Market Trends of Cheese Powder Industry
Increase in Consumer Spending on Fast Food
Quick-service restaurants (QSRs) have become increasingly popular in recent years, especially among the working population and students due to their busy schedules. QSRs generally feature a few standardized menu items, such as burgers, pizzas, Chinese food, or fish and chips, that can be prepared quickly. Therefore, these establishments often require ingredients that are easy to store and handle and can be incorporated into a wide range of items, thus creating a promising demand for powdered cheese over regular cheese. Powdered cheese has a longer shelf life than fresh cheese, allowing businesses to maintain a consistent supply without frequent restocking, reducing operational disruptions, and minimizing waste. Moreover, the rise of on-the-go snacks with cheesy flavors provides lucrative opportunities for players to introduce innovative products and expand their market share.
North America Holds Prominent Share in the Market
The North American region accounts for a significant share of the global cheese market, owing to the immense popularity of convenience food products and ready-to-eat meals among consumers with busy work schedules. Moreover, the United States contributes substantially to the market growth due to its high per capita cheese consumption. According to the US Department of Agriculture, the per capita consumption of cheese in the United States increased from 40.8 pounds in 2020 to 41.8 pounds in 2022. In addition, manufacturers are constantly innovating products to meet consumer demand for new and exciting flavors. For instance, in August 2023, Kerry acquired Kraft Heinz鈥檚 powdered cheese manufacturing facility in Albany, Minnesota, for USD 107.5 million. Through this acquisition, Kerry Group focuses on expanding its ingredient offerings. Besides this, the bakery and confectionery industry in Canada is experiencing significant growth, driven by consumers' preference for convenient, on-the-go food options. Cheese powder is a key ingredient in many popular snacks, such as flavored chips, cheese crackers, and cheese-flavored chips. According to StatCan, the sales value of cookies, confectionery, and snack food in Canada was CAD 4.12 billion in the fourth quarter of 2021, which increased to CAD 4.51 billion in the fourth quarter of 2022.
