LONDON–Technavio has been monitoring the cheddar cheese market and it is poised to grow by USD 4.10 billion during 2019-2023, progressing at a CAGR of almost 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Arla Foods amba, Carbery Group, Dairygold Co-Operative Society Ltd, Fonterra Co-operative Group, and The Kraft Heinz Company are some of the major market participants. The demand for convenience food will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Demand for convenience food has been instrumental in driving the growth of the market.
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