Cream Cheese Market 2021-2027: Industry Analysis, Size, Share, Trends, Growth and Forecast
Market Research Future (MRFR) anticipate that the Cream Cheese Market will touch close to USD 8.3 Billion by 2026. The market is also likely to procure a growth rate of 4.7% between 2020 and 2026 (evaluation period).
Major Drivers and Challenges
Factors responsible for the rapid market growth include mounting preference for high protein and low-fat products along with the frequent introduction of new flavors. Foods and beverages like cream cheese are increasingly being preferred with read-to-drink cocktails, cheesecakes and bagels, which should bolster the market share in the following years.
Demand for tea macchiato and creamy tea has been witnessing rapid surge over the years and is expected to foster the sales of cream cheese. Rise in disposable income, especially in emerging countries and the surging interest in boosting refinement of palate will heighten the demand for premium items like cream cheese.
Rapid escalation in the number of quick-service restaurants has been favorable for the Cream Cheese Market. In these food service outlets, cream cheese has an array of applications including bagels, crackers and bread. It is also served as a dip for various snacks such as potato chips, salads and more. With the amplified popularity of ready to eat food items like sandwiches and burgers, especially among the youth, the demand for cream cheese is bound to mount at an incredible pace over the ensuing years.
So Delicious Dairy Free has introduced its latest range of plant-based cream cheeses, including slices, spreads and shreds. The newest product to be added in the range includes Cream Cheese Style Spreads, which will be available in Chive & Onion and Creamy Original flavors. The growing number of vegans worldwide has been taken into account, which are the key targets for the company and all the latest launches.
Asia Pacific/APAC, North America, Europe, as well as RoW/rest of the world are the prominent markets for cream cheese products across the globe.
As of 2019, the global market was led by Europe, where the demand for cream cheese is substantial, in view of soaring popularity of ready to eat food products. The region’s dominance will remain unbeatable throughout the evaluation period, thanks to the thriving dairy industry in the region. Germany remains the most lucrative market for cream cheese in the region, on account of the evolving eating habits, striking growth of the food and beverage sector and the heightened demand among vegans. The European market is also marked by the presence of several established players like Field Roast, Daiya Foods Inc., Nush Foods and Follow Your Heart that continuously explore innovative ways to up their positions. Surge in health consciousness among Europeans can also be credited for the strong market demand.
Asia Pacific is one of the fastest emerging revenue pockets in the global market for cream cheese. The demand is incredibly high in Japan, China, and a number of South-East Asian economies, which is creating attractive opportunities for the renowned companies. Mounting health concerns in hand with the growing prevalence of hectic lifestyle also drive the sales of cream cheese products in the region. Significant penetration rate of e-commerce channels, and the emergence of organized and standardized channels in the region also bolster the market size.
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Source, category and distribution channel are the top market segments outlined in the MRFR report.
The sources of cream cheese products include soy, milk, coconut, almond, and more. The most extensively used source for cream cheese is coconut. Most of the companies are increasingly deploying coconut milk since it offers more consistency. Coconut milk and products derived from it to make cream cheese offer an array of health benefits, including disease prevention, improvement of the immune system, faster hair growth, and reduction in risks of anemia.
Depending on category, the key segments are flavored and plain. Flavored category of cream cheese has taken the leading spot in the global market and will also capture the highest growth rate in the years to come. These types of cream cheese have additional flavors that appeal to the varying tastes of the consumers and help foster the sales.
Distribution channels that sell cream cheeses are either store-based or non-store-based products. Convenience stores, supermarkets & hypermarkets, and more are the major store-based channels and hold the leading position in the global market. With the provision of a one-stop experience for shoppers, store-based outlets have garnered high traction worldwide. But it is projected that the fastest growth will be noted by the non-store-based segment in the coming years, owing to the rising popularity of online shopping sites and the overall growth of the e-commerce industry.
The Kraft Heinz Company. (US), Kite Hill (US), Tofutti Brands, Inc. (US), WayFare Health Foods (US), Daiya Foods Inc. (Canada), Parmela Creamery (US), Galaxy Nutritional Foods, Inc. (US), Arla Foods amba (Germany), Horizn Organic Dairy LLC (US), Franklin Foods. (US), Miyoko’s Creamery (US), Alouette Cheese USA LLC (US), Follow Your Heart (US), Good Planet Foods (US), Dr-Cow Tree Nut Cheese (US), are the leading manufacturers of cream cheese in the worldwide industry.
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