Cheddar: China with highest CAGR as global market set to reach US$86.5m by 2023

Published Oct 13, 2022

Tridge summary

A report by Fact.MR predicts that the global cheddar cheese market will grow to US$86.5 million in 2023, expanding at a 3.5% CAGR. China is expected to grow at a faster rate than the US, driven by the use of cheddar in processed food and bakery goods, increasing purchasing power, fast food trends, and tariff reductions. The US is expected to account for 45% of the market in 2022. The report also anticipates that the market will be driven by snacking cheddars marketed as a nutrient-dense protein option. Cube cheddar is expected to lead the global market in 2022, with specialty stores holding around 30% of the market, but by 2023, the supermarket segment is expected to expand at the highest rate.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to a Fact.MR forecast of the cheddar cheese market for the 2022-2023 period, China will record a 4% CAGR to 2023, growing at a faster rate than the US market, which is set to remain the most profitable during the period. Cheddar cheese is often used in processed food and bakery goods in China, which is anticipated to promote the market's expansion, the researchers noted, with the increase in purchasing power among Chinese consumers a significant contributor to the rising demand. Fast food trends and evolving eating habits and lifestyles are also among the key growth drivers, as are tariff reductions that have increased imports. The study also found that Japan is emerging as one of the lucrative markets for cheddar cheese thanks to changes to snacking habits. Fact.MR expects the US market to gain a share of 45% this year and expand annually at 3.7% during the forecast period. Among traditional growth drivers like fast food consumption, the research expects snacking ...

Source: Dairyreporter