CANADA – The Canadian cheese industry is experiencing notable growth, with its market valuation reaching US$3.47 billion in 2023 and projected to increase to US$ 4.034 billion by 2028.
According to ResearchAndMarket, this growth translates to a compound annual growth rate (CAGR) of 3.06%.
Between 2018 and 2023, the market demonstrated resilience, achieving a higher CAGR of 3.71%. In 2023, total sales amounted to CAD 4.68 billion, reflecting a 4.18% increase from the previous year. 2022 marked the peak annual growth rate at 6.30%.
For Canadian exporters of processed cheese, the USA emerges as the most attractive market in terms of export potential by 2028, followed by Switzerland, Belgium, Norway, and the United Kingdom.
However, Saudi Arabia leads in overall import demand across all countries, making it a significant player in the cheese market.
While Saudi Arabia dominates in import demand, the USA presents high unmet demand potential, making it a key focus for Canadian cheese exports.
Canada’s processed cheese market is characterized by the production of cheese products modified for convenience and extended shelf life.
These products are commonly used in snacks, sandwiches, and sauces, driven by consumer demand for versatile and convenient cheese options. Innovations in cheese processing technologies and trends toward healthier formulations further shape the market landscape.
Global liquid cheese market to hit US$16.65B in 2024
Meanwhile, the global liquid cheese market is also on a growth trajectory, projected to expand from US$16.18 billion in 2023 to US$16.65 billion in 2024, representing a CAGR of 2.9%.
By 2028, the market size is expected to reach $18.79 billion, growing at a CAGR of 3.1%.
Factors contributing to this expansion include rising consumer health consciousness, an increasing preference for premium food options, the growing influence of e-commerce, and higher disposable incomes.
Additionally, the interest in dairy alternatives is prompting key players to innovate, catering to health-focused consumer preferences.
A significant driver of growth in liquid cheese consumption is the rising demand for on-the-go snacks, supported by busy lifestyles and health trends.
Liquid cheese products, packaged for convenience, serve as versatile solutions for dipping and topping. For instance, the UK witnessed a 39% surge in on-the-go snack sales in 2023, with further growth projected in 2024, underscoring the global appeal of this trend.
Major players in the market, including The Kraft Heinz Company, Hormel Foods LLC, and Dairy Farmers of America Inc., are adapting to shifting consumer interests by developing dairy-free and plant-based cheese options.
Recent product launches, such as Armored Fresh’s Oat Milk Cheddar Dip, cater to consumers seeking sustainable alternatives.
Additionally, strategic acquisitions, like Sabrosura Foods’ purchase of Pancho’s Mexican Foods, highlight the growing market for Hispanic-inspired liquid cheese products.
Regionally, Europe remains the largest contributor to the liquid cheese market in 2023, with a global reach encompassing major regions such as Asia-Pacific, North America, and South America.
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