The coronavirus outbreak has wreaked havoc on the economy and the dairy market has felt its impact which has slowed down the supply and demand for halloumi cheese market. Due to the closure of hotels, restaurants, and convenience stores the average milk intake has declined by over 25% in the past month which is proving to be a significant setback to the dairy industry.
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The current scenario of ‘milk dumping’ in several nations has drawn much attention due to the sheer amount of wastage of food and how this aspect will have a cascading effect on the dairy sector. Halloumi cheese companies and artisanal producers are witnessing a major setback from this situation due to the declining supply of raw milk for the production of halloumi cheese.
Global Halloumi Cheese Market: In-Depth Assessment on Key Segments
The global halloumi cheese market is segmented on the basis of nature, flavor, product form, end use and distribution channel and region.
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|Nature||Flavor||Product Form||End Use||Distribution Channel||Region|
|Organic||Plain||Slices||B2B||Direct Sales||North America|
|Conventional||Flavored||Blocks||Food Service||Hypermarkets /Supermarkets||Latin America|
|Chili||B2C||Discount Stores||Asia Pacific|
Halloumi Cheese to Garner Strong Nontraditional Market Growth
The global halloumi cheese market is estimated to grow at a CAGR of over 12% during the forecast period (2020-2030) and reach a value pool of over US$ 900 Mn. With the introduction of various types of cheese in the European and Middle East markets, Halloumi cheese holds the key to enormous market growth and potential in these regions.
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Cheese fanatics are experimenting with new varieties of cheese products. The recent approval to bring dairy and related goods to China is likely to increase the market for halloumi cheese exponentially. The strong increase in demand for halloumi cheese in these international markets is likely to open up new avenues for the existing manufacturers of halloumi cheese. The emerging players in the market are likely to benefit from the high demand for halloumi cheese in the local and foreign markets.
Increased Focus on Production Capacity to Alleviate Supply-Demand Fluctuations
The demand for halloumi cheese is rising and the popularity is not likely to decline in the coming years. Genetic improvement of local goat and sheep breeds has been perceived to be one of the most efficient ways to meet the ever-increasing demand for halloumi cheese. Further, upgrading the quality and production of the animal feed is gaining the attention of producers. Market players are also relying on science to alleviate challenges posed by supply-demand fluctuations. These breeding programs will be solely based on genetic dissimilarities linked to increased milk production.
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Cyprus Being the Sole Producer proves to be Lucrative for the Middle East & European Markets
Europe and the Middle East lead the global market for halloumi cheese with a cumulative share of over 70%. Cyprus being the sole producer of halloumi cheese, demand in the Middle Eastern European countries has given the players a logistical advantage. The largest customer base for halloumi cheese is projected to remain in Europe, but the neighboring regions will gain in the coming years. Moreover, the consumption of organic halloumi cheese in Europe is on the rise as a result of the consumers’ growing health consciousness. Halloumi cheese is being preferred from other varieties of cheese like cheddar and American due to its pungent salty flavor.
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The Halloumi Cheese market report answers important questions which include:
- What does the status of the Halloumi Cheese market look like after the forecast period?
- Which region has the highest contribution to the global Halloumi Cheese market and why?
- Which players remain at the top of the global Halloumi Cheese market?
- What opportunities are available for the Halloumi Cheese market players to expand their production footprint?
- Which segment has the maximum impact on the global Halloumi Cheese market?
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