Feb 21, 2023

English - UK

Pramod Pawar

Cheese Snacks Market to Cross to USD 122.78 billion in Revenues by 2033

Market Overview:

Cheese snacks are ready-to-eat and convenient products made from cheese or cheese blends. The rising demand for healthy and convenient snacking options, the growing demand for protein-rich snacks, and the availability of a wide range of flavors and variants are some of the key factors driving the growth of the market.

The Cheese snacks market was valued at USD 68.56 billion in 2022 and is expected to reach the value of USD 122.78 billion by 2032, at a CAGR of 6% during the forecast period of 2022-2032. 

The Cheese Snacks Market has been experiencing rapid growth in the past few years. This is due to the increasing demand for convenience foods, as well as the growing popularity of cheese snacks among consumers globally. Cheese snacks offer a range of health benefits, including lower fat and sugar content than other snack options. In addition, with their portability and versatility, they are becoming increasingly popular on-the-go snacks for both adults and children alike.

Key Takeaways:

  • The global cheese snacks market is expected to grow at a CAGR of around 6% during the forecast period 2022-2032.
  • The rising demand for healthy and convenient snacking options is one of the key factors driving the growth of the market.
  • Cheese snacks are available in a wide range of flavors and variants, which is driving the demand for these products among consumers.
  • The market is dominated by North America and Europe, but the Asia Pacific region is expected to witness the highest growth during the forecast period.

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Figure: 

Regional Snapshot:

In terms of geographical markets, North America dominates the global cheese snacks market due to its high consumption rate in countries such as the United States and Canada. Europe follows closely behind North America in terms of market size and share due to high demand from countries such as France, Germany and Italy. Meanwhile, markets such as Asia Pacific have shown strong steady growth over recent years due to changing consumer preferences toward healthier snacking options.

Market Dynamics:

1. Drivers: 

The cheese snacks market is poised for significant growth in the coming years, driven by several factors. One of the primary drivers is the increasing demand for convenient and healthy snack options. Cheese snacks are considered a healthy alternative to traditional snack options such as potato chips and cookies, making them an attractive choice for health-conscious consumers. Additionally, the increasing popularity of cheese-based snacks among children is fueling the growth of the market.

2. Restraints:

One major restraint is the growing awareness among consumers about the harmful effects of consuming high-fat and high-sodium food products. This has led to a shift in consumer preference towards healthier snacking options, such as fruits and vegetables. Additionally, the rising cost of raw materials, such as milk and cheese, has resulted in higher production costs, which have been passed on to consumers in the form of higher prices. This has made cheese snacks less affordable and less appealing to some price-sensitive consumers.

Another restraint is the increasing competition from other snack categories, such as nuts, seeds, and bars, which offer healthier and more convenient options for on-the-go snacking. Finally, the lack of awareness and availability of cheese snacks in some regions, particularly in developing countries, is also a restraint that limits the growth of the cheese snacks market.

3. Opportunities:

There are several opportunities for growth in the cheese snacks market. The introduction of innovative cheese snack products, such as cheese balls, cheese sticks, and cheese puffs, can attract new customers and increase sales. The use of natural and organic ingredients in cheese snacks can also attract consumers looking for healthier options. Furthermore, the growing demand for cheese-based snacks in emerging markets presents a significant growth opportunity for market players.

4. Challenges:

There are some challenges that need to be addressed to fully realize the market's potential. One of the major challenges is the increasing prevalence of lactose intolerance, which can limit the consumption of cheese-based products. Additionally, the high fat and sodium content of cheese snacks can be a deterrent for some health-conscious consumers. The increasing competition in the market is also a major challenge for companies trying to establish a strong foothold.

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Recent Developments:

  • In 2021, Frito-Lay launched Cheetos Crunch Pop Mix, a new snack mix that combines Cheetos snacks and popcorn.
  • In 2020, Mondelēz International launched Ritz Cheese Crispers, a new line of baked cheese snacks.
  • In 2019, The Laughing Cow launched Mini Babybel cheese snacks in a new soft and creamy texture.

Market Segmentation:

Type

  • Baked
  • Fried
  • Frozen Snacks

Application

  • Franchise Outlets
  • Bakery
  • HoReCa
  • Household

Key Market Players:

  • Sargento Foods Incorporated
  • PepsiCo
  • Mars
  • McCain Foods
  • TINE
  • UTZ Quality Foods
  • U&S Unismack
  • ITC
  • General Mills
  • EnWave
  • Kellogg
  • Parle Products
  • Godrej Industries
  • Amy’s Kitchen
  • Fonterra Co-operative
  • Estate Cheese
  • Europe Snacks
  • Rich Products
  • Kerry
  • The Kraft Heinz

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FAQs:

Q: What are cheese snacks?

A: Cheese snacks are ready-to-eat and convenient products made from cheese or cheese blends.

Q: What is driving the growth of the cheese snacks market?

A: Rising demand for healthy and convenient snacking options, growing demand for protein-rich snacks, and the availability of a wide range of flavors and variants are some of the key factors driving the growth of the market.

Q: What are the key regions in the cheese snacks market?

A: North America and Europe dominate the global cheese snacks market, but the Asia Pacific region is expected to witness the highest growth during the forecast period.

Q: What are the major challenges faced by the cheese snacks market?

A: Fluctuations in the prices of raw materials, stringent food safety and quality regulations, and short shelf life of some cheese snacks are some of the major challenges faced by the market.

Q: What are the recent developments in the cheese snacks market?

A: Recent developments in the market include the launch of new snack mixes, baked cheese snacks, and new textures of cheese snacks by major players in the industry.

Report Scope

Report Attribute

Details

The market size value in 2022

USD 68.56 billion

Revenue forecast by 2032

USD 122.78 billion

Growth Rate

CAGR Of 6%

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World

Historical Years

2017-2022

Base Year

2022

Estimated Year

2023

Short-Term Projection Year

2028

Long-Term Projected Year

2032

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Author

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Email:

Pramod@market.biz

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