Increase in the global adoption of Parmesan Cheese, increase in the production of parmesan-based snacks, and surge in popularity of parmesan cheese as a functional and nutritional food drive the growth of the global parmesan cheese market. However, easy availability of alternatives such as processed cheese, cheddar cheese, mozzarella cheese, and Swiss cheese restricts the market growth.
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The parmesan cheese market was valued at $15.4 billion in 2021, and is estimated to reach $23 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.ย In 2021, the powdered parmesan cheese segment accounted for the majority of the total parmesan cheese market.ย
Today’s consumers, especially millennials and Generation Z, prefer food that is both convenient and nutritious. To obtain the most nutritional benefits for the body, more emphasis is being placed on healthy eating habits and balanced diets. The European Union classifies parmesan cheese as a functional food due to the numerous health benefits associated with its consumption. It contains a lot of protein, healthy fats, calcium, vitamin A, B6, and B12 vitamins, as well as phosphorus, zinc, and copper. Parmesan is also less lactose and easier to digest. Parmesan cheese’s popularity is growing as consumers become more aware of its health benefits, which is helping the Parmesan Cheese Market Growth.ย
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The players operating in the parmesan cheese market have adopted various developmental strategies to increase their Parmesan cheese Market Share, gain profitability, and remain competitive in the market. The key players operating in the Parmesan cheese Market Analysis include- All American Food, BelGioioso Cheese Inc., Bluegrass Ingredients, Inc., Caseificio Gennari, Caseificio Sepertino, Dalter Food Group, Frank and Sal., Italia del Gusto, La Ferme Cheese, Lactalis Corporation, Organic Valley, San Pier Damiani, The Kraft Heinz Company, The Kroger Company, and Thornico A/S.ย ย
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Based on end user, the food service segment held the highest market share in 2021, accounting for more than one-thirds of the global parmesan cheese market, and is estimated to maintain its leadership status throughout the forecast period. An increase in the popularity of Italian food across the world has increased significantly, especially in the developing regions of the world, which led to the opening of several new Italian food establishments across the world.
Europe to maintain its dominance by 2031
Based on region,ย Europeย held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global parmesan cheese market, and is likely to dominate the market during the forecast period. As authentic parmesan cheese, called Parmigiano-Reggiano, is produced in the Reggiano region ofย Italyย in the Parma, Reggio Emilia, Modena, Bologna, and Mantova areas.ย Europeย has strict laws with regard to the classification of parmesan cheese to maintain the highest quality and authenticity of cheese possible.
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Europe was the largest shareholder in terms of parmesan cheese sales in the base year owing to the high popularity of the parmesan cheese in the region, especially in Italy as it is the country of origin of parmesan cheese. North America was the second largest in terms of market share, while the Asia-Pacific region is expected to have the highest growth rate with a CAGR of 5.2% at the end of the forecast period.
Key findings of the studyย
- By type, the powdered parmesan cheese segment dominated the market in 2021 and the grated parmesan cheese segment is expected to have the highest growth during the forecast period.
- By nature, dairy based parmesan cheese held the highest market share in 2021, while the vegan parmesan cheese segment is predicted to have the highest growth during the forecast period.
- By category, conventional parmesan cheese was the largest segment in 2021, with the organic parmesan cheese segment expected to have significant growth.
- By end user, the food retail segment is anticipated to be the fastest growing segment during the forecast period.ย
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