Global Cheese Powder Market - Growth, Trends and Forecasts (2016 - 2021)
The global cheese powder market is forecasted to grow at a CAGR of 8.2% from 2016 - 2021 with a market value of USD 370.2 million by 2021.
Global Cheese Powder Market Dynamics
Cheese powders are a substitute for hard cheeses due to its convenience in handling, shelf stability and storage. Manufacturers get a better value by using high-flavored cheese that makes much more flavorful cheese powder. Cheese powder can be marketed as reduced-fat or reduced-sodium by using low-fat and low-salt cheese as the cheese ingredient. Cheese powders are particularly advantageous outside of the U.S., as countries with fewer dairy resources develop western taste buds.
The Japanese and Chinese markets have witnessed a significant increase in cheese powder usage even though natural cheeses, anciently, were not staples in the countries. Cream cheese is prevalent in many Asian sweet food snacks including Japan's Caplico sticks; a chocolate confectionery launched in the summer of 2003 by Ezaki Glico. Natural cheeses are appreciated like wines in Europe. The cheese powder market is seeing an increase in demand since 2011, especially, in developing nations of Asia-Pacific and South America regions.
The growing awareness about the ill-health effects of cheese such as obesity, heart problems, and high cholesterol levels is expected to lower the demand of the market and make its growth slow. Studies showing that consumption of cheddar cheese may raise the risk of breast cancer by raising the production of galactose from lactose may also restrain the market.
Global Cheese Powder Market Segmentation
North America accounted for the biggest share in the cheese powder market is followed by Europe and Asia-Pacific. The market for Asia-Pacific region is forecasted to grow at the highest rate with increasing urbanization in developing countries like China, India, Indonesia and Malaysia. The rate of investments from several transnational convenience food chains is also increasing.
The cheese powder market is led by the cheddar cheese segment followed by mozzarella cheese. Its demand is increasing from convenience food manufacturers due to an increased demand for its flavor in various food products. The application segment is on the rise as well with sauces, dressings, dips and condiments accounting for the largest share of the market followed by sweet and savory snacks.
Leaders in the Global Cheese Powder Market
The key market players that dominate the market are Lactosan A/S, Land O'Lakes, Inc. Kerry Group Plc and Krafts Foods Group, Inc. and Archers Daniels Midland Company.
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