ROCKVILLE, Md., June 4, 2019 /PRNewswire/ -- This National Cheese Day dairy devotees can rejoice in the knowledge that despite the ripe maturity of the U.S. cheese market it remains a food industry segment bursting with growth and innovation, according to U.S. Food Market Outlook 2019, a report by market research firm Packaged Facts.
"The natural and specialty cheese market is relatively mature, yet Americans' love of cheese and the wider availability of quality cheeses at more affordable prices have helped drive growth," says David Sprinkle, research director for Packaged Facts.
Retail dollar sales of the U.S. natural and specialty cheese market reached $16 billion in 2018. Sales increased at a compound annual growth rate (CAGR) of 2.4% between 2013 and 2018. Volume sales grew at about the same average annual rate as dollars.
Marketers have continued to promote natural cheese as fundamentally nutritious and good tasting, despite its high fat content. Marketers have been addressing consumer health and diet concerns with better tasting reduced salt and fat cheeses, as well as organic cheeses and cheeses made from healthier milk. Natural cheese marketers also tout the wholesomeness of their products, in contrast to processed cheese. Natural cheese sales continue to benefit significantly from the snacking trend, with parents in particular driving sales of convenient forms for their kids.
Looking ahead, Packaged Facts projects retail dollar sales of the natural and specialty cheese market will grow by a CAGR of 2.5% to exceed $18 billion in 2023. Projected dollar sales will be dependent on milk supply and the price of cheese. Packaged Facts' forecast is based on prices steadying in the future.
Packaged Facts found that while health and nutrition will be key trends driving the market, most people love cheese because it tastes good. Premium and specialty cheese should continue to outperform the market since cheese is indulgent and many Americans have expanded beyond traditional favorites, cheddar and mozzarella, to full-flavored, higher-priced products. Mass brands and store brands (over 40% of dollar sales) continue to meet consumer desire for bolder, more robust flavors and gourmet-quality cheeses.
About the Report
U.S. Food Market Outlook 2019 focuses on the market for selected food products sold to consumers in the United States through retail channels. Packaged Facts examines:
- Chocolate Candy
- Fresh Bread
- Fresh Packaged Salads
- Frozen Dinners/Entrees
- Frozen Pizza
- Ice Cream/Frozen Novelties
- Meal/Snack Bars
- Natural & Specialty Cheese
- Salty Snacks
All retail channels of distribution are covered in market sizing and discussion, including supermarkets and grocery stores, mass merchandisers and supercenters, warehouse clubs, natural food stores, convenience stores, drugstores, dollar stores, and direct-sales channels including online. Market size data and projections are provided at the retail sales level for 2013-2018 and 2018-2023, with channel and marketer shares figures for 2018.
View additional information about U.S. Food Market Outlook 2019, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/updates/Food-Market. A companion report, U.S. Beverage Market Outlook 2019, is also available for sale.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.
SOURCE Packaged Facts