A new market study published by Global Industry Analysts, released its report titled “Parmesan Cheese – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Parmesan Cheese Market to Reach $18.4 Billion by 2026
Parmesan cheese is a popular hard cheese known for its characteristically nutty and strong flavor combining salty, bitter, sweet taste. Also termed as Parmigiano Reggiano, it holds a grainy and crumbly texture, with its color varying from dark to light yellow. Parmesan cheese comes with exceptional nutritional qualities and is commonly considered as a functional food by several consumers owing to its association with health benefits and reduced disease risk. Parmesan cheese is a hard, granular cheese obtained from cow’s milk and aged for around 12-36 months. The cheese is loaded with protein and fat while offering a rich source of vitamins and minerals. Based on its high content of vitamin A, vitamins B6 & B12, calcium, copper, phosphorus and zinc, parmesan cheese offers an attractive option for health-conscious people. Parmesan cheese is easy-to-digest and loaded with calcium and protein. Amid the COVID-19 crisis, the global market for Parmesan Cheese estimated at US$16.4 Billion in the year 2022, is projected to reach a revised size of US$18.4 Billion by 2026, growing at a CAGR of 2.7% over the analysis period.
The U.S. Market is Estimated at $4.2 Billion in 2022, While China is Forecast to Reach $1.3 Billion by 2026
The Parmesan Cheese market in the U.S. is estimated at US$4.2 Billion in the year 2022. The country currently accounts for a 25.51% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the close of the analysis period.
The market is receiving a major growth stimulus from rising demand for cheese and associated products propelled by confluence of a number of favourable factors such as rising consumer demand for fast food and convenience foods along with changing lifestyles and diverse product offerings. Parmesan cheese is garnering notable attention from consumers due to its natural and fresh ingredients coupled with authentic flavors. The market is driven by increasing uptake of parmesan cheese among people seeking ready-to-eat meals offering specific cheese flavors. Parmesan cheese is broadly used in sweet and savory snacks, with the market receiving strong impetus from considerable growth exhibited by the segment. In addition, ongoing efforts by companies to introduce new and innovative products are anticipated to present attractive growth opportunities.
Rising cheese consumption due to changing consumer preferences and tastes continues to be a primary driver for the parmesan cheese market. People with hectic lifestyles and no time for home-cooking are increasingly looking for convenient, tasty foods.
Read more of the latest industry developments in our new edition: January/February 2022 Single Issue form – International Bakery (in-bakery.com)