Rockville, Dec. 15, 2022 (GLOBE NEWSWIRE) -- According to the latest published research report by Fact.MR, a provider of market research and competitive intelligence, the expected valuation of the parmesan cheese market is 22.1 billion for 2032-end. Demand for parmesan cheese is likely to increase at a CAGR of 2.8% from 2022 to 2032.
Italy holds a noticeable share as the producer of parmesan cheese in the global market. By the end of 2021, the production of Parmesan cheese reached around 163.7 thousand tons in the country.
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The global market for parmesan cheese is growing steadily with the rising demand for convenience as well as fast food products from the global population. The growing number of applications of parmesan cheese in cooking is also likely to bolster the sales opportunities in the market. This product is generally used in chunks or grated over uncooked or cooked food. At present, cheese is used as one of the popular flavoring agents in melted dishes; for instance, sauce recipes and soups. In addition, it is also used in Italian cuisine as a topping for pizzas and pasta.
A negligible amount of lactose is contained in cheese, which makes the product a suitable option for the population who are lactose-intolerant. So, with the versatile nature of parmesan cheese along with the above-mentioned factors, home consumption of parmesan cheese is likely to increase over the coming years.
The market for parmesan cheese is also gaining popularity due to its increased consumption in the form of packaged cheese products. Further, the extended shelf-life of these products is also contributing to bolstering demand opportunities in the global market.
Key Takeaways from Market Study
- Sales of parmesan cheese are likely to progress at a CAGR of 2.8% through 2032.
- Italy produced around 163.7 thousand tons of parmesan cheese in 2021.
- Valuation of parmesan cheese consumption is estimated to reach US$ 22.1 billion by 2032-end.
- The market in Germany is expected is expand at a CAGR of 2.5% through 2032.
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Winning Strategy
The market for parmesan cheese is competitive as new entrants are planning to start new ventures. Further, positive news related to the large-scale production of this cheese and plans to establish larger production plants in the next ten years are likely to add value to the market for parmesan cheese.
For instance,
- Bel Brands USA is a maker of Boursin, The Laughing Cow, Babybel, beloved cheeses, and more. The company announced the expansion of its product portfolio in February 2021. Bel expanded its offerings with new formats and flavors that include parmesan-style shreds.
Competitive Landscape
Some of the noticeable initiatives that are taken by industry players are as follows:
- Stella Cheese, in January 2022, announced that the brand is returning to its roots for the reintroduction of two beloved classics which stood against the test of time: Grana Padano and PDO-certified Parmigiano Reggiano cheeses. These products are imported from northern Italy.
Key manufacturers of parmesan cheese include Aar Kay Food Products Ltd., Saputo Inc., BelGioioso Cheese Inc., Organic Valley, Kerry Group PLC, The Kraft Heinz Company, and Panos Brands LLC.
Key Companies Profiled:
- Aar Kay Food Products Ltd.
- Saputo Inc.
- BelGioioso Cheese Inc.
- Organic Valley
- Kerry Group PLC
- The Kraft Heinz Company
- Panos Brands LLC
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Segmentation of Parmesan Cheese Industry Research
- By Product:
- Processed
- Unprocessed
- By Application:
- Bakery & Confectionery
- Snacks & Cereals
- Ready Meals
- Sweet & Savory Snacks
- Sauces, Dressings, Dips, and Condiments
- Other Applications
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global parmesan cheese market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights into the market on the basis of product type (processed, unprocessed) and application (bakery & confectionery, snacks & cereals, ready meals, sweet & savory snacks, sauces, dressings, dips, and condiments, other applications), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
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Natural Cheese Market - Popularity of emulsifiers and preservatives-free cheese is continually picking pace considering the increasing inclination towards healthy eating and moving away from cheese made using milk protein concentrates (MPCs). Consumers opting for traditional cheese, laden with grass-fed cows’ milk that is high in A2 beta casein and considerably low on low in A1 beta casein is projected to drive the natural cheese market, globally.
Processed Cheese Market - In FY 2021, the processed cheese market reached a valuation of US$ 17.76 Billion, and is likely to register a Y-o-Y growth rate of 4.0% in 2022, closing at US$ 18.51 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 4.2% CAGR, reaching US$ 27.92 Billion.
Cheddar Cheese Market - The global cheddar cheese market is projected to expand steadily at a CAGR 3.5% value, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 62 Million. Considering this steady growth along with the booming demand in the global market, the cheddar cheese market is expected to reach US$ 86.5 Million by 2032.
Cream and Soft Cheese Market - The overall cheese consumption landscape is witnessing an insistent shift toward unprocessed cheese variants, specifically in parts of Europe, US, and Canada. Cream and soft cheese, made of nearly 33 percent milk fat and moisture content of not more than 55 percent, tops the list owing to the availability of premium varieties offering unique flavors.
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