According to a new report released by Allied Market Research, titled “Halloumi Cheese Market by Type, End Use, and Nature: Opportunity Analysis and Industry Forecast, 2021-2027,” the global market size of halloumi cheese has been estimated at 421.2 million USD in 2019, and is projected to reach USD 737.0 million by 2027, registering a CAGR of 10.0% from 2021 to 2027. The unflavored segment has made the largest contribution to the market, and it is estimated that will grow at a CAGR of 9.8% during the forecast period. Europe maintained a leading position in the global market in 2019 and is expected to maintain its dominance in the future.
The best leaders:Major players in the halloumi cheese market have relied on strategies such as product launches and business expansion to expand their position in the global market and remain relevant in the global halloumi cheese market share. Major players in the Halloumi Cheese Industry featured in the report are Petrou Bros Dairy Products Ltd., Zita Dairies ltd., Hadjipieris Ltd., Galaktokomio ADS Dafni ltd., Arla Foods, Almarai, Nordex Foods A/S, CowBoy Farm ltd. , Sussex High Weald Dairy and Lefkonitziatis Dairy Products.
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The growth of the halloumi cheese market can be attributed to the growing cross-cultural interaction due to the increased accessibility of travel across the country. Furthermore, the growing culture of eating out has further benefited the market. Halloumi cheese is also considered a vial meat substitute for the vegetarian cohort of the world’s population as it remains firm even after grilling. Furthermore, the increase in the number of food service outlets and the growing adoption of halloumi cheese in such outlets further drive the growth of the market. However, adulteration of ingredients acts as a major drag on the global halloumi cheese market. Furthermore, cheese in general is not considered very healthy and often the health conscious population avoids cheese due to the high concentration of fat and salt, which also hampers the market growth. Conversely, the increase in people’s disposable income and the growth of the fast food culture are expected to provide opportunities for the growth of the halloumi cheese market.
The halloumi cheese market is segmented into type, end use, nature and region. By type, the market is segmented into flavored and unflavored. Based on the end use, the market is classified into catering and residential. Based on nature, it is divided into organic and conventional. As for the region, it is analyzed in North America (United States, Mexico and Canada), Europe (Germany, United Kingdom, 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, Middle East and Africa).
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Based on the halloumi cheese market forecast by type, the unflavored segment was the segment with the highest revenue generation, accounting for a major share in 2019. The growth in this segment can be attributed to it being preferred more over the one flavored in fast food and by consumers. The flavored segment, on the other hand, is expected to witness a modest growth rate during the forecast period
Based on the analysis of the end-use halloumi cheese market, the food service segment generated the highest revenues in 2019. The dominance of this segment can be attributed to the increase in the number of fast-food restaurants. Furthermore, the growing dependence of people on fast food for nutrition has also helped the growth of the food service segment market. The residential segment is expected to witness the modest growth rate throughout the forecast period. This can be attributed to the growing consumer interest in cooking home-cooked dishes and cuisines
By nature, the conventional segment was the segment with the highest revenue generation, accounting for a large share in 2019. The growth in this segment can be attributed to the lower price and higher availability in the market. The organic segment, on the other hand, is expected to witness a higher growth rate during the forecast period owing to its health.
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As for the region, Europe was the largest market, in terms of revenue generation, with almost half of the global share in 2019. The UK and Cyprus are expected to expand further at a remarkable growth rate, dominating the market with the highest share throughout the forecast period. Conversely, Asia-Pacific and LAMEA are expected to achieve the highest growth rate. The growth in these regions can be attributed to the increase in cross-cultural interaction due to travel.
Main results of the study
Based on the type, the unflavored segment is expected to witness the growth rate, during the forecast period.
Based on 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 expected to witness a high growth rate, from 2021 to 2027.
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