Ricotta Market Overview
Global Ricotta Market size in 2021 was valued at USD 873 Million and is projected to grow at a 5.3% CAGR from 2021 to 2028.
Ricotta Market Dynamics
In the last few months, the global ricotta industry has experienced explosive growth. This increase is mostly due to the increased use of ricotta cheese in various cuisines around the world. The use of ricotta cheese in a variety of cuisines is growing demand for ricotta cheese around the world. Ricotta cheese, which is traditionally associated with Italian cuisine, is gaining traction in other European and North American cuisines. Furthermore, during the forecast era, the increasing veganism trend in North America and Europe is expected to be a significant growth driver for the ricotta market trends.
Ricotta is a better alternative than most cheeses since it has less salt and 10% fat, of which 6% is saturated. Its mild taste and low salt content make it ideal for both sweet and savoury applications. For health-conscious customers, this makes it a better option. Furthermore, during the projected timeframe, rising per capita disposable income in many developing economies is generating lucrative growth prospects for ricotta. The selling of different specialty cheeses is expected to rise as people's purchasing potential grows. Furthermore, the increasing popularity of veganism and vegetarian diets around the world is expected to boost demand for ricotta. Vegan ricotta is also an option for those who are allergic to dairy products. To some extent, this is expected to fuel the ricotta market's growth.
With the outbreak of COVID-19, a global pandemic, consumers' attitudes about organic and vegan diets are expected to change. As a result, demand for vegan ricotta is expected to increase in the coming years. Furthermore, as per capita disposable income rises in developing economies, the market for ricotta and other varieties of gourmet cheese is expected to rise, providing a lucrative opportunity for producers all over the world.
The ricotta key market players are 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 prioritised by a number of businesses. Acquisitions, product approvals, as well as partnerships and alliances, were seen as 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 ricotta in the global economy, market players from the ricotta market are expected to benefit from attractive growth opportunities in the future.
By source, the ricotta market report has been segmented into milk, almond, cashews, soy, and others. In 2021, 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 ricotta 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 the prevalence of lactose intolerance among North American and European populations, are expected to be main factors driving the vegan segment's rise.
By distribution channel, the ricotta market has been segmented into store-based and non-store-based. The vast majority of 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 2021 and are expected to continue to do so in the projected period.
In 2021, 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 ricotta market trends. Manufacturers of ricotta 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.
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