Ricotta Market Overview
Ricotta Market Share in 2019 was valued at USD 873 Million and is projected to grow at a 5.3% CAGR from 2020 to 2026.
Market Dynamics
The global ricotta industry has grown at a breakneck pace in recent months. The rising use of ricotta cheese in various cuisines around the world is essentially liable for this development. Ricotta cheese is in high demand around the world thanks to its use during a range of cuisines. Ricotta cheese, which has long been linked with Italian cuisine, is now getting used in various European and North American cuisines. Furthermore, the growing veganism trend in North America and Europe is probably going to be a big development driver for the ricotta business during the projection period.
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Ricotta market may be a better alternative than most cheeses since it's less salt and 10% fat, of which 6% is saturated. Its mild taste and low salt content make it ideal for both sweet and savory applications. For health-conscious customers, this makes it a far better option. Furthermore, during the projected timeframe, rising per capita income in many developing economies is generating lucrative growth prospects for ricotta. The selling of various specialty cheeses is predicted to rise as people's purchasing potential grows. Furthermore, the increasing popularity of veganism and vegetarian diets around the world is predicted to spice up demand for ricotta. A vegan ricotta market is additionally an option for those that are allergic to dairy products. To some extent, this is often expected to fuel the ricotta market's growth.
With the outbreak of COVID-19, a worldwide pandemic, consumers' attitudes about organic and vegan diets are expected to vary. As a result, demand for vegan ricotta is predicted to extend within the coming years. Furthermore, as per capita, income rises in developing economies, the marketplace for ricotta and other sorts of gourmet cheese is predicted to rise, providing a lucrative opportunity for producers everywhere on the planet.
Regional Analysis
In 2019, Europe led the ricotta market. The region's domination was largely due to the region's strong dairy industry. Furthermore, the presence of some of the most important ricotta cheese producers in the area is a major driver of the European market.
During the forecasted timeframe, Asia-Pacific is expected to provide lucrative opportunities for the ricottas industry. Manufacturers of the ricotta market are expected to benefit from the rising buying power of developed markets, as well as the fast growth of emerging economies. Moreover, the introduction of numerous eCommerce platforms, as well as the introduction of structured, integrated channels in emerging economies, is expected to fuel the demand in Asia-Pacific during the forecasted timeframe.
Segmental Analysis
By source, the market has been segmented into milk, almond, cashews, soy, and others. In 2019, the milk segment had the largest market share, and it is expected to continue to do so during the forecast period. Ricotta cheese is most often made from milk. Ricotta cheese made from the milk of cows, goats, sheep, and buffaloes is common.
By category, the market has been segmented into dairy and vegan. During the forecast period, the vegan segment is expected to rise at the fastest pace. The rising popularity of veganism and vegetarian diets, as well as the prevalence of lactose intolerance among North American and European populations, are expected to be the main factors driving the vegan segment's rise.
By distribution channel, the market has been segmented into store-based and non-store-based. Most ricottas are available in grocery stores. Supermarkets and hypermarkets, grocery stores, and other retailers make up this category. Supermarkets and hypermarkets led the industry in 2019 and are expected to continue to do so in the projected period.
Competitive Landscape
Calabro Cheese Co. (US), Great Value (Italy), Lactalis American Group, Inc. (US), Organic Valley (US), Sargento Foods Incorporated (US), Whole Foods Market IP. L.P. (US), Lyrical Foods, Inc. (US), Tofutti Brands Inc. (US), Granarolo S.p.A. (Italy), and Crystal Farms (US).
New product releases and other organic development measures such as trademarks and events are being prioritized by several businesses. Acquisitions, product approvals, as well as partnerships and alliances, were inorganic growth tactics in the industry. These efforts have opened the way for market players to expand their business and customer base. With the growing demand for the ricotta market in the global economy, market players from the ricotta market are expected to benefit from attractive growth opportunities in the future.
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