The Global Cheese Powder Market Is Predicted To Reach USD 689.43 Million With A CAGR Of 6.73% According To Market Data Forecast Report.

The Global Cheese Powder Market Is Predicted To Reach USD 689.43 Million With A CAGR Of 6.73% According To Market Data Forecast Report.

ID: 2539 | October 2018 | Region: Global

The Global Cheese Powder Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Global Cheese Powder Market is estimated to be USD 497.8 million in 2018 and predicted to rise to USD 689.43 million by 2023 with a CAGR of 6.73%. The market is segmented by Type (Cheddar, Mozzarella, Parmesan, American, and Blue), Application (Bakery & Confectionery, Sweet & Savory Snacks, Sauces, Dressings, Dips & Condiments, and Ready Meals). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

The market for cheese powder is driven by rapid development of fast food chains and consumer’s growing appetite for fast food. Globally, due to the rise in the disposable income in the developing economies and increased consumer spending fuels the market for cheese powder. Additionally, the uses of cheese powder in recipes drives the growth of the market. The health related concerns about obesity, higher cholesterol levels and heart problems restricts the growth of the cheese powder market.

Cheddar cheese powder is the market leader in terms of market share and is followed by Mozzarella cheese powder. The reason for the higher share is that they are used in many different varieties of snacks. Parmesan cheese powder is predicted to grow at the highest CAGR.

North America is the largest segment geographically in terms of market share, with a share of above 30% globally. The reason for the higher market share is due to the eating patterns and lifestyle of the people in the region. Asia-Pacific is predicted to grow with the fastest pace in the forecast period due to developed economies like Japan. While other nations like India, China and Australia also contribute to the growth of the market.

Some of the major companies dominating the market, by their products and services include Land O’Lakes, Inc., Kraft Foods Group, Inc., Kanegrade Limited, Archer Daniels Midland Company, Lactosan A/S, Kerry Group Plc, and DairiConcepts, LP.

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