Melbourne, Australia (PRWEB) July 13, 2014
Falling domestic and global dairy demand, combined with increased production in response to higher farmgate prices, has led to declines in dairy and cheese prices in 2014-15. Total cheese consumption in Australia has increased by a marginal rate over the past five years, while production volumes have varied by cheese type. Over the past five years, industry revenue is estimated to increase at an annualised 1.7% to total $4.5 billion, with 1.8% growth expected in 2014-15. Over the five years through 2019-20, the industry’s prospects are expected to be relatively bright, driven by a forecast economic recovery, stability in dairy product prices and rising demand from the developing world. This is likely to lead to sustainable, continued growth in the Cheese Manufacturing industry. Product and packaging innovations including functional, gourmet and healthier cheese products are expected to generate renewed interest in a mature market, with demand stemming from the healthy eating movement, premiumisation and convenience trends. “Emerging Asian markets are expected to be key growth areas over the next five years,” says Lin, especially as the Australian dollar depreciates, making exports cheaper. While profitability is expected to face continued troubles due to competition, the overall industry size is forecast to grow steadily.
IBISWorld industry Report Key Topics
This industry includes companies that manufacture cheese.