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DUBLIN--(BUSINESS WIRE)--Sep 30, 2022--
The "Parmesan Cheese - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Parmesan Cheese Market to Reach $18.4 Billion by 2026
The global market for Parmesan Cheese estimated at US$16.4 Billion in the year 2022, is projected to reach a revised size of US$18.4 Billion by 2026, growing at a CAGR of 2.7% over the analysis period.
The market is receiving a major growth stimulus from rising demand for cheese and associated products propelled by confluence of a number of favourable factors such as rising consumer demand for fast food and convenience foods along with changing lifestyles and diverse product offerings. Parmesan cheese is garnering notable attention from consumers due to its natural and fresh ingredients coupled with authentic flavors.
The market is driven by increasing uptake of parmesan cheese among people seeking ready-to-eat meals offering specific cheese flavors. Parmesan cheese is broadly used in sweet and savory snacks, with the market receiving strong impetus from considerable growth exhibited by the segment. In addition, ongoing efforts by companies to introduce new and innovative products are anticipated to present attractive growth opportunities.
Rising cheese consumption due to changing consumer preferences and tastes continues to be a primary driver for the parmesan cheese market. People with hectic lifestyles and no time for home-cooking are increasingly looking for convenient, tasty foods. The demand is significantly benefitting various taste enhancers including butter, cheese and other toppings.
In addition, rising consumer demand and preference for specific cheese-based products is also prompting various manufacturers in the food & beverage industry to consider cheese in line with consumer needs. The parmesan cheese market is further gaining from increasing consumption of packaged cheese products, which can be attributed to their immense popularity along with extended shelf-life of parmesan cheese. Cheese is also a popular ingredient for domestic cooking.
The long shelf-life enables consumers to purchase cheese in big packages and store them in refrigerator for later use. Another prominent factor favoring the market growth is increasing consumption of parmesan cheese on account of introduction of new cheese-based snacks and bakery products. Parmesan cheese is anticipated to gain from increasing consumer demand for premium cheese products.
Factors including increasing disposable income coupled with strong focus of people on health have enabled high-end food items to garner considerable attention in the recent years. In addition, rising incident of lifestyle diseases along with increasing consumer awareness about factors associated with these conditions are prompting people to spend on high-end healthy products including parmesan cheese. The trend is poised to continue driving global demand for parmesan cheese in the coming years.
The U.S. Market is Estimated at $4.2 Billion in 2022, While China is Forecast to Reach $1.3 Billion by 2026
The Parmesan Cheese market in the U.S. is estimated at US$4.2 Billion in the year 2022. The country currently accounts for a 25.51% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the close of the analysis period.
What`s New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 59 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/p2j7ff
View source version on businesswire.com:https://www.businesswire.com/news/home/20220930005344/en/
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KEYWORD:
INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/30/2022 09:15 AM/DISC: 09/30/2022 09:17 AM
http://www.businesswire.com/news/home/20220930005344/en