Market Research Future (MRFR) expects the cheese snacks market to thrive at a substantial pace from 2020 to 2027, given the surge in globalization worldwide.
Top Growth Boosters and Impediments
Cheese acts as a primary ingredient or a flavouring agent in various snack products. Cheese is an impressive source of essential nutrients such as calcium, magnesium, potassium, cobalamin, and iron, helping improve several bodily processes in line with regular consumption. Therefore, consumer are increasingly opting for cheese snacks in comparison to other snack options in the market.
On the other hand, significant costs associated with the production of cheese snacks could slow down the adoption rate while acting as a restraint for the worldwide market. Having said that, the surging preference for cheese snacks in emerging countries in Asia Pacific like India and China could present huge opportunities to the top developers. Additionally, the rise in consumers’ disposable incomes and their evolving food habits and lifestyle further elevate the demand for organic snacks.
Globalization has fostered the universal acceptance of various regional food products, such as cheese snacks. Latest product launches are the top strategy adopted by the manufacturers striving to bolster their consumer base.
The major applications of cheese snacks are baked, fried, and others. With the surge in health consciousness among consumers and rising awareness about different diets to be followed, the preference for healthy snacks have rapidly grown over the years. In view of this, a burgeoning consumer base opting for baked products rather than fried options to avoid fat and oil.
Top end-users in the worldwide market are store-based along with non-store-based. Non-store-based end-users will be the fastest developing segment in the years to come.
Cheese is considered to be one of the most prominent products in Europe and North America. It is extensively used as either the main ingredient or an additive in a variety of food items. The increased Westernization in these regions has triggered the intake of various regional food products, which includes cheese snacks. Besides, the huge prevalence of processed and packed cheese snacks benefits the European and North American market. The massive consumption rate of cheese slices, triangles, dried pieces etc., will further enhance the market size in North America as well as Europe.
The FMCG sector in Asia Pacific is massive, which contributes greatly to the regional market growth. Other than this, mounting consumer knowledge with regard to healthy and nutritious products and their soaring concerns over fitness and health will be favorable for the cheese snacks market. Trends such as rising number of hypermarkets and supermarkets will give rise to lucrative opportunities. Additionally, surging disposable incomes of the consumers and the strong demand for one-stop solutions can further boost the business growth in subsequent years. Moreover, rising focus of Asian companies on R&D as well as new product launches will enhance the prominence of the FMCG domain in the region, ultimately elevating the market position.
Sargento Foods Inc (US), PepsiCo, Inc. (US), McCain Foods Limited (Canada), TINE SA (Norway), Utz Quality Foods, Inc. (US), ITC Limited (India), General Mills, Inc. (US) are some of the top contenders in the cheese snacks industry.
Outstanding Foods has introduced Outstanding Cheese Balls, which is a range of 100% dairy-free nutritious cheese ball puffs. The new range will be available online from April 18. The brand claims that the products are the first-ever vegan cheese balls sold in the market and will be available in four flavors, namely Bacon Chedda, Chedda, Garlic Parmesan, and Jalapeno Chedda.