The expected valuation of the parmesan cheese market is 22.1 billion for 2032-end and demand is likely to increase at a CAGR of 2.8% from 2022 to 2032.
Italy – where, by the end of 2021, the production of Parmesan cheese reached around 163.7 thousand tons – holds a noticeable share as the producer of parmesan cheese in the global market. The market in Germany is expected is expand at a CAGR of 2.5% through 2032.
The global market for parmesan cheese is growing steadily with the rising demand for convenience as well as fast food products from the global population. The growing number of applications of parmesan cheese in cooking is likely to bolster the sales opportunities in the market. This product is generally used in chunks or grated over uncooked or cooked food. At present, cheese is used as one of the popular flavoring agents in melted dishes; for instance, sauce recipes and soups. In addition, it is also used in Italian cuisine as a topping for pizzas and pasta.
A negligible amount of lactose is contained in cheese, which makes the product a suitable option for the population who are lactose-intolerant. So, with the versatile nature of parmesan cheese along with the mentioned factors, home consumption of parmesan cheese is likely to increase over the coming years.
The market for parmesan cheese is gaining popularity due to its increased consumption in the form of packaged cheese products. Further, the extended shelf-life of these products is also contributing to bolstering demand opportunities in the global market.
“Increasing consumer spending on different functional and healthy products, rising disposable income, and changing lifestyles are estimated to increase the sales of parmesan cheese in the years ahead,” says a Fact.MR analyst
The industry has taken some noticeable initiatives. Stella Cheese, for example, in January 2022, announced that the brand is returning to its roots for the reintroduction of two beloved classics which stood against the test of time – Grana Padano and PDO-certified Parmigiano Reggiano cheeses. These products are imported from northern Italy.
The market for parmesan cheese is competitive as new entrants are planning to start new ventures. Further, positive news related to the large-scale production of this cheese and plans to establish larger production plants in the next 10 years are likely to add value to the market for parmesan cheese.
Bel Brands, US, is a maker of Boursin, The Laughing Cow, Babybel, beloved cheeses, and more. The company announced the expansion of its product portfolio in February 2021. Bel expanded its offerings with new formats and flavors that include parmesan-style shreds.