Cheese market review 2024 [Global Report]

The global cheese market continued its steady growth in the first half of 2024, driven by rising demand for dairy products and changes in consumer preferences toward more diverse and high-quality products. Significant growth was observed in premium and specialty cheese sales, as well as in the organic segment. Despite some challenges, such as volatile weather conditions and fluctuating milk prices, the cheese sector showed resilience and grew rapidly.

Market dynamics

In the first half of 2024, the cheese market experienced several significant changes and trends.

After the holiday season, prices for cheeses such as Gouda and Edam corrected, but remained stable, indicating sustained demand. Periodic price declines were also noticeable, especially in bids from traders, which could be due to attempts to remain competitive in the market. Mozzarella prices remained stable, with slight fluctuations due to seasonal changes in demand.

Pressure on prices was observed in February, but later months brought stability with slight fluctuations depending on the type of cheese. Cheese production was high, which could lead to temporary pressure on prices, especially for Cagliata. Despite these fluctuations, overall market dynamics were positive, indicating stability and healthy demand for cheese.

First half 2024 market analysis for individual cheese types

Gouda

After initial price declines in January, the Gouda market showed stabilization and then growth. Prices for this cheese remained stable for most of the first half of the year, and began to show an upward trend in April. The increase was driven by growing demand for premium cheeses and changing consumer preferences in Europe and North America.

Mozzarella

Mozzarella prices also showed stability, with slight declines at the beginning of the year, but rose in March and remained high through the end of the six-month period. Demand for Mozzarella was particularly high in Southern Europe, due to a seasonal increase in tourism and the popularity of Italian cuisine. The increase in demand affects price stability, with slight fluctuations due to seasonal changes in production and inventories.

Cagliata

Cagliata experienced periodic price pressure, but April and May saw an increase in demand and prices. The increase in interest in this cheese was mainly due to rising demand for raw materials for other cheeses. Price stability in June indicates increased demand and a balancing of supply and demand.

Edam

The Edam market was relatively stable throughout the period, with slight declines at the beginning of the year and price stability in subsequent months. This stability was due to continued demand for this type of cheese, especially in Europe and Asia, where Edam is a popular product.

Cheddar

Cheddar showed some price fluctuations at the beginning of the year, but prices began to stabilize from March. May and June saw increases, suggesting growing demand for this type of cheese, particularly in North America and Europe. The increases were driven by rising production costs and increased demand for premium cheeses.

Regional analysis of the cheese market

Europe

Europe remains a key market for most cheeses, with clear demand for Gouda, Mozzarella and Edam. High demand, especially in Southern Europe, has driven up prices, especially during tourist periods. Stable production in countries such as the Netherlands, Germany and France helped keep the market in balance.

North America

In North America, the cheese market showed stability with slight price fluctuations. Demand for Cheddar was particularly high in the US, Canada and the UK. Product innovations and growing interest in premium cheeses contributed to sales growth in this region.

Asia

Increased cheese consumption in Asia, particularly in China and India, has helped boost global demand. These markets are showing increasing interest in imported premium cheeses, which is driving up prices and market stability. A growing middle class and changing eating habits are key factors driving this trend.

Latin America

Latin America has seen moderate growth in cheese demand, with more interest in Cagliata cheeses. The region is showing increasing demand for cheeses due to an improving economy and the growing popularity of dairy products.

Trends and forecasts

In the first half of 2024, the cheese market experienced high volatility and unpredictability, mainly due to sharp increases in the prices of raw materials such as butter and milk. This drove up the cost of producing cheeses such as Gouda and Mozzarella. Fortunately, the stabilization of prices in the dairy market has brought some relief to cheese producers, enabling better planning.

China’s decline as an export market for the EU has forced producers to seek new markets, increasing competition in other areas such as North America and Southeast Asia. Increased competition can affect price stability and force innovation and improvements in product quality.

The high demand for premium and organic cheeses shows consumers’ growing interest in healthy food. Producers who are able to meet this demand can increase their market share and achieve better margins. However, limited production volumes may lead to shortages and further price increases, especially during periods of increased seasonal demand.

In summary, the cheese market in the first half of 2024 was dynamic and challenging, but also offered numerous opportunities. Price stability, high demand for premium cheeses, China’s declining importance as an export market, and innovations in production will be key factors driving the market in the months ahead.

Global Reports from Foodcom S.A.

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