- The global demand for cheese is expected to hit a record high of 21.6 million tons this year, reflecting a significant increase in worldwide consumption.
- China’s cheese demand is projected to grow at a 9.1% CAGR from 2023 to 2030, driven by rising incomes and the popularity of Western-style eateries.
- With China’s cheese imports expected to reach up to 320,000 tons by 2030, there are significant opportunities for global cheese exporters to meet this growing demand.
Global Demand and China’s Role
Global demand for cheese is increasing and is expected to reach 21.6 million tons by the end of the year. China is a major contributor to this growth, as the current per capita cheese consumption of 0.2 kg is expected to increase. This growth is driven by an expansion in fast food restaurants and product innovation.
China’s Growing Cheese Market
Rabobank predicts a 9.1% CAGR in China’s cheese demand from 2023 to 2030, with consumption reaching 495,000 tons by 2030. Key growth drivers include higher disposable incomes and the popularity of Western-style fast-food chains.
China’s cheese imports are expected to reach 270,000 to 320,000 tons by 2030, making up 55-65% of total consumption. Domestic production is likely to cover only 35-45% of the demand.
Market Challenges and Opportunities
The potential increase in domestic production might impact import needs. However, with consumption outpacing domestic supply, global cheese traders have significant opportunities in the Chinese market. These prospects are influenced by China’s economic conditions, where weaker economic scenarios could impact demand growth.