Cheese Market to Reach USD 161.23 billion by 2028 | Rising Admiration of Flavor Blends to Thrust Market Growth

 The global cheese market size was USD 120.63 billion in 2020. The market is projected to grow from USD 123.87 billion in 2021 to USD 161.23 billion by 2028, exhibiting a CAGR of 3.84% during the forecast period (2021-2028). This information is presented by Fortune Business Insights™, in its report, titled, “Cheese Market, 2021-2028.”

As per our expert analysts, the market is observing advanced growth, owing to the growing demand for varied types of cheese in several food products. The upsurge in the ingestion of fast foods, such as pizza, pasta, and burgers, has contributed to the surging demand for assortments such as mozzarella, parmesan, as well as cheddar.

COVID-19 Impact

Global Demand & Supply Disparity of Cheese Products during COVID-19 to Obstruct Growth

The industry for this product has confronted an abrupt commotion amidst the outbreak of the COVID-19 pandemic, owing to the prime modification in demand dynamics. Lockdowns across the world have resulted in the shutdown of the foodservice industry, which has substantially deteriorated the demand for all processed food products. The declining demand for greater-value products is anticipated to reduce costs.

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List of Key Players Covered in the Cheese Market Report

• Fonterra Co-operative Group Limited (Auckland, New Zealand)
• Royal FrieslandCampina N.V. (Amersfoort, Netherlands)
• Saputo, Inc. (Montreal, Canada)
• Winsleydale Creamery (Yokshire, U.K.)
• Dairy Farmers of America, Inc. (Kansas, U.S.)
• Lactalis International (Laval, France)
• Arla Foods Group (Viby, Denmark)
• The Kraft Heinz Company (Illinois, U.S.)
• The Ilchester Cheese Company (Ilchester, U.K.)
• Glanbia Plc (Kilkenny, Ireland )
• Chicago Mercantile Exchange (Illinois, U.S.)

Segmentation

On the basis of source, the market is bifurcated into plant-based and animal-based. On the basis of product type, the market is segmented into feta, parmesan, mozzarella, cheddar, and others. On the basis of type, the market is fragmented into hard & soft cheese, spreadable, block, natural, processed, and others. On the basis of distribution channel, the market is categorized into online retail, specialty stores, convenience stores, supermarkets/hypermarkets. Geographically, the market is classified into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

Report Coverage

The report offers valuable insights obtained thorough the study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.

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Drivers and Restraints

Rising Admiration of Flavor Blends to Thrust Market Growth

In past few years, consumer inclination for trying novel striking flavors and cuisines has augmented significantly. The surging popularity of cheese flavor amalgamations in numerous cuisines, such as Italian as well as Mexican, has fast-tracked the usage of diverse assortments in these cuisines.

 Moreover, the speedy extension of the foodservice industry has demanded foremost product processors to create inventive products, such as powder and creamers, which acts as a driver and fuels the cheese market growth.

However, the rising awareness for health risks due to fat consumption may hinder market growth.

Regional Insights

Europe to Dominate Global Market

Europe holds the maximum cheese market shares and maintains its dominance in the market, owing to the existence of giant milk-producing nations. The region's thriving food and foodservice industry has contributed to the rising demand for several product diversities across these sectors.

North America is anticipated to grow at a considerable CAGR, owing to the increasing demand for clean-label and sustainable dairy products.

Asia Pacific is projected to demonstrate a drastic change in the ingestion inclinations of dairy products. The growing disposable income levels of consumers in the region and comparatively steady milk prices have substantially contributed to the amplifying sales of cheese assortments.

Competitive Landscape

Procurements Instigated by Crucial Companies Set to Endorse Market Growth

The foremost players in the market incessantly determine for proficient tactics to reinforce their brand value as well as promote the global cheese market growth with experiencing least latent hurdles. One such operative strategy is procuring competitive companies and further safeguarding a profit for all involved companies.

Industry Development

July 2020: Brownes Dairy, an Australian dairy giant, declared the unveiling of conservative cheddar cheese on the retail platform to take advantage of the rising demand for product among families.

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Organic Cocoa Market to Hit USD 942.57 million by 2028 | Surging Popularity of Organic Food Produces to Stimulate Market Growth

The global organic cocoa market size was USD 532.45 million in 2020. The market is projected to grow from USD 570.95 million in 2021 to USD 942.57 million by 2028, exhibiting a CAGR of 7.42% during the forecast period. Fortune Business Insights™ provides this information in its report titled, “Organic Cocoa Market, 2021-2028.”

As per our report, buyers these days opt for better-for-health and harmless products to uphold their health and diminish the threat of lifestyle-based health disorders, and this is likely to fuel demand for organic cocoa in the market during the mentioned timeframe. Additionally, cocoa is one of the richest sources of polyphenols. It is packed with vital nutrients in abundances, such as flavonols, which have effective antioxidant and anti-inflammatory impacts. Therefore, keeping these factors in mind, health conscious population prefers to consume this product healthily.

