry Witnesses Rise in Consumption of Cheese Powder
- Expansion of Quick Service Restaurants Augurs Well for Market Growth
- Global Fast Food & Quick Service Restaurant Market Size (in US$ Billion) for 2019, 2022 & 2025
- Dynamics of Foodservice Outlets and Restaurants Augment Market Prospects
- Changing Food Habits and Trend towards Eat-Out Bodes Well
- Rise in Online Food Delivery Services also Support Growth
- On-the Go Snacking Trend Supports Growth
- Innovative Packaging and Target Based Promotions to Drive Dairy Products Demand
- Parmesan Cheese Faces Competition From Other Substitutes
- Macro Trends Impacting Growth
- Expanding Middle Class Population in Emerging Markets Offer Increased Growth Prospects
- Expanding Urban Population Spurs Growth
4. GLOBAL MARKET PERSPECTIVE
- World Current & Future Analysis for Parmesan Cheese by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
- World Historic Review for Parmesan Cheese by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR
- World 15-Year Perspective for Parmesan Cheese by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2012, 2021 & 2027
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/idtuk3
Research and Markets
Laura Wood, Senior Manager
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