Canned Cheese Sauce Market is anticipated to reach an extent of USD 16.72 billion by 2023 to 19.57 in 2028 with a recording a CAGR of 3.20%.
Canned cheese sauce is a kind of food product that is used as an additive or as a garnish in a variety of dishes around the world. The canned cheese sauce is mainly available in two variants of cheddar cheese sauce and nacho cheese sauce. Cheddar cheese sauce can be considered an English equivalent of French Mornay sauce. The global canned cheese sauce market is expected to experience substantial growth over the forecast period due to increased applications in various specialties. The cheese sauce is the traditional sauce used in English specialties. It includes cheddar cheese, white sauce and is flavored with mustard, pepper, and Worcestershire sauce. The canned cheese sauce is widely used on vegetables, various types of pasta, meat, and also as a sauce for many snacks. It is easily available nowadays at supermarkets and hypermarkets.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022–2028 |
Base Year |
2022 |
Forecast Period |
2023-2028 |
CAGR |
3.20% |
Segments Covered |
By Type, By Application, and By Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Tatua, Prego, Casa Fiesta, McCormick, Funacho, Kewpie, Berner Foods, Kerry Group, Bay Valley, AdFP advanced food products, Nestlé, Ragu, Kraft Foods, Knorr, Ricos, Conagra, and Gehl Foods. |
Impact of COVID-19 on Canned Cheese Sauce Market
Coronavirus is likely to continue its influence on the food industry and its businesses like canned cheese sauce market. Meeting short-term demands shouldn't be a major challenge for most food companies, but industry experts and analysts have expressed a lack of clarity about the scope and extent of germs' impact. As a result of this uncertainty, the F&B sector experienced product supply delays. The increasing demand for fresh foods that are rich in nutrients amid coronavirus pandemic is acting negatively for the canned cheese sauce market. However, with the development of beneficial flavors, the market is supposed to expand in the coming years.
Recent Developments
Kraft Heinz Co announced that it would sell its natural cheese business to French dairy company Groupe Lactalis for $ 3.2 billion, increasing its marketing budget and reforming its supply chain, hoping to save $ 2 billion. $ 1 billion by 2024 and end weak sales and brand deterioration. The company also forecasts better-than-expected sales for the year, which will push Kraft Heinz shares up 1% in afternoon trading.
When Hormel Foods Corp HRL.N, maker of Spam canned meat, said it was buying Applegate Farms in May, fans of the natural and organic meat company lamented its acquisition by Big Food on social media and shouted asked if the quality of the product would go down.
Del Monte Pacific Ltd DMPL.SI, which is listed in Singapore, will buy Del Monte Foods Consumer Products Inc's canned food business, backed by private equity, for $ 1.7 billion, thereby gaining a direct market presence key market in the United States and which brings together a substantial part of the Del Monte family brand. Del Monte Pacific shares rose 10% with the deal.
Major drivers of the canned cheese sauce market include rising consumer purchasing power, fast-paced consumer lifestyles globally, and growing demand for nacho and eggplant salsa cheddar cheese for various specialties, changing the eating habits of consumers and increasing its popularity fast food with cheese. Additionally, rapid urbanization, low storage costs, product innovation, and cheese transportation are driving market growth. However, the increasing number of adulteration cases and the availability of various cheese substitutes are hampering the growth of the market. Increased investment by market players in canned cheese sauce innovations is an emerging trend in the market. In addition, the canned cheese sauce market is seeing the entry of new players in the market due to the high demand worldwide. However, limiting the downstream segment such as branding, advertising and others poses a challenge to the market.
Depending on the type,
nacho cheese sauce
jalapeño cheese sauce
cheddar cheese sauce
The jalapeño cheese sauce segment is estimated to have the highest market share due to its high nutritional content such as minerals, vitamins, etc.
According to the distribution channel,
supermarkets and hypermarkets
convenience stores
independent retailers
online retailers
online retail segment is likely to dominate the market in the future due to the great popularity of online shopping.
In terms of application,
food service
retail
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Among these, North America led the world market for canned cheese sauce in terms of market share. The market for these canned cheese sauces in the Asia-Pacific region is growing due to increased consumption. Asia-Pacific and other emerging countries are expected to grow at a rapid pace in the canned cheese sauce market in the coming years compared to experienced markets in developed regions.
Key Players
Tatua, Prego
Casa Fiesta
McCormick
Funacho
Kewpie,
Berner Foods
Kerry Group
Bay Valley
AdFP advanced food products
Nestlé, Ragu
Kraft Foods
Knorr
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