The global demand for cheese powder is growing, according to a fresh commerce and business study by Transparency Market Research (TMR). The research firm said demand in the global cheese power market will expand at a notable CAGR of 7.3% during the forecast period of 2017- 2024.
Some of the key growth drivers include growing demand for convenience food, growth of the fast-food industry, more consumer spending, and the rapid rise of urban population wherein disposable income has increased.
Application-wise, sauces and dips account for the maximum demand in the global cheese powder market, followed by sweet and savoury snacks. Region-wise, the report picks out North America and Europe as most lucrative regions, while Asia-Pacific cheese powder market is expected to turn lucrative towards the end of the forecast period as the popularity of these cheese products spreads.
The Asia-Pacific region houses two of the most promising emerging economies of India and China, which are home to the most prominent chunk of population of the world, the report said. Vendors concentrating on this regional market are expected to stay ahead of the curve.
As per the evaluations of the TMR report, the global cheese power market had an opportunity worth of US$256.1 million in 2015, which will swell up to US$481.0 million by the end of the forecast period.
In the near future, the vendors of this market will concentrate on expanding their geographical outreach as well as invest on attractive packaging methods to gain ground over their competitors, the study further stated.