The global halloumi cheese market size was valued at $421.2 million in 2019, and is projected to reach $737.0 million by 2027, registering a CAGR of 10.0% from 2021 to 2027. The un-flavored segment was the highest contributor to the market, and is estimated to grow at a CAGR of 9.8% during the forecast period. Europe held a leading position in the global halloumi cheese market in 2019, and is expected to maintain its dominance in the future.
Halloumi cheese is semi-hard cheese with its color varying from white to depending on the ingredients and production process. This cheese can be consumed raw, but is often grilled, fried, or grated over a hot dish. Traditionally, the halloumi cheese was a type of cheese produced in the Cypriot region between the Middle East and Europe called Cyprus. Halloumi cheese is traditionally made from ovine milk. The production method and the end product are often different throughout Cyprus creating confusion as to what is the correct way of producing halloumi cheese.
Halloumi cheeses is included in the category of products that is consumed occasionally. Hence, the demand for such products has remained quite consistent among consumers. The outbreak of the novel coronavirus has negatively affected the growth of the market worldwide. There has been a decrease in sales of halloumi cheeses due to slowdown in production due to the worldwide lockdown. Furthermore, the disruption of supply chain has also affected the supply of the product to the global market.
The growth of the halloumi cheese market can be attributed to growing cross-cultural interaction due to frequent travel. Moreover, the growing culture of dining out has further benefitted the market of halloumi cheese. Halloumi cheese is also considered a vial meat replacement for vegetarian cohort of the global population as it remains hard even after grilling. Furthermore, rise in number of food service outlets and growing adoption of industry such outlets further drive the market growth. However, ingredient adulteration act as the major restraint for the global halloumi cheese market. In addition, cheese in general is not considered very health and often the health-conscious population avoid cheese due to high concentration of fat and salt, which also hinder the market growth. On the contrary, rise in disposable income of people and growth in fast food culture are expected to provide opportunities for the halloumi cheese market growth.
The halloumi cheese market is segmented into type, end use, nature, and region. By type, the market is segment into flavored and unflavored. On the basis of end use, the market is classified into food service and residential. Based on nature, the market is divided into organic and conventional. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (Germany, the UK, France, Italy, Spain, Cyprus, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East and Africa).
Flavoured segment was the fastest growing segment.
Based on halloumi cheese market forecast by type, the unflavored segment was the highest revenue-generating segment, accounting for a major share in 2019. The growth in this segment can be attributed to it being preferred more over flavored in fast food and by consumers. The flavored segment on the other hand is expected to witness modest growth rate during the forecast period.
By End Use
Food Service was the fastest growing segment.
Based on the halloumi cheese market analysis by end use, the food service segment generated maximum revenue in 2019. The dominance of this segment can be attributed to increase in the number of fast-food restaurants. Furthermore, growing dependence of people on fast food for nutrition has also aided the market growth of the food service segment. The residential segment is expected to witness the modest growth rate throughout the forecast period. This can be attributed to growing interest of consumer in cooking homemade dish and cuisines.
Organic was the fastest growing segment.
Based on nature, the conventional segment was the highest revenue-generating segment, accounting for a major share in 2019. The growth in this segment can be attributed to lower price and higher availability in the marketplace. The organic segment on the other hand is expected to witness higher growth rate during the forecast period owing to its health benefits.
Europe was the dominant regional segment
Based on region, Europe was the largest market, in terms of revenue generation, with almost half of the global share in 2019. UK and Cyprus are further expected to expand at notable growth rate while dominating the halloumi cheese market share with the highest share throughout the forecast period. On the contrary, Asia-Pacific and LAMEA are expected to garner the highest growth rate. The growth in these regions can be attributed to increase in cross cultural interaction due to travel.
Key players in the halloumi cheese market have relied on strategies such as product launch and business expansion to expand their market share and to stay relevant in the global market. The key players in the halloumi cheese industry profiled in the report are Petrou Bros Dairy Products Ltd., Zita Dairies ltd., Hadjipieris Ltd., Galaktokomio A.D.S Dafni ltd., Arla foods, Almarai, Nordex Foods A/S, CowBoy Farm ltd., Sussex High Weald Dairy, and Lefkonitziatis Dairy Products.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current halloumi cheese market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists to determine the prevailing halloumi cheese market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Halloumi Cheese Market Report Highlights
By End Use
Key Market Players
SUSSEX HIGH WEALD DAIRY LTD, LEFKONITZIATIS DAIRY PRODUCTS LTD, COWBOY FARM DAIRY INDUSTRIES LTD, PETROU BROS DAIRY PRODUCTS LTD, ARLA FOODS AMBA, ZITA DAIRIES LTD, ALMARAI COMPANY, HADJIPIERIS LTD, GALAKTOKOMIO A.D.S DAFNI LTD, NORDEX FOOD A/S
The halloumi cheese market holds a substantial scope for growth. The market, which is in its growth stage, is expected to contribute significantly to the global market in the next six years. With governments in different countries promoting travel and cultural exchange the market of halloumi cheese is expected to witness worldwide adoption. Moreover, rise in the affinity of people toward dining out is expected to drive the halloumi cheese market. However, ingredient adulteration act as the major restraint for the halloumi cheese market. On the contrary, rise in disposable income of consumers along with growing fast-food culture is expected provide growth opportunities for the coming years.