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Global mozzarella market to reach $47.3B by 2026: report
By Canadian Pizza
By Canadian Pizza
New York – The worldwide market for mozzarella, estimated at US$33.9 billion in the year 2020, is projected to reach a size of US$47.3 billion by 2026, growing at a CAGR of 5.7 per cent over the analysis period, suggests a new report by Reportlinker.com.
Blocks, one of the segments analyzed in the report, are projected to grow at a 6.2 per cent CAGR to reach US$19.7 billion by the end of the analysis period, says the report entitled Global Mozzarella Cheese Industry. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Shredded segment is readjusted to a revised 5.7 per cent CAGR for the next seven-years. This segment currently accounts for a 26.2 per cent share of the global mozzarella market.
The mozzarella market in the U.S. is estimated at US$8.7 billion in the year 2021. The country currently accounts for a 24.73 per cent share in the global market.
China, the world second largest economy, is forecast to reach an estimated market size of US$3.1 billion in the year 2026 trailing a CAGR of 7.9 per cent through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3 per cent and 5.6 per cent respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 4.5 per cent CAGR while Rest of European market (as defined in the study) will reach US$3.4 billion by the close of the analysis period.
The market is predicted to grow steadily supported by growing demand from athletes and sportsmen, who constitute a notable part of its consumer base. Furthermore, mozzarella cheese use in manufacturing diabetic foods will also be a major revenue earner. The cheese is also gaining traction among the health conscious masses due to its numerous health benefits. Niacin and Vitamin B3 that are abundantly present in the cheese aid in preventing a number of diseases, even arthritis and in reducing diabetes risks. Pregnant women consume it in large volumes to recover from deficiency of biotin.
Sales of mozarella will also grow as mozzarella’s popularity for use in fast food items fuel its demand. The food-services industry will continue being its largest consumer, the report says.
The global market will grow steadily during the forecast period because of a higher availability of more mozzarella cheese-based products, the report predicts.
However, strict government regulations on the processing of mozzarella cheese and maintenance of its safety and quality are expected to restrain the global market’s growth.
In terms of segments, block mozzarella cheese segment holds the largest share and will grow fastest and earn maximum revenues in future. On a distribution channel basis, the wholesaler segment will also be a major revenue earner in the forecast period.
However, online retailers and supermarkets will see a higher growth as compared to wholesalers, with supermarkets showing maximum growth. On an end-use basis, the F&B sector will also be a major revenue channel in the forecast period, while the household sector will be a prominent consumer in future also. In the sphere of applications, the segment for commercial use will garner notable market share in the forecast period, as more quick-service restaurants start operations. For example, Pizza Hut is expanding its retail outlet chain worldwide and a spiralling working population will also boost QSR demand.
Slices segment to reach $9.1 billion by 2026
In the global slices segment, U.S., Canada, Japan, China and Europe will drive the 4.9 per cent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.2 billion in the year 2020 will reach a projected size of US$7.3 billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$499.4 million by the year 2026, while Latin America will expand at a 6.3 per cent CAGR through the analysis period.