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Mintel: Rising Prices Propel Rapid Value Growth in UK Cheese Market

Source: The DairyNews
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Rising Prices Propel Rapid Value Growth in UK Cheese Market, Mintel Reports
Mintel: Rising Prices Propel Rapid Value Growth in UK Cheese Market
Source: freepik.com
Mintel's latest report on the UK cheese market reveals a remarkable surge in value growth despite a decline in volume sales. The forecast anticipates that the market's value will reach £4.5 billion (€5.2bn) by 2028, driven by escalating prices.

Despite the ongoing cost of living crisis, UK cheese consumption remains robust, with approximately nine in ten people regularly including it in their diet. Cheddar retains its status as the nation's favorite cheese, gaining market share due to its affordability and adaptability during income squeezes.

Own-label cheese has seen a significant market share increase amid financial constraints, but as household finances recover, there's potential for encouraging trading up. Consumers are expressing interest in speciality cheeses, continental varieties, and branded options, signaling an opportunity for growth. Highlighting flavor and providing tips on enhancing taste resonate with half of cheese buyers seeking ways to elevate their favorite cheeses.

While sustainability may have taken a backseat during the income squeeze, a predicted longer-term uptick indicates a growing interest. This shift creates opportunities for cheese in vegetable-led dishes, aligning with the preferences of around two-fifths of buyers seeking tips for incorporating dairy products into vegetable-based meals. Brands offering online recipe ideas need to ensure effective outreach to capitalize fully on this emerging trend, according to Mintel.
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February 2024
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