Market Definition:
Cheese is expected to fuel flavor innovation in the food & beverage market in the upcoming years. The report offered by Market Research Future (MRFR) highlights that the global cheese snacks market is prognosticated to expand at a moderate CAGR during the projection period 2018 to 2023. Cheese is not only used for enhancing the taste but is also used as a source of nutrients such as iron, calcium, magnesium, potassium, and cobalamin. It has become a crucial part of the consumer preferences which is projected to fuel demand for cheese in the production of snacks, thus, boosting revenue growth of the market.
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Market Scenario and Growth Factors:
The changes in lifestyle have led to the ongoing trend of ‘snackification’ which is anticipated to propel the expansion of the cheese snacks market in the forthcoming years. Urban migration is one of the major factors responsible for fueling demand for cheese snack on the global front. Industry leaders are emphasizing on innovating different flavors paired with cheese for the development of a unique portfolio. Also, investments are being made towards attractive packaging for gaining a competitive edge over competitors. Thus, the future trajectory of the cheese snacks market is prognosticated to remain highly lucrative over the next couple of years.
A shift has been witnessed in the consumer preferences towards healthy snacks. Key players are focusing on the introduction of snacks that are healthy as well as tasty. This, in turn, is expected to revolutionize the growth pattern of the cheese snacks market in the years to come.
Competitive Dashboard:
The key players participating in the global cheese snacks market and profiled in this MRFR report are PepsiCo, Inc. (US), Sargento Foods Inc (US), McCain Foods Limited (Canada), Utz Quality Foods, Inc. (US), TINE SA (Norway), ITC Limited (India), and General Mills, Inc. (US).
Industry News:
In May 2019, the nutritionally on-trend snack brand, ParmCrisps, has added two new flavors to its product line – Sour Cream & Onion and Cheddar.
In May 2019, a producer of ready-to-eat fresh foods, Taylor Farms, announced the launch of four chopped salad kits. Three out of the four kits launched contains different cheese such as blue cheese, cheddar cheese, etc.
In May 2019, Veggies Made Great by Garden Lites, has unveiled new innovative flavors of Frittatas to Costco stores – Mushroom & 3 Cheese Egg White Frittatas and Broccoli Cheddar Frittatas.
In May 2019, snack giant Rebisco has beefed up its portfolio with the launch of Japanese flavor-inspired Hansel Premium with White Cheese Filling and Rebisco Premium Crackers with Black Sesame Seeds.
Market Segmentation:
The global cheese snacks market, by product type, has been segmented into baked, fried, and others.
Based on the distribution channel, the cheese snacks market has been bifurcated into store-based and non-store-based. The store-based segment is further sub-segmented into convenience store, hypermarket & supermarket, independent small groceries, and others.
Regional Assessment:
Based on the region, the global Cheese Snacks Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is projected to hold the most substantial share of the market in the upcoming years. The increasing shift in consumer behavior pattern towards snacking is expected to boost the revenue creation of the market across the review period. Also, the high purchasing power of the population in the region is poised to favor the proliferation of the cheese snacks market over the next few years. Asia Pacific is prognosticated to strike the highest CAGR during the projection period. The factors that are anticipated to propel market expansion in the region include rising disposable income, changing lifestyle, urbanization, etc.
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