Cheese Powder Sales Soar as More Consumers Prefer Convenience Foods Amid COVID-19 Pandemic, Finds a New FMI Study
Moreover, manufacturers are focusing on exploring novel ingredients to create new flavor profiles and product offerings.
The global cheese powder market is on a positive growth trajectory and is forecasted to exhibit a steady CAGR of 7.3% during the forecast period (2020-2029), according to a market study by Future Market Insights (FMI). Factors predominantly fueling the growth are increasing demand for ready-to-eat (RTE) and ready-to-cook (RTC) food products among consumers.
However, the market growth is facing an adversary on the back of increasing the prices of raw materials required for manufacturing these chemicals. Furthermore, the COVID-19 outbreak has led to supply chain disruptions and workforce shortages, which is resulting in limited production.
“With governments across the world implementing travel restrictions, the import and export activities have also taken a hit. Global cheese powder market will thus face obstacles till the situation on the financial front completely recover,” says the report.
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Cheddar cheese segment holds the lion’s share in terms of market value, backed by high adoption in end-use industries
Parmesean cheese segment to register remarkable growth and is expected to account for a respectable share in overall market value on the back of its authentic flavor, making it ideal for soups, sauces and dressing industries.
Snacks industry will remain the leading end-use industry on the back of high adoption in the segment
Bakery & confectionery industry is anticipated to register higher growth than other end-use industries.
Asia Pacific is expected to persist dominance as the leading region for the cheese powder market, owing to the rapidly growing fast-food industry and changing dietary preferences of people in countries such as China and India. Furthermore, the market growth is driven by rising demographics, busy lifestyles, and growing technology access in the region.
North America and Europe will collectively account for a notable share in the global cheese powder market, owing to high consumer demand for healthy food products in these regions.
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Increasing consumption of baked savory goods and sweet and savory snacks is giving a boost to the market. Additionally, usage of cheese powder as an ingredient in other food processing industries is increasing. However, owing to the COVID-19 outbreak, it is expected that the market will witness a sharp decline in consumer demand. The low trend is expected to persist in the upcoming quarters.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
Products covered: Cheddar, parmesan, and mozzarella
Applications covered: Bakery & confectionery, sweet & savory snacks, sauces, dressings, dips & condiments, and ready meals
Regions covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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