Cheese Based Snacks Market to record USD 4.34 billion growth from 2022 to 2027
Source: The DairyNews
The cheese based snacks market is set to experience substantial growth, driven by evolving taste preferences, increased on-the-go snack consumption, and rising disposable incomes.
he report by Technavio forecasts that the cheese based snacks market will witness a remarkable increase, reaching a value of USD 4,336.17 million by 2027, with a projected Compound Annual Growth Rate (CAGR) of 5.2% between 2022 and 2027.
One of the primary drivers of market growth is the evolving taste preferences of consumers worldwide. With an increasing penchant for processed snacks, particularly among the younger demographic, manufacturers are capitalizing on this trend by introducing a diverse range of cheese-infused snacks. From unique flavors to locally sourced ingredients, companies are leaving no stone unturned to cater to the evolving palate of consumers.
The report highlights the significant impact of new product launches on market growth. Leading companies such as McCain Foods Limited and Kellogg's Co. have unveiled innovative cheese-based snack offerings, enticing consumers with flavorsome options like never before. For instance, McCain Foods Limited introduced "The Simple Root," a plant-based brand featuring dips, spreads, sauces, and cheese made from root vegetables, while Kellogg's Co. introduced three new Pringles flavors, further expanding their product portfolio.
The retail segment is expected to witness significant growth during the forecast period, fueled by the proliferation of hypermarkets, supermarkets, and grocery stores. Organized retail channels provide consumers with a wide array of cheese-based snacks, driving sales through attractive discounts and promotional offers. As consumers increasingly gravitate towards organized retail outlets, local manufacturers are poised to benefit from this trend, further bolstering market growth.
Geographically, North America is projected to dominate the global cheese-based snacks market, contributing approximately 38% to the overall market growth during the forecast period. Factors such as changing household dynamics, growing disposable income, and the presence of established fast-food chains propel the market's growth trajectory in the region.
One of the primary drivers of market growth is the evolving taste preferences of consumers worldwide. With an increasing penchant for processed snacks, particularly among the younger demographic, manufacturers are capitalizing on this trend by introducing a diverse range of cheese-infused snacks. From unique flavors to locally sourced ingredients, companies are leaving no stone unturned to cater to the evolving palate of consumers.
The report highlights the significant impact of new product launches on market growth. Leading companies such as McCain Foods Limited and Kellogg's Co. have unveiled innovative cheese-based snack offerings, enticing consumers with flavorsome options like never before. For instance, McCain Foods Limited introduced "The Simple Root," a plant-based brand featuring dips, spreads, sauces, and cheese made from root vegetables, while Kellogg's Co. introduced three new Pringles flavors, further expanding their product portfolio.
The retail segment is expected to witness significant growth during the forecast period, fueled by the proliferation of hypermarkets, supermarkets, and grocery stores. Organized retail channels provide consumers with a wide array of cheese-based snacks, driving sales through attractive discounts and promotional offers. As consumers increasingly gravitate towards organized retail outlets, local manufacturers are poised to benefit from this trend, further bolstering market growth.
Geographically, North America is projected to dominate the global cheese-based snacks market, contributing approximately 38% to the overall market growth during the forecast period. Factors such as changing household dynamics, growing disposable income, and the presence of established fast-food chains propel the market's growth trajectory in the region.
