Global cheese market to reach USD 100 billion in 2024

Global cheese market to reach USD 100 billion in 2024

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The global cheese market was worth USD 62 billion in 2018 according to the latest Research and Markets report. The global cheese market will reach USD 100 billion by 2024, up from USD 62 billion in 2018. The industry will to grow at a CAGR of 8.4 percent during the period 2019-2024.

The development of fast food chains which represent one of the major consumers of cheese worldwide is fueling the sector.

Emerging markets like China and India will drive the global cheese market in the coming years. Earlier, the consumption of cheese was largely confined to western countries. However, the increasing trend of westernization of food consumption patterns is boosting cheese consumption. It is also coupled with the rise of the middle class population and the increasing urbanization.

The growth of the organized retail sector is also positively impacting the global cheese market. Several large groups are leading the sector. These include Lactalis Group, Fonterra, Dairy Farmers of America, and Arla Foods.

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