A data report from MarketsandMarkets on the global cheese market estimates that the market will reach $105.9 billion by 2026, growing at a 3.6% CAGR during the forecast period. The market is highly impacted by the increasing size of the convenience and fast-food industry and innovative offerings by cheese manufacturers.
Per the report, the influence of Western cuisines, inflating disposable incomes and the introduction of several flavored cheese products drive the global cheese market. Cheddar is the is most popular cheese category in European countries.
The Asia Pacific region is projected to witness the highest growth during the forecast period. Hectic work schedules, the influence of Western food culture and the increasing demand for fast food are some reasons for growth identified in the report.
The rapid food globalization caused a boom in the retail and foodservice sectors and the demand for cheese-based products and cheese powder in sauces, dressings, dips and condiments is expected to grow at the highest rate in the Asia Pacific region during the forecasted period.