Originally published on Technavio:Cheese-Based Snacks Market Analysis across North America, Europe, APAC, South America, and Middle East and Africa - covering the US, Canada, China, Germany, and the UK - Forecasted for 2023-2027
Methodology
Forecast for the Cheese-Based Snacks Market from 2023 to 2027
The estimated growth of the cheese-based snacks market amounts to USD 4,336.17 million, with a projected Compound Annual Growth Rate (CAGR) of 5.2% between 2022 and 2027. The market's expansion hinges on various factors, including the increasing demand for on-the-go snack options, rising disposable incomes, lifestyle shifts, and evolving taste preferences.
The report encompasses an in-depth analysis of market drivers, trends, challenges, and customer landscapes. Additionally, it incorporates historical market data from 2017 to 2021.
Cheese-Based Snacks Market Size
Evolving taste preferences notably propel market growth, although factors such as rising health concerns may impede it. Our researchers analyzed data with 2022 as the base year, focusing on key drivers, trends, and challenges. A comprehensive understanding of these drivers aids companies in refining their marketing strategies for a competitive edge.
Primary Market Driver
One of the principal factors fueling global market growth is evolving taste preferences. Consumer preferences for processed snacks are evolving, particularly among younger demographics keen on exploring new options and fresh ingredients. Manufacturers are adapting by expanding product lines, introducing new items, and creating new brands to accommodate these evolving tastes. Continuous product development and innovation are crucial for sustaining long-term market viability, and the global cheese-based snack food market is no exception.
Significant Market Trends
The increasing number of new product launches stands out as a key market trend expected to positively impact the industry in the forecast period. The uptick in new product launches drives market growth globally. Successful new product introductions lead to increased revenue flow and market shares for cheese-based snack vendors such as ITC Limited, PepsiCo Inc., Kellogg Co., Parle Products Pvt. Ltd., Mars Inc., and McCain Foods Ltd.
Major Market Challenge
A key challenge to global market growth is the rising number of health concerns associated with consumption of high-calorie foods. Health effects linked to high-calorie consumption pose a hindrance to market expansion. Saturated fats in cheese can elevate cholesterol levels, increasing the risk of heart disease. Additionally, cheese's high sodium content, crucial for maintaining cellular water balance, can lead to hypertension, kidney disease, heart disease, and osteoporosis. While cheese is rich in essential nutrients, its calorie density raises concerns about weight gain. Furthermore, lactose intolerance, prevalent among some individuals, can lead to digestive issues such as gas and bloating. The lack of fiber in cheese can also cause constipation if consumed excessively. These factors are expected to impede global market growth in the forecast period.
Primary Market Customer Landscape
The report covers the market's adoption lifecycle, spanning from innovators to laggards, and evaluates adoption rates across different regions based on penetration levels. Furthermore, it delves into key purchase criteria and drivers of price sensitivity to assist companies in evaluating and refining their growth strategies.
Cheese-Based Snacks Market Share by Geography
Companies are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to bolster their market presence.
Amys Kitchen Inc.: Offers cheese pizza snacks and a range of other food products including vegan options, gluten-free foods, soups, burritos, wraps, and more.
The report also provides detailed analyses of the competitive landscape, featuring information on 15 market players, including
Fastest-Growing Market Segment
The retail segment is expected to witness significant market share growth during the forecast period. Hypermarkets, supermarkets, and grocery stores are primary distribution channels for cheese-infused snacks in the retail sector. The retail sector's dominance stems from the organized retail industry's expansion.
Cheese-Based Snacks Market Size
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The retail segment, valued at USD 9,933.86 million in 2017, experienced continued growth until 2021. Purchases of cheese-based snack foods are rising with the proliferation of organized retail. These large stores offer a variety of cheese-filled snacks from different vendors, attracting shoppers seeking convenience and variety. Discounts and incentives further boost sales through hypermarkets, supermarkets, and grocery stores.
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North America is poised to contribute 38% to global market growth during the forecast period. Technavio analysts have meticulously outlined regional trends and drivers shaping market dynamics. North America is expected to dominate the global cheese-based snack food market, driven by changing household sizes, accessibility preferences, and growing consumer interest. The region, characterized by a robust fast-food chain presence and economic growth, presents significant opportunities for cheese-based snack foods.
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Technavio Research
Jesse Maida
Media & Marketing Executive
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