Asia Pacific was the largest region in the Global Cheese Market, accounting for 36% of the market in 2019. North America was the second largest region accounting for 29% of the global cheese market. Africa was the smallest region in the global cheese market.
Increasing health consciousness and the desire for natural and fresh ingredients is driving the demand for organic cheeses. Organic cheese is manufactured using organic milk and does not contain additives or preservatives. Consumption of organic cheese minimizes the risk of exposure to toxic pesticides, antibiotics, synthetic hormones and genetically modified organisms associated with factory farming method of raising cows. According to the Packaged Facts, sales of organic cheese was estimated to be around USD 570 million in 2015, a 15% increase over the previous year. The market grew at a CAGR of 14.5% between 2012 and 2015.
The cheese market consists of sales of cheese by entities (organizations, sole traders and partnerships) that produce cheese products (except cottage cheese) from raw milk and/or processed milk products, and cheese substitutes from soybean and other non-dairy substances. The companies in the industry package and distribute their products through various distribution channels to both individual customers and commercial establishments.
The Global Cheese Market is expected to grow from USD 194.3 billion in 2019 to USD 200.3 billion in 2020 at a compound annual growth rate (CAGR) of 3.2%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach USD 249.5 billion in 2023.
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Ankur Gupta, Head Marketing & Communications