ALBANY, New York, February 16, 2017 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Cheese Powder Market By Type (Parmesan, Cheddar, Mozzarella, Blue and Others) By Application (sauces and Dips, Sweet and Savory Snacks, Bakery and Confectionery and others)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016- 2024", the Global Cheese Powder Market was valued at USD 256.1 million in 2015 and is expected to reach USD 481.0 million by 2024, growing at a CAGR of 7.3% from 2016 to 2024.
Cheese powder is substitute for hard cheese because of its convenience in storage. Manufacturers get a higher value by using high flavoured cheese that makes the cheese powder more favorable. There is no standard identity for cheese powder so the quality and the taste of cheese powder among the various suppliers may vary. The growth of the cheese powder is dependent on the rise in demand for the processed food and convenience food industry.
The increase in consumption of cheese among the consumers has led to the increase in demand for cheese powder. Busy lifestyle is a major factor driving the growth of cheese powder market across different regions. People in emerging economies lead a hectic and fast paced life hence do not have time to cook food regularly. Thus the consumers prefer to have readymade meals. The changing lifestyles of consumers in developing countries, increase in per capita income, and rapid growth in urbanization are also contributing to the growth of cheese powder market and is expected to have a significant growth in the forecast period.
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Cheese powder market has gained popularity among the urban population of most of the region. Improved economic conditions have resulted in the growth of purchasing power of the people which has a positive impact on the cheese powder market. In addition there are opportunities in the semi urban areas for the cheese powder market owing to the changing lifestyle and rapid urbanization.
The cheese powder market is segmented in product types namely parmesan, cheddar, mozzarella, blue and others which include American cheese powder, Gouda cheese powder, and Romano cheese powder. Cheddar cheese powder is the most preferred cheese powder and holds the largest market. Following cheddar cheese powder, parmesan cheese powder is projected to have the highest growth rate due to its vast usage in food items like sauces, dips, soups for better appearance, taste and texture.
The market is further segmented by application. By application the market has been segmented into sauces and dips, sweet and savory snacks, bakery and confectionery and others. In 2016 sauces and dips is estimated to have the largest market share. Sauces made from cheese powder are consumed with pizza, pasta and many more due to which the demand for cheese powder is expected to grow at this region.
Over the past few years, the demand for cheese powder has increased due to urbanization, change in lifestyle and rapid growth of fast food industry from the developing countries and thus this is creating the opportunity of the cheese powder during the forecast period. But due to the negative effect of cheese powder it creates a hindrance to this market.
By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The study also covers major countries in all the regions such as the U.S in North America, the U.K, Germany, France, Russia, Italy and Rest of Europe in Europe, China, India, Japan and Rest of APAC in Asia Pacific, Brazil in Latin America and UAE is Middle East and Africa among others. Asia Pacific with the presence of high demand of fast food due to the emerging economies like India and China is expected to drive the market and create a positive impact upon the demand of cheese powder products during the forecast period.
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The key players operating in the global contact lens market are, Lactosan A/S (Denmark, U.K., Russia, Japan), The Land O' Lakes (Arden Hills), Kerry Group(Ireland), Archer Daniels Midland Company (United States), Bluegrass Dairy and Food, Inc. (Northfield, Illinois, U.S.), DairiConcepts, L.P. (Springfield, Missouri) Krafts Food Group (U.S.) and many more.
Global contact lens market can be segmented as follows;-
Global Cheese Powder Market, by Types
Global Cheese Powder Market, by Application
- Sauces and Dips
- Sweet and Savory snacks
- Bakery and Confectionery
Global Cheese Powder Market, by Geography
- Rest of North America
- Rest of Europe
- Rest of APAC
- Rest of Latin America
Middle East and Africa
- South Africa
Rest of Middle East & Africa
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SOURCE Transparency Market Research