Asia Pacific Cheese Market to Cross USD 34.6 Billion by 2028
Published | 11 August 2022
Asia-Pacific Cheese Market is flourishing owing to the growing growth of the fast-food and convenience industries as well as novel products offered by cheese producers have a significant impact on the cheese market..
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Asia-Pacific Cheese Market was worth USD 23.1 billion in the year 2021. The market is projected to grow at a CAGR of 6.1%, earning revenues of around USD 34.6 billion by the end of 2028. The Asia Pacific Cheese Market is booming because of the expanding food industry. Also, due to the Coronavirus (COVID-19), consumers are eating and cooking more at home, and retail sales of cheese in the Asia Pacific have continued to expand. With per capita consumption rates in the region remaining typically low, there is a tremendous opportunity for additional growth in cheese sales in the Asia Pacific. Though the cheese-consuming habit continues in many countries in the region, particularly when compared to most Western nations. Moreover, the producers are dealing with the problem and attempting to add more nutrients with a distinct flavor to smoked cheese products, which is projected to provide a challenge to the market's growth. However, Cheese, on the other hand, has a high fat content, which in turn, may act as a huge restraining factor for market growth.
Growing Interest in Western Cuisine
The introduction of numerous flavored cheese products, including pepper, garlic, red chili flakes, and oregano pickle, as well as the rising popularity of western cuisines and rising disposable incomes, are what is driving the cheese business. Despite being a common dish in Western countries, cheese can be adapted to suit a variety of tastes and preferences of consumers worldwide, including those in Asia-Pacific. Although Western cuisines are diverse, they have several characteristics in common that make them unique from other regions' cuisines. Many different types of cheeses and other fermented milk products are used in Western cuisines. The effects of rapid westernization are driving up cheese demand in the Asia-Pacific region. As a result, the Asia-Pacific Cheese Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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Expanding the Cheese Market in Developing Countries
In developing nations like the Asia-Pacific, the demand for cheese is anticipated to increase significantly. Due to altered eating habits, greater wealth, and the growth of restaurant chains that prominently showcase cheese, the consumption of cheese per person in East Asia has increased significantly. The increased urbanization of Asia, rising family incomes, and the growing appeal of the Western way of life to middle- and upper-class individuals all support the cheese industry. The increased popularity of pizza and other fast foods with a European flair appears to be a major consumer trend, especially among young people. This results in offering lucrative opportunities for the Asia-Pacific Cheese Market during the forecast period (2022-2028).
Regulatory Impact
The tight regulatory legislations governing cheese are expected to make growth in the cheese business difficult. Because of increased health concerns, there is a greater demand for proper labeling, which includes stating the names of all the ingredients in the product and specifying the characteristics of the substances and their nutrient content. Such information is especially relevant in the case of food products that contain numerous additives; for example, cheese is made by combining several ingredients, including whey, caseinate, and maltodextrin. Adherence to these labeling standards may raise the cost of packaging and labeling, affecting the ultimate product price. As a result, consumer acceptance is poor, posing a challenge to the cheese market.
Segmental Coverage
Asia-Pacific Cheese Market - By Product
Based on the product, the Asia-Pacific Cheese Market is segmented into Mozzarella, Cheddar, Feta, Parmesan, Roquefort, and Others. Furthermore, the price of cheddar cheese is lower than that of other cheeses such as mozzarella, making cheddar cheese inexpensive. Furthermore, cheddar cheese is available in single plastic-wrapped slices, cheese spray, cheese spread, squeeze tubes, and a variety of other packaging alternatives, which has created numerous potential for market growth. This influences the cheddar segment to dominate the market share in the upcoming years.
Asia-Pacific Cheese Market - By Format
Based on the format, the Asia-Pacific Cheese Market is segmented into Slices, Diced/Cubes, Shredded, Blocks, Spreads, Liquids, and Others. Cheese slices have the largest market share since they are frequently utilized in homes and restaurants to prepare sandwiches and burgers. All these factors boost the growth of the Asia-Pacific Cheese Market during the forecast period (2022-2028).
Impact of COVID-19 on Asia-Pacific Cheese Market
The unexpected drop in food service industry sales as a result of COVID-19 has had a substantial impact on the Asia-Pacific Cheese Market. With food service outlets accounting for more than half of cheese sales, the cheese industry is the most susceptible. The COVID-19 pandemic had a significant impact on the supermarket/hypermarket category because of the worldwide closure of critical distribution channels to prevent the coronavirus from spreading. Furthermore, manufacturers are implementing their strategies and developing novel items. Thus, post COVID-19 the Asia-Pacific Cheese Market has recovered. Also, it is projected to flourish during the forecast period (2022-2028).
Competitive Landscape
The leading market players in the Asia-Pacific Cheese Market are Hansen Holdings, Fonterra, DuPont, DSM, ADM, Sacco s.r.l, Amul Co-Operative Milk Marketing Federation Ltd, Milky Mist Dairy Food Pvt Ltd, Bega Cheese Trading Co Pty Ltd, Colun, Lion Pty, Kraft Foods Limited, Danone, Yili Group, Sodiaal, and other prominent players. The Asia-Pacific Cheese Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific Cheese Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific Cheese Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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