The processed cheese market in the UK has shown fluctuations over the years. In 2023, the market volume stood at 56.829 million kilograms. From 2013 to 2016, the market consistently declined, with the most notable year-on-year drop of 6.43% in 2015. A brief recovery phase occurred from 2017 to 2018, followed by fluctuating volumes that mostly experienced minor decreases. The last two years indicated a slight reduction, with a year-on-year variation of -0.37% in 2022 and -0.36% in 2023. Over the past five years, the market's CAGR was -0.49%. Forecasts suggest a continued slight decline, with a projected CAGR of -0.3% and an estimated total drop of 1.5% from 2024 to 2028.
Future trends to monitor include:
- Potential impacts of economic fluctuations on consumer spending and processed cheese demand.
- Health trends driving consumers towards less processed, more natural cheese options.
- Innovation in processed cheese products to cater to changing consumer tastes and dietary requirements.
- Changes in trade policies that could affect cheese imports and market dynamics.
