Halloumi Cheese Market Analysis Report By Product Type, By Nature, By Distribution Channel And Segment Forecasts From 2021 To 2028

Report Overview

The global halloumi cheese market size was valued at USD 547.1 million in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028. Increasing cross-cultural collaboration due to frequent travels couple with a growing dining-out culture due to the increasing disposable income is driving the growth. Halloumi cheese is predominantly made from goat's or sheep's milk or a mixture of the two. It has a savory, salty, tangy flavor and has a texture like a mozzarella cheese. Cheese manufacturers are always experimenting to come up with new varieties of the product. With the growing demand and the availability of different types, there is a huge opportunity for vendors to come up with different flavors to expand their product portfolio.

Rapid urbanization coupled with increasing disposable income is driving the demand for halloumi cheese. The demand has grown in recent years owing to the factors such as improved shelf-life, availability of a variety of flavors, and versatility it offers as compared to other types of cheese available in the market.

The various flavors are also used in traditional cuisines as well as in fast food products. The rise in private labels in developing countries and the growing demand for western cuisine have boosted the demand for halloumi cheese. Moreover, with increasing penetration of the internet, the online purchase of food items, including halloumi cheese, has seen rapid growth globally.

Product Insights

Regular cheese contributed to the highest revenue share of more than 75% in the global halloumi cheese market in 2020 and is expected to expand at a significant CAGR over the forecast period. Halloumi cheese has high calcium content, which helps keep bones and teeth stronger. It is rich in protein, fat, essential minerals, calcium, and other nutrients. Increasing cross-cultural interaction as a result of frequent travel has grown the popularity of halloumi cheese in other parts of the world, which was earlier famous in Europe. Furthermore, the shifting culture towards dining out among millennials is expected to expand the product’s scope.

The flavored product type contributed to the second-highest share in the global market in terms of revenue in 2020 and is expected to expand at the highest CAGR over the forecast period. Increasing consumer preference for the flavored product over the regular variant due to its taste is expected to propel the growth of the segment.

Form Insights

Conventional cheese contributed to the highest revenue share of more than 70% in 2020 and is expected to register a significant CAGR over the forecast period. The increasing number of foodservice outlets and the growing adoption of conventional cheese in restaurants and fast-food joints are expected to drive the market growth.

The organic form contributed to the second-highest share in the global market revenue in 2020 and is expected to register the highest CAGR over the forecast period. Increasing consumer preference for healthy and nutritious options owing to the health benefit associated with organic products is expected to drive the growth of the segment over the forecast period.

Distribution Channel Insights

The supermarkets/ hypermarkets segment contributed to the highest revenue share of more than 35% in the halloumi cheese market in 2020 and is projected to register a substantial CAGR over the forecast period. Consumers feel more comfortable choosing their products, especially grocery and dairy products. In general, consumers are very careful in terms of the freshness and quality of dairy products. A few other significant factors driving the retail sale are longer operating hours, preferably round the clock, and proximity to the customers.

The online distribution channel segment is projected to expand at the highest CAGR of 7.1% during the forecast period. The ongoing COVID-19 pandemic is one of the significant factors driving product retail through the online distribution channel. Retail giants like Walmart, Kroger, and Target have invested in online ordering and sales functions to compete with major e-commerce platforms like Amazon and others. The steady increase in acceptance of smartphones and broadband connections, especially in developing countries, has boosted online retail sales.

Regional Insights

North America accounted for a significant market share of 25% in 2020, with the U.S. occupying a dominant revenue contributing position across the region. Many European tourists visit North America every year. High demand for halloumi cheese among these tourists is anticipated to fuel the growth. The demand for halloumi cheese has also grown significantly from commercial applications such as restaurants and fast-food joints in North America.

The Asia Pacific market is projected to experience the fastest CAGR of 7.3% over the forecast period, with China being the major revenue contributor. Increasing disposable income and intense advertisement campaigns by the leading halloumi cheese manufacturer have led to regional market growth. The Asia Pacific is home to over 4 billion people, making it one of the world's largest markets. Growing demand for nutritional foods due to increasing consumer awareness about healthy eating habits is expected to fuel the growth.

Key Companies & Market Share Insights

The market is characterized by the presence of various well-established players and several small players. However, the industry is dominated by the top international players such as Petrou Bros Dairy Products Ltd, Akgöl Dairy, Gillies, Routhier Weber GmbH, N.TH. Kouroushis LTD., Lemnos Foods, FarmLand General Trading Co, Almarai. Industry participants are practicing several inorganic and organic growth strategic initiatives to expand their product/service portfolio and enhance their foothold across the market. Increasing competition at the regional and global levels is leading the market toward consolidation. Some of the prominent players operating in the global halloumi cheese market are:

    • Petrou bros dairy products Ltd.
    • Akgöl Dairy
    • Grillies
    • Routhier Weber GmbH
    • N.TH. Kouroushis Ltd.
    • Lemnos Foods
    • FarmLand General Trading Co
    • Almarai

Halloumi Cheese Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global halloumi cheese market report based on nature, product, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Regular
    • Flavored

• Nature Outlook (Revenue, USD Million, 2017 - 2028)
    • Organic
    • Conventional

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
    • Supermarkets/Hypermarkets
    • Convenience Stores
    • Online
    • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
    • The Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa