According to a new report published by Allied Market Research, titled, “Halloumi Cheese Market by Type, End Use, and Nature: Opportunity Analysis and Industry Forecast, 2021–2027,” the global halloumi cheese market size was valued at $421.2 million in 2019, and is projected to reach $737.0 million by 2027, registering a CAGR of 10.0% from 2021 to 2027. The un-flavored segment was the highest contributor to the market, and is estimated to grow at a CAGR of 9.8% during the forecast period. Europe held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.
The growth of the halloumi cheese market can be attributed to growing cross-cultural interaction due to increased accessibility of cross-country travel. Moreover, the growing culture of dining out has further benefitted the market. Halloumi cheese is also considered a vial meat replacement for vegetarian cohort of the global population as it remains hard even after grilling. Furthermore, rise in the number of food service outlets and growing adoption of halloumi cheese in such outlets further drive the market growth. However, ingredient adulteration act as the major restraint for the global halloumi cheese market. In addition, cheese in general is not considered very health and often the health-conscious population avoid cheese due to high concentration of fat and salt, which also hinders the market growth. On the contrary, rise in disposable income of people and growth in fast food culture is expected to provide opportunities for the halloumi cheese market growth.
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The halloumi cheese market is segmented into type, end use, nature, and region. By type, the market is segmented into flavored and unflavored. On the basis of end use, the market is classified into food service and residential. Based on nature, it is divided into organic and conventional. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (Germany, the UK, France, Italy, Spain, Cyprus, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East and Africa).
Based on halloumi cheese market forecast by type, the unflavored segment was the highest revenue-generating segment, accounting for a major share in 2019. The growth in this segment can be attributed to it being preferred more over flavored in fast food and by consumers. The flavored segment on the other hand is expected to witness modest growth rate during the forecast period
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Based on the halloumi cheese market analysis by end use, the food service segment generated maximum revenue in 2019. The dominance of this segment can be attributed to increase in the number of fast-food restaurants. Furthermore, growing dependence of people on fast food for nutrition has also aided the market growth of food service segment. The residential segment is expected to witness the modest growth rate throughout the forecast period. This can be attributed to growing interest of consumer in cooking homemade dish and cuisines
Based on nature, the conventional segment was the highest revenue-generating segment, accounting for a major share in 2019. The growth in this segment can be attributed to lower price and higher availability in the marketplace. The organic segment on the other hand is expected to witness higher growth rate during the forecast period owing to being healthier.
Region wise, Europe was the largest market, in terms of revenue generation, with almost half of the global share in 2019. UK and Cyprus are further expected to expand at notable growth rate while dominating the market with the highest share throughout the forecast period. On the contrary, Asia-Pacific and LAMEA are expected to garner the highest growth rate. The growth in these regions can be attributed to increase in cross cultural interaction due to travel.
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Key Findings Of The Study
On the basis of type, the unflavored segment is projected to witness the growth rate, during the forecast period.
On the basis of end use, the food service segment is expected to dominate the market from 2021 to 2027.
The organic segment is expected to grow at a significant CAGR during the forecast period.
Cyprus was the largest country, in terms of revenue generation for halloumi cheese in 2019.
LAMEA and Asia-Pacific are anticipated to witness high growth rate, from 2021 to 2027.
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Key players in the halloumi cheese market have relied on strategies such as product launch and business expansion to expand their stance in the global market and to stay relevant in the global halloumi cheese market share. The key players in the halloumi cheese industry profiled in the report are Petrou Bros Dairy Products Ltd., Zita Dairies ltd., Hadjipieris Ltd., Galaktokomio A.D.S Dafni ltd., Arla foods, Almarai, Nordex Foods A/S, CowBoy Farm ltd., Sussex High Weald Dairy, and Lefkonitziatis Dairy Products.