￼Industry growth is projected to stay strong as per capita cheese consumption grows
New York, NY (PRWEB) February 24, 2015
The Cheese Production industry has experienced sharp growth in recent years. Although the consumption of milk and various dairy products has started to decline, more consumers are eating cheese, and per capita cheese consumption has increased. In addition, disposable income has increased, leading consumers to eat out more often and sparking demand from restaurants and bars, which comprises the industry’s largest market. These increasing consumption trends have contributed to industry growth in the five years to 2015. An expected drop in dairy prices after a spike in 2014, however, will lead revenue to fall in 2015.
One of the primary achievements in the industry in the past five years has been pushing export growth. According to IBISWorld Industry Analyst Antal Neville, “exports have exploded since 2010.” In fact, the industry also surpassed New Zealand in 2013 to become the world’s largest cheese exporter. Much of this growth has been the result of efforts of industry associations and government programs in the past five years, but booming demand in countries with increasingly westernized diets, including Japan, Korea and China, have contributed to this growth as well. These trends are expected to continue over the next five years, and industry exports are expected to continue swelling as a result.
“Aside from exports, overall industry growth is projected to stay strong,” says Neville. Per capita cheese consumption is expected to keep growing, and more consumers will eat out at restaurants and bars, which comprises the sector that buys the most products from the industry. Furthermore, as consumers continue to develop a taste for cheese, they will demand more specialty varieties that command higher prices. These cheeses will remain a small part of overall industry revenue, but are expected to contribute to broadening the scope and overall expansion of the industry. Over the five years to 2020, IBISWorld forecasts that industry revenue will grow.
For more information, visit IBISWorld’s Cheese Production in the US industry report page.
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IBISWorld industry Report Key Topics
The Cheese Production industry manufactures cheese products from raw milk and processed milk products.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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