Dairy Processing - March/April 2024 - 24

growth and
expansion
Continued interest in the cheese category is fueling
investments in new facilities and product innovation.
by Kristen Putch | kputch@sosland.com
A
s the demand for cheese consumption
and production increases, between rising
demand from within the food industry
and developing food trends, the cheese segment is
driving the dairy market.
The size of the world cheese market is
estimated to increase by $39.1 billion by 2027,
according to Technavio. The market's growth
momentum will progress at a CAGR of 4.5% during
the forecast period, with growth being driven by
an increase in cheese consumption globally, as
well as more availability in different forms.
" Dairy's not declining; dairy is growing.
We're simply eating more of our dairy than we're
drinking, " Michael Dykes, president and chief
executive officer, IDFA, told attendees at the IDFA
Dairy Forum in January. " Cheese is driving the bus
... and cheese is paving the way for other products
to come along, as well. "
RAMPANT GROWTH
According to data from the US Department of
Agriculture (USDA), per capita consumption of all
24 MAR-APR 2024 | DAIRYPROCESSING.COM
dairy products reached 653 lbs per person in 2022
- 63 lbs above the historical average dating back to
1975, when USDA began tracking per capita dairy
consumption. Cheese consumption set an all-time
high in 2022 to reach nearly 42 lbs per person, a
half-a-pound per-person increase over the previous
year.
For comparison, the average American
consumed 32.2 lbs of cheese in 2000 and 21.9 lbs
in 1980. This increase is impacting the market
across the board.
Due to higher demand for cheese production,
Class IV milk is expected to maintain a premium
throughout 2024, according to Lucas Fuess,
senior dairy analyst at Rabobank, who shared
his insights while speaking to attendees in
February at the International Sweetener
Colloquium, which is co-sponsored by IDFA and
the Sweetner Users Association.
" All dairy dollar investments are moving into
the cheese landscape, " said Fuess, who explained
milk was expected to flow liberally to cheese
processors, given the industry's rampant growth,
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Dairy Processing - March/April 2024

Table of Contents for the Digital Edition of Dairy Processing - March/April 2024

Dairy Processing - March/April 2024 - Intro
Dairy Processing - March/April 2024 - 1
Dairy Processing - March/April 2024 - 2
Dairy Processing - March/April 2024 - 3
Dairy Processing - March/April 2024 - 4
Dairy Processing - March/April 2024 - 5
Dairy Processing - March/April 2024 - 6
Dairy Processing - March/April 2024 - 7
Dairy Processing - March/April 2024 - 8
Dairy Processing - March/April 2024 - 9
Dairy Processing - March/April 2024 - 10
Dairy Processing - March/April 2024 - 11
Dairy Processing - March/April 2024 - 12
Dairy Processing - March/April 2024 - 13
Dairy Processing - March/April 2024 - 14
Dairy Processing - March/April 2024 - 15
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Dairy Processing - March/April 2024 - 17
Dairy Processing - March/April 2024 - 18
Dairy Processing - March/April 2024 - 19
Dairy Processing - March/April 2024 - 20
Dairy Processing - March/April 2024 - 21
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Dairy Processing - March/April 2024 - 23
Dairy Processing - March/April 2024 - 24
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