The global cheese powder market was valued at USD 1.24 million in 2020 and is expected to grow at a CAGR of 7.2% during the forecast period. The rising consumer demand for ready-to-eat (RTE) and ready-to-cook (RTC) food items is anticipated to drive the growth of the global market.
Improved shelf-life, ease of handling, and easy storage of cheese powder will further drive the industry growth over the forecast period. The rapid growth of the fast-food industry, speedy urbanization, rising consumer spending, and increased consumer standard of living are few other factors that drive the market forward.
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The surging use of cheese powder as a significant component in hotels and restaurants and the food processing industry is anticipated to boost the market growth. Rising consumer demand for baked savory items and sweet and savory snacks will further fuel the development of the global market.
Cheese powder has various applications in the food and beverage industry. They are increasingly used in the baking industry, and they are also used to prepare sauces and dips. The addition of cheese powder will enhance the flavor and taste of many baking items, snacks, and beverages, which has resulted in great demand for the product globally.
The emergence of COVID-19 is expected to drive the growth of the global powder market owing to the increased demand for packaged and processed food products due to their greater shelf life. Raw material suppliers are providing required materials to the manufacturers without any significant disruption in the supply chain. In many countries, during the pandemic time, food items considered essential items are allowed to transport even during the lockdown.
The increasing demand for the cheese powder market in the food & beverages industry, along with increasing awareness and consumer preference for such products in developing countries due to rapid urbanization, is expected to drive the growth of the global market during the forecast period.
Cheese powder is associated with various health benefits, which are expected to drive the growth of the market. Cheese powder can help in preventing osteoporosis as they are rich in calcium. More than 10 million people have osteoporosis in the U.S. due to poor calcium absorption, leading to fractures.
Cheese powder also contains Vitamins such as Vitamin B12, and regular uptake of low sodium cheeses can also decrease hypertension. The presence of conjugated linoleic acid will improve inflammatory and immune response, reducing the risk of cardiac disorders and improving bone mass. Consumption of cheese powder is known to reduce the risk of developing cancer such as colorectal cancer, vitamin D, calcium, and lactic acid in the cheese powder has anti-cancerous properties.
The rapid urbanization in emerging economies has resulted in the increasing consumption of packages and processed foods. The growing number of supermarkets and other retail chains growing in the urban areas will surge the consumption of packaged foods, which drives the cheese powder market's growth.
The market is primarily segmented on the basis of product, application, and region.
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Cheddar cheese powder is a tough, ripened cheese with an extended shelf life that has become popular due to its distinct flavor, aroma, and taste. It is very popular in North America and Europe. The growing demand for premium and specialty flavors is expected to accelerate this cheddar powder segment's growth. The cheesemakers are concentrating on giving customized flavors varying from sweet and buttery to savory flours.
Furthermore, manufacturers are experimenting with novel ingredients in order to create new flavor profiles and service offerings. Parmesan cheese powder is expected to be the fastest-growing type in terms of value. Users constantly request unique and authentic flavors and natural ingredients and spend money on best-quality sauces, soups, and dressings for enhanced taste, texture, and presentation.
The snack segment showed a steady growth rate in 2020, as compared to the previous year. The sales for snacks have increased double in the emerging economies due to the growing per capita disposable income, giving a potential opportunity for the industry. Snacks as meal replacements are becoming more popular in developed regions due to the growing working-class people.
The dips/ dressings/ dry Mixes/ sauces segment is projected to have the largest share in the market during the forecast timeframe. Cheese powder-based sauces are commonly served with pizza, pasta, vegetables, and casseroles. Dips and sauces are generally consumed with fried snacks, wings, and vegetables. The increasing consumption of fast food in the Asia Pacific region has increased the demand for the product leading to a high growth rate in the coming years.
North America market is expected to be the most prominent region for the global market owing to the increased use of ready-to-eat products due to their busy life schedule. The U.S and Canada are the second and third highest per capita cheese consumers. The per capita consumption of cheese in the U.S. is 17.42 kg and in Canada is 14.28 kg. in 2020, this increased consumption is expected to drive the growth of this market in the region.
Asia Pacific is expected to be the fastest-growing region for the global market due to rapid urbanization in countries like China and India, resulting in the increasing number of retail chains offering various packaged and processed foods. The rapidly expanding fast-food industry and people's evolving dietary habits in countries like India, China, and Australia have increased demand for the product in the region. Moreover, the key industry players in this business are concentrating their efforts on establishing their position in these emerging economies, which is expected to drive market growth.
The companies are adopting various strategies such as new product launches, acquisition, and expansion in production capabilities to increase their foothold in the global market. The key industry players are also looking to penetrate developing regions due to these countries' huge population and revenue potential.
Some of the major players operating in the market include Kerry Group PLC, Land O'Lakes, Inc., Kraft Heinz Company, Archer Daniels Midland (Wild Flavors), Lactosan A/S, All American Foods, Kanegrade Limited, Commercial Creamery Company, Aarkay Food Products Ltd., and Dairiconcepts, L.P.
Market size value in 2020
USD 1.24 billion
Revenue forecast in 2028
USD 2.15 billion
7.2% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Product, By Application, By Region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Kerry Group PLC, Land O'Lakes, Inc., Kraft Heinz Company, Archer Daniels Midland (Wild Flavors), Lactosan A/S, All American Foods, Kanegrade Limited, Commercial Creamery Company, Aarkay Food Products Ltd., and Dairiconcepts, L.P