North American Cheese Market Poised To Grow at a Rate Of 3.1% In Terms Of Revenue Till 2021
The North American cheese market was valued at USD 21.98 billion in 2013 and is estimated to reach a value of USD 28.70 billion by 2021. The market is poised to grow at a CAGR of 3.1% between 2014 and 2021.
North America, especially the U.S., is one of the leading producers of cheese globally. Additionally, cheese is widely used across the continent as an important ingredient in daily intake of food by consumers. Moreover, on-go-lifestyle of consumers due to a fast paced life is expected to play a vital role in the growth of the cheese market in the region over the next few years. Other factors such as the presence of a large number of fast food chains and ease of availability of a wide range of cheese are anticipated to fuel the growth of the cheese market in North America over the next few years. However, issues associated with storage of cheese owing to its short shelf-life are expected to hamper market growth. Furthermore, rising health concerns among citizens of the continent due to excessive cheese consumption such as obesity is expected to further hinder the growth of the market over the next few years. Nonetheless, production of premium cheese providing consumers with gastronomic experiences is expected to open new opportunities for the growth of the market in the near future.
Demand for unprocessed cheese was highest in the region owing to its original taste and excellent texture. The segment accounted for over 85% of the demand in terms of volume in 2013 and is expected to be the fastest growing segment within the North American cheese market during the forecast period. Processed cheese in the form of slices and cubes are expected to witness notable growth during the forecast period on account of the fast paced lifestyle of consumers.
U.S. was the largest market for cheese in 2013 within North America. Presence of large population coupled with on-the-go lifestyle of consumers in the country are some of the key parameters driving the demand in the region. However, Mexico is expected to witness the highest growth within the North American cheese market during the forecast period owing to the rapid emergence of industries in the region which have led to an improved economy in the region, thereby affecting the eating habits of citizens residing in the country. Mexico is expected to at a CAGR of 3.8% in terms of volume between 2014 and 2021.
Mondelez International Group (Kraft), Sargento Foods Inc., Saputo Inc., Marin French Cheese Company and Tillamook Cheese Factory are some of the leading manufacturers of cheese in North America in 2013.