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Report Coverage

The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful assessment of the current market trends and the forthcoming opportunities is offered in the report. Besides, it presents an extensive analysis of the regional insights and their relation with the market growth. The COVID-19 impacts have been discussed in the report to assist stakeholders and business owners with a better understanding of the potential risks existing in this industry. The report further mentions the key players and their chief strategies to stay in the leading position.

COVID-19 Impact: Loss of Workforce due to Lockdown Has Had Mild Impact on Market

The COVID-19 pandemic disrupted almost every industry when it hit the world in 2019. Due to government infliction of lockdowns, further problems aroused, such as loss of workforce along with revenue reduction. The chief companies faced a reduction in manpower which considerably affected the production proficiency. Moreover, the strike in demand for retail goods such as chocolates, beverages, and cocoa powder formed several complications for producers to plot the production and delivery. Nevertheless, the increasing worries associated with security augmented the demand for organic products to safeguard harmless and healthy consumption. Users have become more concentrated on healthy, nutritious, and beneficial products. The affirmative progression of consumers’ inclinations towards organic goods is anticipated to enhance the growth of the organic cocoa industry in the foreseeable future.

Competitive Landscape

The Hershey Company Concentrates on Portfolio Extension to Reinforce its Existence in Market

The Hershey Company, which is a prominent chocolate confectionery corporation worldwide, is dynamically aiming at financing the development of its product collection to fortify its presence in the market. For example, in February 2021, The Hershey Company declared to introduce a variety of organic, sugar-free chocolate goods to explore the market interest owing to the budding trend of organic and premium chocolate sweet products.

Industry Development

March 2020: India-based Pascati has innovated and developed 14 different variations of organic chocolates by utilizing organic cocoa obtained from Kerala, India.

List of Key Players Covered in the Market Report

• Olam International Limited (Singapore)
• Barry Callebaut AG (Zurich, Switzerland)
• Tradin Organic Agricultural B.V. (Amsterdam, Netherlands)
• Conacado Agro Industrial S.A. (Dominican Republic)
• Cargill, Inc. (Minnesota, U.S.)
• Blommer Chocolate Co. (Pennsylvania, U.S.)
• Pascha Chocolate Co. (Ontario, U.S.)
• Guan Chong Berhad (Malaysia)
• The Hershey Company (Pennsylvania, U.S.)
• Jindal Cocoa (Mumbai, India)

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Segmentation

Based on type, the market is segregated into cocoa butter, cocoa liquor, and cocoa powder. Cocoa butter is the leading type of organically produced product, holding the largest organic cocoa market share of 62.90% as of 2020 attributed to its widespread application in various manufacturing of chocolate confectioneries.

On the basis of application, the market is further separated into confectionery, beverages, bakery products, and others. In terms of geography, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

Drivers and Restraints

Surging Popularity of Organic Food Produces to Stimulate Market Growth

The frantic modern lifestyle of customers across the world has shifted their food purchasing habits speedily. Customers are particular towards healthier products with harmless properties that support preserving overall fitness. Organic goods are insecticide-free and thus grown securely. The increasing fondness for natural, chemical-free food impacts the requirement for naturally grown cocoa positively through the food and beverage industry. The surging admiration of organic chocolate confectioneries, desserts, bakery products, and beverages between users has powered the growth this market over the years.

Moreover, the rising trend of consuming clean-label goods, mainly across emerged markets of Europe and North America, also boosts this industry. Prominent producers and cocoa processors are fixated on financing in the R&D of advanced products to reach a broader customer base, and this is anticipated to assist the market growth. The affirmative development of organic agricultural methods and extension of an organic food supply chain is estimated to further drive the organic cocoa market growth in the forthcoming years.

Regional Insights

Europe to Dominate Backed by Surging Health Conscious People in Germany and France

Europe held USD 219.59 million in terms of revenue in 2020 and is estimated to be the key market for chocolate and cocoa products owing to the escalating consciousness regarding secure equivalents of organic products over the traditional ones. Leading European countries such as Germany, France, and Italy are turning progressively conscious about upholding a fitness routine, which has, in turn, augmented the demand for organic products.

The evolving trend of clean-label, fair-traded, and morally obtained food products in North American markets such as the U.S. and Canada have eventually powered the growth of the market in the region.

Asia Pacific is observing healthy growth of the market owing to the amplified flexible income levels among buyers in the region. The increasing capability of customers to expand on beneficial products has augmented the application for organic cocoa across confectionery, beverage, bakery, and dairy industries.

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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –

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Japan Honey Market to Hit a CAGR of 5.5% during 2021-2028 | Birth of Innovative Bees-related Startups to Reshape Market Dynamics

The global honey market is projected to reach USD 11.88 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. Increasing consumption of honey to treat severe cough and cold-induced by the coronavirus and the seasonal flu is exacted to propel the growth rate of this market, observes in its report, titled “Japan Honey Market, 2021-2028”. The market size stood at USD 7.84 billion in 2020. 

