Ricotta Market Share, Size, Revenue, Latest Trends, Growth Opportunities and Forecast 2029
Posted on Feb 6 2023 9:56 AM
"The global ricotta market size is expected to grow rapidly due to the rising cheese consumption rates."
The global ricotta market size is expected to grow rapidly due to the rising cheese consumption rates. Further, evolving consumer preferences are expected to enhance the market’s progress. Fortune Business Insights™ provides this information in its report titled “Ricotta Market, 2022-2029.”
Halt on Industrial Operations to Impede Market Progress
This market was negatively affected during the COVID-19 pandemic due to a halt on industrial operations. The sudden spike in COVID patients led to strict lockdowns, thereby disrupting industrial operations. Further, the restrictions on transport and travel led to wastage. The lack of materials required for cheese production caused supply chain disruptions. However, manufacturers adopt part-time shifts, reduced capacities, and part-time shifts to balance their costs and recover business. These factors enhanced industry growth.
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By source, the market is segmented into dairy and non-dairy. As per distributional channel, it is trifurcated into supermarkets, specialty stores, and online sales channel. Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Demand for Healthy Foods to Propel Market Growth
Ricotta is a common cheese variety that is used for several culinary purposes. The rising demand for healthy and protein-rich foods is likely to enhance the adoption of the product. Further, the increasing awareness of the product’s protein content and taste among consumers is expected to boost its sales. Further, the robust demand for the product from India is expected to elevate ricotta cheese adoption rates. Moreover, the adoption of online retail by manufacturers may allow manufacturers to enhance product’s sales. In addition, easy accessibility and extensive food range availability are expected to drive the ricotta market growth.
However, the high costs associated with the product is likely to hinder the industry’s growth.
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Rising Spending on Vegan Products to Bolster Industry Progress in North America
North America is expected to dominate the ricotta market share because of rising spending on healthy vegan products. Furthermore, rising vegan product intake by consumers in the region is expected to propel market progress.
In Europe, enhanced spending capacity is expected to elevate the adoption of ricotta. Moreover, evolving consumer preferences are expected to bolster ricotta demand. These factors may influence industry growth.
In Asia Pacific, strong demand for the product from India is expected to enhance the product’s adoption. Further, rising spending capacity and evolving lifestyle choices may elevate ricotta adoption.
Prominent Companies Launch Novel Products to Foster Brand Image
The prominent companies operating in the market launch novel products to foster their brand image and increase sales. For example, Nabati Foods introduced plant-based cheese products such as vegan cheesecakes, cheddar-style cheese shreds, dairy-free, vegan, and GMO-free products in 2020. This launch enabled the company to attract a wide consumer base, boost sales, and foster its brand image. Further, companies adopt automated production techniques to enhance their product quality, reduce labor and production costs, lower wastage, enhance productivity, enhance sales performance, and achieve organizational goals. In addition, major players devise novel product launches, mergers, acquisitions, and expansion strategies to enhance their market growth.
Key Industry Development
- February 2022: The Laughing Cow announced that it shall launch cheese wheels made from plants in 2023. The product is still being worked on, and the company aims to satisfy consumers.
List of Key Players Profiled in the Ricotta Market Report
- Calabro Cheese Co. (U.S.)
- Great Valley (Italy)
- Lactalis American Group Inc. (U.S.)
- Organic Valley (U.S.)
- Sargento Foods Incorporated (U.S.)
- Whole Foods Market IP. L.P. (U.S.)
- Lyrical Foods, Inc. (U.S.)
- Tofutti Brands Inc. (U.S.)
- Granarolo S.p.A. (Italy)
- Crystal Farms (U.S.)
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