Northbrook, IL 60062 -- (SBWIRE) -- 01/08/2024 -- The Cheese Powder Market is experiencing robust growth, with a projected increase from USD 630 million in 2023 to USD 895 million by 2028, at a CAGR of 7.3%, according to a detailed research report by MarketsandMarkets. The study delves into various aspects, including market segmentation by type, application, origin, and region, providing valuable insights into the industry dynamics.

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Market Dynamics:

The surging demand for convenience foods emerges as a key driver propelling the cheese powder market forward. Major industrial users, such as snack, soup, sauce, frozen product, and ready-to-eat meal producers, contribute significantly to the market's expansion. Snacks, in particular, stand out as a major application due to the ease of handling and extended shelf life provided by cheese powder. Its incorporation into dry snacks has notably fueled market growth.

Type Segment Analysis:

In 2023, Cheddar cheese powder dominated the market, holding the largest share in terms of value. Cheddar, a widely consumed and popular cheese variety, reflects broader trends in the cheese powder industry. Recognized for its relatively hard texture and off-white color, Cheddar cheese powder gains traction, driven by its low calorie, saturated fat, salt, and cholesterol content. The rising health-consciousness among North American consumers has further boosted the demand for Cheddar cheese powder, with an increasing interest in high-quality, artisanal, and premium varieties.

Origin Segment Analysis:

Within the origin segment, processed cheese powder claimed the largest share in 2023. Widely used in the foodservice industry, particularly in quick-service restaurants and casual dining establishments, processed cheese products offer convenience and ease of use in various menu items. Processed cheese's cost-effectiveness compared to natural cheeses positions it as a budget-friendly option for both consumers and foodservice establishments.

Application Segment Analysis:

Ready meals emerge as the fastest-growing application segment in the cheese powder market. The incorporation of cheese powder in ready meals adds specific flavors or enhances existing ones, catering to the increasing demand for convenient meal options in developed countries like the U.S., Germany, and the U.K. Ready meal manufacturers are also tapping into the trend of creating fusion dishes, blending various cheese flavors in international cuisines, catering to consumers' growing interest in global flavors.

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Regional Analysis:

The North American region is poised for significant growth in the global cheese powder market. The widespread use of cheese powder as a key ingredient in various food products, including snacks, ready meals, sauces, dips, dressings, and bakery items, is a key driver. The region's plethora of fast-food chains and diverse cheese production contribute to the anticipated growth in the North American cheese powder market.

Key Players:

Major key players operating in the cheese powder market include Land O'Lakes, Inc. (US), Kerry Group Plc (Ireland), Fonterra Co-operative Group Limited (New Zealand), ADM (US), and Commercial Creamery Company (US).

Conclusion:

The cheese powder market is experiencing substantial growth, driven by factors such as the increasing demand for convenience foods, the popularity of snacks, and the adoption of cheese powder in diverse applications. The report provides a comprehensive overview of market trends, key player insights, and growth opportunities, making it a valuable resource for industry stakeholders and market enthusiasts alike.

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