The consumption of processed cheese products in the US has seen fluctuations over the past decade. Starting at 3.63 unit pounds in 2013, there was a notable increase to 5.24 unit pounds by 2018, driven by a series of year-on-year growths averaging a 7.61% CAGR at its peak. However, from 2019 to 2023, the trend became more volatile, with a significant dip in 2019, followed by a subsequent recovery, resulting in small year-on-year variations. In 2023, consumption stood at 5.01 unit pounds, with a minimal increase of 0.82% from 2022 and a slight negative CAGR over the last five years.
Looking ahead, the forecast indicates a steady yet modest growth in processed cheese consumption, with a 5-year CAGR projected at 0.59% and a total growth rate of 2.97% by 2028. This suggests a period of stabilization and gradual increase in consumption rates.
Future trends to watch for include shifts in consumer preferences towards healthier and more natural alternatives, potential economic fluctuations impacting purchasing power, and innovations in processed cheese formulations that may drive or hinder consumption patterns.
