Retail Intelligence Mini Report: Cheese

Market Trends: There is a noticeable consumer preference for ready-to-use, convenient cheese options, as shown by the popularity of shredded, grated, sliced, and powdered varieties. In Tridge’s top 20 list for Oct-24, shredded cheese featured prominently in the United States (US) and Australia, with six items each. The United Kingdom (UK) showed a strong preference for grated cheese, with four products labeled accordingly, while sliced cheese was particularly popular in South Korea, with nine items in this format. In Japan, powdered cheese had a noticeable presence, with two products classified in this category. These types of cheese are valued for their ease of use, helping consumers save time in the kitchen, control portions easily, and enjoy added convenience.

Noteworthy Product: In the US, Good Culture Organic Cottage Cheese Lactose Free emerged as a noteworthy product in Oct-24. This product taps into the global trend toward healthier eating, as organic items are widely perceived to be free from synthetic pesticides, hormones, and antibiotics. Additionally, the lactose-free nature of this cottage cheese appeals to consumers with lactose intolerance, allowing them to enjoy cheese without the risk of digestive discomfort.

Industry News: The Global Dairy Trade (GDT) price index increased by 4.83% to average 1,216 points during the auction on November 5, 2024, an event held fortnightly. Regarding cheese dairy products, cheddar cheese was sold at an average price of USD 4,973 per metric ton (mt), reflecting a 5.76% rise from USD 4,702/mt in the previous auction and marking its fourth consecutive increase. Similarly, mozzarella prices rebounded after two consecutive declines, rising by 1.05% from USD 4,559/mt to USD 4,607/mt. These price increases align with the Food and Agriculture Organization's (FAO) cheese price index for Oct-24, which rose by 1.61% month-on-month (MoM) to 126 points. The FAO attributed this MoM increase to strong global import demand and limited export availability from Western Europe, where milk production has seasonally declined.