COVID-19 IMPACT Analysis:

The SARS-CoV-2 infection, which triggered the COVID-19 pandemic in March 2020, is known to attack the respiratory system of the body, giving rise to moderate to severe cough, cold, and persistent fever. With cases surging worldwide and people showing increasing apprehension in getting admitted into hospitals, there has emerged a growing demand for home-based treatments for possible coronavirus infection. This sweet liquid food called honey, with its proven antimicrobial and antioxidant properties, is becoming the choice cure for many individuals suffering from COVID-induced cough and cold. Research is also supporting the consumption of natural honey to fight viral infections.

For example, in August 2020, researchers at the University of Oxford found that intake of this sweet liquid sped up improvements in symptoms related to cold. Showing no side effects and being rich in nutrients, the study established this product as a viable alternative to antibiotics for respiratory afflictions. The soaring popularity of this natural remedy for sore throat and cold amid the COVID-19 pandemic has enabled the market to grow at an impressive CAGR of 9.0% in 2020. 

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Food & Beverage Segment to Account for the Largest Share

The heavy demand for honey in the food and beverage industry for the production of confectionery products, beverages, and other baked goods will incite the growth of this segment. Based on packaging, glass and plastic bottles are expected to hold the largest share due to their higher convenience compared to other packaging.

Driving Factor

Birth of Innovative Bees-related Startups to Reshape Market Dynamics

The demand for natural sweeteners is gaining swift momentum around the globe, with natural honey and other related products garnering much attention since ancient times. The changing dynamics of the natural sweetener industry has led to the birth of innovative startups, creating products and services surrounding the pollination business.

For example, OS Beehives, a Colorado-based startup, has developed a remote sensor connected to the network called BuzzBox. This sensor system uses machine learning to assess hive health based on its interaction with barometric pressure, humidity, and temperature. It is ideal for beekeepers to track their hives remotely. Another unique example is the Germany-based pollination brokerage network, BEEsharing. The network is a multi-faceted platform, designed to connect farmers to beekeepers and beekeepers to vendors for honey, pollen, and beeswax. The broadening presence of startups specializing in this sweet liquid and other bees-related products is, thus, stoking the growth of this market. 

Regional Insights

Supportive Government Policies to Provide Impetus to the Market in Asia Pacific

Asia Pacific is poised to dominate the market share during the forecast period on account of formulation of policies supporting beekeeping and other related activities by governments in the region. In India, for instance, the Central Government sanctioned around USD 68 million to promote hive-related businesses under its Atmanirbhar Bharat Scheme launched in May 2020. Similar policy support is also being witnessed in Australia. The Asia Pacific market size stood at USD 2.73 billion in 2020.

After Asia Pacific, Europe is set to rise as the second-largest region in terms of revenue share in the global market. Here, the market is anticipated to be driven by the spreading awareness about the various health benefits of this natural product. In North America, on the other hand, an increasing number of beekeepers across Canada and the US will fuel the regional market.

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The report’s primary features include:

• Thorough segmentation of the market and piece-meal study of each segment;
• Unrivalled insights into the regional developments occurring in the market;
• Exhaustive research into the market drivers, trends, and challenges; and
• Holistic assessment of the competitive landscape of the market.

Competitive Landscape

High Investments in R&D by Key Players to Boost Market Innovation

The honey market growth is receiving frequent booster shots due to the rising investments by key players in research & development activities. These investments are enabling companies to create and launch novel products, widen the scope of their operations, and expand their existing customer base.

Key Industry Developments:

• September 2020: Comvita announced the release of Multifloral Manuka Honey, the brand’s maiden MGO-certified Manuka offering. The key ingredient in this product is derived from the Manuka flower known for its antibacterial properties, and blended with other New Zealand wildflowers.
• June 2020: Capilano introduced its Low Glycemic Index (GI) Honey, formulated with a select blend of 100% Australian eucalypt honey. It is an ideal sugar alternative for people wanting to lessen their sugar intake as the product has been designed to release energy more slowly and in a sustained manner.

List of Companies Profiled in the Honey Market Report:

• Dutch Gold Honey Inc. (Pennsylvania, United States)
• Bee Maid Honey Limited (Manitoba, Canada)
• Capilano Honey Ltd. (Queensland, Australia)
• Billy Bee Honey Products (Ontario, Canada)
• Golden Acres Honey (Canada)
• New Zealand Honey Co. (Washdyke, New Zealand)
• Dabur India Ltd. (Uttar Pradesh, India)
• Comvita Limited (Te Puke, New Zealand)
• Barkman Honey LLC (Kansas, United States)
• Yamada Bee Company (Tokyo, Japan)

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