Global Cheddar Cheese Market 2019-2023| Increasing Marketing Initiatives to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Apr 12, 2019--The global cheddar cheese market is expected to post a CAGR close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global cheddar cheese market from 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the increased demand for convenience foods. The rising urban population is inculcating new habits developing preferences for international food patterns. Hence, various supermarket and hypermarkets are increasing their stock of convenient packaged food. For instance, convenient forms of cheeses such as slices, cubes, sticks, spreads, dips, crumbles and shreds are making them popular among masses, as they can be consumed readily and easily. Hence, the growing demand for convenience foods encourages vendors to expand their cheddar cheese offerings in the RTE segment, which, in turn, drives the growth of the global cheddar cheese market.
As per Technavio, the increasing marketing initiatives will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cheddar cheese market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global cheddar cheese market: Increasing marketing initiatives
Vendors in the global cheddar cheese market are following integrated marketing communication by using newspapers, magazines, and social media platforms such as YouTube and Facebook, to sell their products. These communication channels are playing a key role in generating product awareness among people globally. For instance, in 2018, Pilgrim's Choice, a brand of Ornua Co-operative, as a part of its marketing campaign, asked people to share their cheese dreams on social media and promised to turn them into advertising. This creative strategy lends a note of fun and authenticity to the brand and increases consumer's interests for its products. Such marketing initiatives are expected to increase during the forecast period, which will result in increased sales of cheddar cheese.
“Apart from the increasing marketing initiatives, the growth in the expansion of cheese production facilities is another major factor driving the growth of the global market. Dairy products manufacturers are expanding their capacities and are building new processing plants to explore new market opportunities in cheese products and meet the increased demand of customers. They are focusing on increasing their production capabilities and capturing major market share to improve competitive advantage and drive the growth of the market,” says a senior analyst at Technavio.
Global cheddar cheese market: Segmentation analysis
This market research report segments the global cheddar cheese market by distribution channel (online and offline) and geographical regions (APAC, Europe, MEA, North America, and South America).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rise in disposable income that is resulting in changing consumer preference for global cuisine, the high growth potential of the dairy industry, and the improving retail sector.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: RETAIL COMMUNICATIONS MARKETING FOOD/BEVERAGE
SOURCE: Technavio Research
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PUB: 04/12/2019 10:40 AM/DISC: 04/12/2019 10:40 AM