CHEESE MARKET ANALYSIS

Regional Analysis

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Europe has firmly established itself as the dominant region in the global cheese market. The region is expected to account for 40.3% of the market share in 2024. Countries like France, Germany, Italy, and the U.K. have a long history of cheese making and consumption. The culture of using cheese in meals, snacks, and desserts is deeply ingrained in the European populace. Moreover, the presence of large dairy cooperatives and cheese producers in Europe makes it the largest supplier globally. It exports specialty and artisanal cheeses, generated through traditional production methods, to several international markets. The aging and curing capabilities available with European producers have helped them gain dominance over New World cheese makers. The lucrative pricing that specialty European cheeses command also signifies their high brand equity and perception of superior quality across geographies.

Another region that is fast emerging as a cheese powerhouse is Latin America. Countries like Brazil, Argentina, and Chile have witnessed rapid growth in domestic cheese consumption over the past decade. Their warm and tropical climate is well-suited for rearing dairy cattle and producing milk. More importantly, rising incomes of the middle-class population combined with growing Western influence on cuisine and snacking habits have elevated the demand for cheese. Additionally, Latin Americannations have signed several bilateral and multilateral trade agreements improving their access to foreign markets. Particularly, Brazil has effectively utilized these agreements to bolster its cheese exports. Its ability to produce cheese at competitive costs has made Brazilian cheeses popular in Asia Pacific and Africa. Continued economic and population growth in Latin America bodes well for the region to further cement its position as a fast-growing force in the global cheese market.