Cheddar: China with highest CAGR as global market set to reach US$86.5m by 2023
According to a Fact.MR forecast of the cheddar cheese market for the 2022-2023 period, China will record a 4% CAGR to 2023, growing at a faster rate than the US market, which is set to remain the most profitable during the period.
Cheddar cheese is often used in processed food and bakery goods in China, which is anticipated to promote the market's expansion, the researchers noted, with the increase in purchasing power among Chinese consumers a significant contributor to the rising demand. Fast food trends and evolving eating habits and lifestyles are also among the key growth drivers, as are tariff reductions that have increased imports.
The study also found that Japan is emerging as one of the lucrative markets for cheddar cheese thanks to changes to snacking habits.
Fact.MR expects the US market to gain a share of 45% this year and expand annually at 3.7% during the forecast period. Among traditional growth drivers like fast food consumption, the research expects snacking cheddars marketed as a nutrient-dense protein option to have a key role in boosting consumption over this decade.
The global market’s anticipated value for 2022 is US$61m, up from US$58m in 2021 (2.5% CAGR), and its projected value stands at US$86.5m, with a global growth rate of 3.5%. The study notes that along with the changing trends in snacking, consumers are increasingly attracted to products that boast natural, clean-label and/or organic qualities.
Category-wise, cube cheddar is set to lead the global market in 2022 with a 65% share and specialty stores will hold around 30% of the market by sales channel type. By 2023, however, the supermarket segment is expected to expand at the highest rate of 4% CAGR.
