Parmesan Cheese Market to Reach $23.0 Billion, Globally, by 2031 at 4.3% CAGR: Allied Market Research

Increase in the global adoption of parmesan cheese, increase in the production of parmesan-based snacks, and surge in popularity of parmesan cheese as a functional and nutritional food drive the growth of the global parmesan cheese market.

PORTLAND, Ore., Feb. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Parmesan Cheese Market by Type (Powdered, Grated, Shredded, Wheels), by Nature (Dairy, Vegan), by Category (Conventional, Organic), by End User (Food Processing, Food Service, Food Retail): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global parmesan cheese industry generated $15.4 billion in 2021, and is anticipated to generate $23.0 billion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031.

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Prime determinants of growth

Increase in the global adoption of parmesan cheese, increase in the production of parmesan-based snacks, and surge in popularity of parmesan cheese as a functional and nutritional food drive the growth of the global parmesan cheese market. However, easy availability of alternatives such as processed cheese, cheddar cheese, mozzarella cheese, and Swiss cheese restricts the market growth. Moreover, many market participants are making vegan parmesan cheese that are nearly identical to the dairy version, which is helping to promote vegan parmesan by allowing consumers to experience the same feel of parmesan without consuming any animal products and helps increase the Parmesan Cheese Market Size. The inclusion of vegan options in parmesan cheese is attracting the vegan population, thereby presenting new opportunities for the market growth in the coming years.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a positive impact on the global parmesan cheese market, owing to the increase in demand for various types of food ingredients and toppings for home cooking.
• The nutritional properties of parmesan cheese have also been recognized worldwide, leading to greater adoption of the cheese, especially in the developing regions of the world which helped to provide ample growth opportunities to the market.

The powdered segment to maintain its leadership status throughout the forecast period

Based on type, the powdered segment held the highest market share in 2021, accounting for nearly one-third of the global parmesan cheese market, and is estimated to maintain its leadership status throughout the forecast period, due to its convenience of use and easy availability through various retail channels. However, the grated segment is projected to manifest the highest CAGR of 4.9% from 2022 to 2031, owing to its ease of use and the intensity of the flavor. The popularity of authentic grated parmesan is rapidly increasing due to the increasing consumer interest in organic and authentic food products.

The food service segment to maintain its leadership status throughout the forecast period

Based on end user, the food service segment held the highest market share in 2021, accounting for more than one-thirds of the global parmesan cheese market, and is estimated to maintain its leadership status throughout the forecast period. An increase in the popularity of Italian food across the world has increased significantly, especially in the developing regions of the world, which led to the opening of several new Italian food establishments across the world. This is projected to boost the growth of the parmesan cheese market in the future, as parmesan is majorly used in Italian cuisine. However, the food retail segment is projected to manifest the highest CAGR of 4.6% from 2022 to 2031, owing to an increase in the consumers' purchase of various types of parmesan cheese for utilizing them in home cooking and baking activities.

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Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global parmesan cheese market, and is likely to dominate the market during the forecast period. As authentic parmesan cheese, called Parmigiano-Reggiano, is produced in the Reggiano region of Italy in the Parma, Reggio Emilia, Modena, Bologna, and Mantova areas. Europe has strict laws with regard to the classification of parmesan cheese to maintain the highest quality and authenticity of cheese possible. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.5% from 2022 to 2031. owing to rapid urbanization, combined with a rise in disposable incomes in the region's developing countries, driving demand for parmesan cheese in the Asia-Pacific region. The increasing influx of western cuisine and food service establishments as well as an increase in food processing manufacturers is leading to the adoption of several new ingredients in the market.

Leading Market Players: -

• BelGioioso Cheese Inc.,
• Italia del Gusto,
• Auroville,
• All American Foods, Inc.,
• Bluegrass Ingredients, Inc.,
• Caseificio Gennari Sergio & Figli Srl,
• Caseificio Sepertino,
• DalterAlimentari S.p.A,
• Frank & Sal Italian Market,
• Lactalis Group,
• Organic Valley,
• Caseifico San Pier Damiani,
• The Kraft Heinz Company,
• The Kroger Co.,
• Thornico A/S

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